THE suburbs where buyers will get the biggest savings this spring continue to be Sydney’s most exclusive.
Top of the list is Palm Beach, where Australian Property Monitors says the average discount off the original asking price of a house for the year to July was 21.9 per cent.
Peter Robinson of LJ Hooker Palm Beach said there had been an increase in sales over the past six months.
”The new listings for spring are a week away, but there’s discounts and value in the property that we haven’t sold over winter,” Mr Robinson said.
The pride of the city and east region figure prominently, with Double Bay at a 17.5 per cent discount, Vaucluse 17.2 per cent, Rose Bay 15.9 per cent, and Bellevue Hill 15.2 per cent. But Clontarf (15.9 per cent) on the northern beaches, Castlecrag (13.3 per cent) and East Killara (13.2 per cent) are also in the top 10.
The senior economist at Australian Property Monitors, Andrew Wilson, said there was good value to be found in top-end suburbs.
”There’s been a lack of buyer activity since the global financial crisis … but at the end of the day, these are prestige suburbs,” he said. He nominated heavily discounted Vaucluse as being one of three prestige suburbs he considered to be good value. He also nominated Bronte and Mosman.
Dr Wilson said that as the market regenerated – ”as it will” – the opportunities in the market would be recognised as such.
The economist also nominated some middle-market suburbs as being good value: Hurstville, Hornsby Heights, Drummoyne and Castle Hill.
His criteria included relative affordability, level of sales and prices growth.
At the lower end of the market – below a $400,000 median house price – he chose Campbelltown, Marayong and Blacktown.
Rebecca and Paul Smith have recently bought their third house in Blacktown, a suburb they believe is on the up.
”We looked around our area and found that houses were selling like hot cakes and they weren’t even that great,” Ms Smith said.
A few years ago, the teacher and the carpenter started buying houses, renovating them and reselling them quickly for a profit.
They recently paid $328,000 for a two-bedroom weatherboard that they hope to resell in the ”high $400,000s”.
They plan to build a rear extension with extra bedroom and ensuite, another living room and a deck, as well as modernise the rest of the interior, including a new kitchen and bathroom.
”We’ve found that the growth in the area is increasing quite rapidly,” Ms Smith said. ”It’s a good time to buy while prices are still relatively affordable because they only seem to be going up.”
For apartments, APM says Edgecliff attracts an 11.4 per cent discount, Rose Bay 10.3 per cent, Cremorne Point 10.3 per cent, Leumeah 10 per cent, Killara 9.6 per cent, Bondi Beach 9.5 per cent, Darling Point 9.3 per cent, Bellevue Hill 9 per cent, Rosehill 8.7 per cent and Cabramatta 8.7 per cent.
APM also released their ”days-on-market” data, with houses in Church Point on the northern beaches taking the longest to sell at 362 days.
For apartments, The Rocks tops the list at 208 days, Rhodes is 184, Hunters Hill 170, and Woolloomooloo 145.
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