Over the last 12 months the Sydney property market has experienced one of the sharpest slumps on record since the 1980’s. However, looking at the overall picture, house prices in Sydney had been on a steady rise since that time and we had seen an increase in property prices of up to 75%. The flow on effect from these events have now placed us in what we call a “normal market”. In this market we see stable auction clearance rates, more negotiations between buyer and seller and less fear from buyers around missing out. There will always be a level of competition surrounding premium properties in a desirable location and with the change in living circumstance over the last couple of years, more people are working from home and buyers are outlaying more to upsize and create a more comfortable living/working environment. The median house price for Bondi Junction is sitting at $2,865,000, up 13.6% in the last 12 months and the median apartment price is $1,225,000, which is a rise of 3.4%. The Queens Park median house price is sitting at $4,050,000, up a substantial 24.9% in the last 12 months and the median apartment price is $1,405,000 up 7.3%. The outlook for the remainder of 2022 is positive with buyer activity already increasing and more properties coming onto the market as we edge closer to Spring. If you have any questions regarding the real estate market or if you are looking to sell your home, please contact me, I would love the opportunity to assist you. Edward Brown | 0414 366 553 Principal/Sales Executive edward.brown@belleproperty.com Market wrap.
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