Despite the retraction in Sydney house prices over the last quarter the Upper Blue Mountains property market appears to be holding strong. Notably Wentworth Falls has jumped 3.6% followed by Katoomba recording a 3.3% increase in median house prices in the first quarter of this year.
The standout sale in Blackheath so far this year was by Peter Torok of Ray White for the sale of 174-184 Shipley Rd, Blackheath
for $2,410,000, a price record for the Upper Blue Mountains. The property was sold ‘Under the Hammer’ at Auction for $410,000 above the reserve price.
In regards to vacant land, there is still limited land available in the Upper Blue Mountains, but the land on the market is generally a good size, over 1000m2. There was a total of 29 blocks of land sold in Katoomba in 2017 with an average sale price of $312,000 and an average land size of 1507m2. There is more land available in Blackheath as the result of two Sydney Water land releases. Blackheath saw 46 blocks of land sold in 2017 with an average sale price of $289,516 and an average lot size of 1322m2. So far this year we are seeing buyers favouring blocks closer to town in established areas, they are happy to pay a premium if the block is within walking distance of town.
You can feel confident that the market in the Upper Blue Mountains is still very buoyant with high levels of buyer activity, strong Auction clearance rates and low days on market.