Upper Mountains real estate market highlights
Regional markets are traditionally more resilient than the capital cities during times of market down turn, we have experienced this locally with dwelling values across the Greater Blue Mountains LGA increasing 1.9% over the last 12months. Of those suburbs that have experienced a decline in dwelling values, they have not dropped to the same extent as what has been experienced by Sydney home owners, for example Katoomba and Wentworth Falls have dropped 1.6% in property values over the last 12 months, Leura experienced a 7.5% increase over the same period (Source:PriceFinder) .
In general we are noticing that there is more stock on the market during this traditional Spring selling season and that properties are taking longer to sell (average D.O.M are 50, up 11 on last year), this is giving buyers more properties to choose from.
National real estate market highlights
“The Australian housing market continued to weaken over the month, with national dwelling values falling 0.5% in September, marking twelve months of consistently falling values across CoreLogic’s national hedonic home value index. Dwelling values tracked lower across five of the eight capital cities in September while five of the seven ‘rest of state’ regions recorded a fall in values over the month.”
Values Down- Sydney -6.1%, Melbourne -3.4%, Perth – 2.8%,
Values Up – Hobart + 9.3%, Canberra +2.1%, Brisbane +0.8%, Adelaide +0.7%, Darwin +0.1%
“The housing market has slowed virtually in line with heightened levels of regulation across the finance sector and subsequently tighter lending practices and a sharp reduction in investment.”