As the weather cools for winter, it seems the Sydney real estate market is also losing heat.
Following a Sydney house price growth of 5.1% in last year’s December quarter, prices rose 3.1% in the March quarter. Meanwhile, apartment price growth in the city was 3.2 % in the December quarter followed by 2.6% in the March quarter.
Australian Property Monitors senior economist Andrew Wilson recently told the Sydney Morning Herald he believes the market has “passed the peak of the cycle, now we will see a moderation in house price growth …. Affordability barriers are starting to move into the market now … I think the boom is over,” he said.
While the market does seem to have cooled, it doesn’t appear as if prices will drop. Instead a period of stable and steady growth seems to be developing.
Recent sales and auctions for our office include some impressive results. These include;
12/95 Elizabeth Bay Road, Elizabeth Bay
2801/1 Kings Cross Road, Potts Point
End of Financial Year Opportunity
Many buyers are still active in the market, often pushing prices up at our auctions. If you have been considering selling then now is the time to list to achieve a sale before 30th June 2014.
City Living on the Rise
Elizabeth Bay and Potts Point has a challenger to their title as the most densely populated part of Australia.
An apartment building boom is underway in Sydney’s CBD with some predicting more than 3000 dwellings will be constructed in the five years from 2012-2017.
Only 254 dwellings were built between 2007-2012, but Chris Johnson, Chief Executive of the developer group Urban Taskforce told the Sydney Morning Herald this figure is set to soar to about 3000 as more people decide they want to live close to work.
On a recent Saturday, 120 apartments were offered for sale in the $680 million Greenland Centre on Bathurst Street. Only ten remained unsold by the end of the day. The Centre will boast 270 apartments and will be the tallest residential tower in Sydney when competed in 2017.
Other developments include a 200 apartment development on George Street called “York & George” and a planned 220 apartment development by the Crown Group for Clarence Street. Meanwhile, 19 luxury apartments in the “Eliza” building on Hyde Park are almost completed.