In the run up to Spring when the market will begin to ramp up, there are opportunities for buyers to find great deals in Sydney suburbs that have seen significant falls in property prices since late last year. The Sydney market ballooned by 75 per cent over the five years to 2017, which is why the gradual cooling of the national market since late 2017 has had such a marked influence in Sydney.
Here are eight inner-Sydney suburbs that have seen a considerable fall in property prices, so now is the time to make the most of the buyer’s market.
Apartment prices in Manly have fallen 7 per cent since November last year, from a median of approximately $1.36 million down to $1.27 million. House prices dropped 6.5 per cent from over $3.3 million in May 2018 to now just over $3.1 million.
2/105 Sydney Road, Manly NSW 2095 – $899,000,
This two-bedroom home is located in one of the most sought-after locations in Sydney, a stone’s throw away from Manly beach. A perfect find in this current market, this property is a blank canvas waiting for someone to quickly add value through renovations.
For those looking to move in immediately and enjoy the Manly lifestyle, this two-bedroom apartment is a find and for an achievable price considering the location.
House prices in Darlinghurst have fallen from a median of $2.1 million in November last year to $1.6 million now. This indicates a great opportunity for investment in a prime Sydney location.
275 Forbes Street, Darlinghurst NSW 2010 – Auction
A fantastic opportunity to add immediate and significant value to a property located in one of the most stunning and famous suburbs of Sydney, this four-bedroom home is a renovator’s dream come true. Not many properties like this show up on the market any more. Couple that with a buyer’s market and that is why this is the perfect time to grab it.
Apartments for sale in Glebe now reflect a 25 per cent drop down from $1.05 million in November last year to a median of just over $800,000 today.
2/407-409 Glebe Point Road, Glebe NSW 2037 – $750,000
This is a stunning two-bedroom home in trendy Glebe. Not only is it in Glebe, but it is within a stone’s throw from Rozelle Bay in what is one of the most beautiful and sought-after locations of inner Sydney.
Median Paddington apartment prices are down from nearly $1 million in March of this year to a median of $856,000.
This stunning 3-bedroom Victorian renovated home is nestled amongst the greenery of Paddington and is a jewel that will not be passed over come auction day.
Median house prices in the North Shore suburb of Hunters Hill are down from just over $2.8 million in January this year to just over $2.4 million, while median apartment prices have fallen from just over $1 million in October last year to $870,000 today.
5/67 Ryde Road, Hunters Hill NSW 2110 – $590,000
This clean and cosy two-bedroom apartment is advertised at a highly competitive price considering median prices in the stunning inner-city suburb of Hunters Hill. A smart opportunity for investors and first home buyers alike.
Median house prices in Petersham have decreased from just over $1.6 million as recorded in September last year down to $1.46 million today. The inner-west of Sydney has seen the largest fall in house prices over the past 12 months.
18/40 Maria Street, Petersham NSW 2049 – Auction
This two-bedroom home in the inner-western suburb of Petersham is a modern apartment with spacious bedroom and living areas. Right in the heart of Petersham, this property is a stone’s throw away from the city centre.
Median house prices in the inner-eastern suburb of Kingsford have dropped 11 per cent from $2.3 million as recorded in September last year to $2.07 million today.
11/102 Botany Street, Kingsford NSW 2032 – Auction
A great investment option within inner-Sydney, this one-bedroom apartment is walking distance from Coogee beach and a fantastic way to enter the Eastern property market.
Lastly, Marrickville, another inner-western suburb of Sydney, has seen median house prices fall just over 10 per cent from just over $1.52 million in March this year to a median of $1.38 million.
5/9 Hill Street, Marrickville NSW 2204 – $839,000
A three bedroom home for under $1 million within inner-city Sydney? At the foot of Cooks River, this home is sure to attract significant competition, but don’t let that deter you. Now is the time to enter the market, when vendors who need to sell are less sure of the market’s direction and open to lower prices.