Top 20 New South Wales Suburbs Defy Real Estate Market Cooldown

A study commissioned by Well Money identified a number of suburbs in NSW that appear to be bucking the current real estate downturn.

Lender’s quarterly Green Shoots Report ranked 20 real estate markets where inventory levels and days on the market have declined over the past three months, and asking prices have risen in many markets.

This is despite Sydney’s property prices falling 3% since February and economists predicting further declines over the next 18 months, with prices starting to fall in the region.

Ask prices are rising in many markets.

The list included 8 metropolitan areas and 12 rural suburbs of 13 residential markets and 7 unit markets.

more: How far will housing prices fall?

“Sell Now”: A Warning to Vendors Sitting on the Fence

Seven Hills, west of Sydney, was the top unit market, with inventory levels down 74.8% and days on the market down 9.8% to 46 days.

The average asking price for the three months to July increased 0.8% to $640,000.

The Western Sydney suburb of Seven Hills topped the list.

The Cabramatta West housing market is also on the list, with median asking prices up 7% to $1,150,000 in three months after inventory levels fell 56.8% and days on the market decreased 3.6%. became.

The south coast town of Pambula was a standout regional performer with a 21% rise in median home prices, from $620,000 in April to $750,000 in July.

During this time, the number of days on the market has almost halved from 62 to 35 days.

In Terrabra, Lake Macquarie region, median home asking prices rose 9.4%, with prices rising from $832,000 to $910,000.

The Pambula market continues to perform well.

Well Money CEO Scott Spencer said conditions in each of the listed markets were favorable to sellers.

“As a result, vendors have increased their asking prices in most suburbs.

Markets have cooled in many parts of New South Wales,” he said.

“The suburbs in this report look set to grow in the coming months as demand currently outstrips supply, which means buyers are facing stiff competition. This kind of competitive tension can lead to higher selling prices.”

Well Money CEO Scott Spencer.

He said lower inventory levels meant there were fewer properties to choose from, and fewer days on the market meant demand had increased relative to supply.

“This is a clear indication that market forces are moving in the vendor’s favor,” he said.

Top 20 ranking

Rank Suburbs type median asking price Inventory change (%) Market Days Change (%) Change in median asking price (%)
1 Seven Hills unit $640,000 -74.8 -9.8 0.8
2 gosford unit $575,000 -57.7 -3.4 2.7
3 Bermagui House $929,200 -56.2 -18.8 2.6
Four carling ford unit $708,000 -48.4 -3.3 -3.3
Five Yas House $761,540 -67.1 -2.7 10.4
6 Googon House $1,000,000 -69.6 -14.7 3.8
7 pendle hill unit $470,000 -39.4 -2.1 -2.1
8 Fairfield Heights House $904,400 -64.7 -3.8 -1.3
9 northmead unit $600,000 -53.8 -3.0 -8.4
Ten spring farm House $949,000 -67.2 -4.2 2.2
11 clarence town House $750,000 -62.4 -33.3 4.5
12 Terralba House $910,000 -37.8 -4.2 9.4
13 cabramatta west House $1,150,000 -56.8 -3.6 7.0
14 Gregory Hills House $949,999 -47.7 -3.7 8.0
15 Pambula House $750,000 -37.1 -43.5 21.0
16 Khyber unit $810,900 -56.3 -5.3 2.6
17 Quenbeyan unit $406,850 -47.3 -5.9 5.3
18 windera House $1,331,200 -54.1 -4.5 4.0
19 Quenbeyan House $894,400 -28.3 -4.2 6.5
20 Chisholm House $892,500 -49.5 -7.4 5.0

Source: Well Money Green Shoots report.

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Top 20 New South Wales Suburbs Defy Real Estate Market Cooldown

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