The median price of apartments is well down for the year to June 30th as first home buyer activity has created a busy market for the lower end. Riverfront and luxury apartments have not been selling easily and reflect the tougher market for all higher-end property in recent months.
The number of apartment sales in the CBD is up on 2008 after that very quiet year. These are mostly established apartments with little new project offerings in the market at the moment. There’s been a growing divide between prices for established and some new apartments – construction price rises make it easy to argue that today’s prices are actually good value.
The median house price in the suburb is up another 16% in the first half of this year. But with such small sales volumes (11 so far) it’s hard to be sure of a reliable trend. Our ‘on the ground’ observation tells us prices have remained solid and sellers generally find buyers waiting for new listings.
Renovations seem far more common than a couple of years ago and buyers are putting plenty of confidence in the continued attraction of the CBD lifestyle, knowing full well that houses in this area are an incredibly scarce commodity.
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