After many years of property price increases, 2018 was the year when the market started to slow down. Median prices have decreased across the board this year and capital growth has plateaued, with tightened lending conditions the main driving force.
But this isn’t the full story. The property market is complex and there are a lot of benefits to buying in the beautiful suburbs that still hold true, despite a temporary market shift.
When it comes to these post codes and surrounds, while we have seen a price drop, our area still has very strong fundamentals that make it a popular choice for buyers in every market.
We have great transport options for commuters, with numerous buses services, ferry services from bayside suburbs and the new WestConnex. We have excellent schools, lovely parks and a beautiful waterfronts, not to mention the many local cafes and restaurants. Living here means living in a vibrant community, which is something that always entices buyers.
In the longer term capital growth is also expected to pick up again, meaning there’s really no need to worry about the short term effects of a flatter market. Those who take the opportunity to find their perfect home in this sought-after area in 2019 will reap the benefits in the future.
Downsizers and families dominating the market
This year, many buyers have taken advantage of a market that has swung back in their favour for the first time in a while.
Downsizers have been really leading this charge in 2018, trading their larger homes for something smaller, but never straying far from their previous address. Staying local has been really important to this group, as they love the village feel of suburbs like Five Dock, Abbotsford and Concord, the bustling cafes and restaurants, and the convenience of shopping hubs located close by. Two-bedroom apartments like this modern Chiswick unit we sold in October are popular, as are beautiful houses such as this in Five Dock.
On the other hand, we’ve also welcomed a number of upsizers and growing families. Now is the perfect time to move to a bigger property as the market is more stable and the gap between smaller and larger homes has narrowed significantly. These buyers have been looking for homes close to schools, easy access to the city as well as an easy commute out west. This four-bedroom Concord house we sold for $2.3 million typifies the homes these buyers love.
Strength in the top end of the market
The top end of the market has remained fairly unaffected by the recent drops, so there’s still strong growth and solid prices in the $3.5-$5.5m bracket, as well as in waterfront locations.
The popularity of bayside areas like Cabarita and Abbotsford have kept prices quite buoyant in these suburbs. In fact, according to realestate.com.au Abbotsford’s median house price actually increased 24% to $2.66m in November, cementing its place as the strongest-performing suburb in our area for the year.
Buyers looking to move bayside not only have potential for a property with a water view, but also the opportunity for bayside walks followed by a drink at Sydney Rowing Club in Abbotsford or maybe a leisurely breakfast at The Cove Dining Co.
Data from realestate.com.au shows that both Abbotsford and Cabarita were in high demand throughout the year, as were the area’s hubs of Five Dock and Concord, where transport options and some of the city’s best Italian restaurants are located. Our dining tip? Cucina espresso on Majors bay Rd, Concord.
Our advice for buyers looking for a new home in 2019
The main piece of advice we’d like to give buyers and sellers going in to 2019 is this: don’t be deterred by reports of a declining market and instead focus on your own goals. Whether you’re upsizing, downsizing, investing or buying your first home, think long-term about how to make this wonderful and prosperous area meet your needs. For sellers who have no real need to make a move, it can be beneficial to stay put for a while, but there’s no reason for concern if you need to find a new home as you’ll be buying and selling in the same market.
No matter your situation, our team is here to help you meet your property goals. Please if you want any advice on buying or selling contact Adam 0413 355 481 firstname.lastname@example.org or Frank 0414 889 319 email@example.com