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Domain has offered insight into the suburbs where prices have barely shifted in five years.
New data from Domain has revealed house prices in south-western Sydney suburbs Cobbitty, Kensington in Perth, Augustine Heights in Brisbane’s west and Munno Para West in Adelaide had zero per cent change in the five years to June 2019.
“In some of these suburbs, there has been a lot of volatility year-on-year, such as in Ryde where declines are coming off the back of strong increases,” Domain research analyst Eliza Owen said.
“Then there are suburbs where there is not a lot of activity, and prices remain consistent.”
According to Robert Bagala, selling principal at First National Real Estate Hunters Hill, Gladesville and Ryde, greater apartment construction has played a key role in local market trends.
“The prices have certainly fluctuated, initially with a very exciting upward trend,” he said.
“In recent times, during the significant change in the property cycle… we’ve almost seen an identical decline.”
For The Agency sales representative Fab Forneris, Kensington’s market had stayed fairly consistent over the past five years, noting that the suburb’s low-rise neighbourhood often “[flies] under the radar due to its small size and relative scarcity of listings, with buyers tending to put down roots and stay a long time”.
“You’re not seeing the turnover you’d see in South Perth because it’s not driven by investors, it’s driven by families,” Mr Forneris said.
“Even the rows of houses had hardly changed over time, from the outside at least.
“[Residents] are very protective of the street appeal.
“When you’ve got houses built in the 1930s, ’40s and ’50s, people try to keep that.”
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