It’s all doom and gloom according to the headlines.
Every other day, newspapers report a surplus of large apartment complexes coming to completion, resulting in massive over-supply. It’s apparently leading to large discounting of up to 6.5% by vendors desperate to sell.
However, according to some, the price drops are most acute in the Inner West, owing to a substantial building boom around Sydney Olympic Park, and a noticeable drop-off of investors.
Surely in these conditions, now is not the time to sell your apartment if you can possibly avoid doing so.
But is that really the full story?
Dig a bit deeper into the stats and you’ll find the apartment market is a mixed picture. While there are definitely areas of Sydney that are experiencing an over-supply of apartments for sale, other areas are showing decent apartment price growth.
According to our research, median unit prices in many of the Inner West’s most popular suburbs are holding strong.
Based on the latest stats by Core Logic, annual median unit prices in the year from April 2017 through to March 2018, have basically remained flat in Inner West suburbs, or in some cases have actually increased strongly!
The two stand-out suburbs in the Inner West are Concord and Leichhardt, where median unit sale prices continue to show robust growth, despite public opinion.
In Concord, median unit prices dipped from April 2017 through to August 2017. However, since then they have rebounded strongly. From an August low of $780,000, they rose to $970,000 by March 2018. That’s a rise of 24% in just seven months!
In Leichhardt, median unit sale prices in April 2017 were $725,000. A year later, in March 2018, prices had risen to $1,022,000! That’s a whopping 40% increase in one year!
Hardly the sign of an apartment market in crisis.
*Source: Core Logic
Even in Homebush, the suburb closest to Sydney Olympic Park, where there are significant supply-side increases, the median unit price has only experienced a modest decline, from $665,000 a year ago, to $661,000 in March 2018.
Drummoyne is not fairing quite as well, with a 4% decline in median unit prices in the six months to March 2018.
Other suburbs, including Dulwich Hill, Marrickville and Strathfield, have seen prices remain quite flat over the year.
Are you considering selling your apartment in the Inner West?
With the right estate agent working on your behalf, who has access to a large pool of interested buyers, you can achieve a good price.
Devine Real Estate is the leading agents across all of Sydney’s Inner West.
With over 60 years’ experience in the area, we understand the local market. Our reputation and strong local presence mean we have a constant flow of buyers interested in purchasing quality apartments, from first-home owners to investors.
Devine Real Estate
T: 02 8789 0217 | M: 0419 202 930