Monica Shor, Ray White Unlimited

$300k drop in 3 months: suburbs with biggest price falls

PHOTO: Monica Shor, Ray White Unlimited – Bondi Beach.

Properties are selling for massive discounts in certain pockets of Sydney as sellers readjust their expectations following two years of epic price growth.

Discounts of 10-15 per cent have been reported in the top end of the market while one suburb in particular has seen up to 20 per cent knocked off the purchase price of units and almost $1m come off the purchase price of houses.

Property prices have slipped in Bondi Junction. Picture: Jeremy Piper.

Property prices have slipped in Bondi Junction. Picture: Jeremy Piper.

Open borders and rising interest rates have been held to blame for a drop in buyer demand leading to falling prices at the top end of the market.

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Co-founder of buyers agency BuyersBuyers Pete Wargent said the most significant discounts seen across the country have been in detached housing in Sydney’s more expensive markets.

BuyersBuyers co-founder Pete Wargent.

BuyersBuyers co-founder Pete Wargent.

“We have seen examples of properties selling for 10 to 15 per cent less than would have been achieved at the peak of the market,” Mr Wargent said.

“In October and November last year, open homes were very busy for the summer selling season, and most auctions saw multiple bidders in action.”

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“Now open homes are considerably quieter, and the majority of Sydney auction campaigns either end in the property being withdrawn from the market or passed in at the auction, to be negotiated upon thereafter.”

17/2A Hollywood Ave, Bondi Junction recently sold for $1.76m.

17/2A Hollywood Ave, Bondi Junction recently sold for $1.76m.

BuyerBuyers CEO Doron Peleg said prices would continue to slide before hitting a bottom early next year, giving buyers “a comfortable six month window of opportunity to buy well and negotiate hard in Sydney.”

Ray White Unlimited – Bondi Beach associate director Monica Shor said property in Bondi Junction had dropped 10-20 per cent over the past three months as the market realigned.

She recently sold a three bedroom unit at 17/2A Hollywood Ave for $1.76m after selling a similar apartment in the same complex in February for $2.05m.

802/588 Oxford St, Bondi Junction sold for $2.13m earlier in the year.

802/588 Oxford St, Bondi Junction sold for $2.13m earlier in the year.

In February she sold another unit at 802/588 Oxford St for $2.13m. She said the same property would fetch about $1.5m if it was sold now.

“In housing we’ve seen almost a $1m drop,” Ms Shor said.

“There are a number of semis in North Bondi that were selling last year at $5.1m, $5m, $4.9m, $4.8m and now they are selling at $3.9m-$4m.”

403/80 Ebley St, Bondi Junction recently sold for $1.185m.

403/80 Ebley St, Bondi Junction recently sold for $1.185m.

Data from realestate.com.au shows the median house price in Bondi Junction dropped more than 19 per cent in the three months to July, while units in North Bondi slipped more than 18 per cent.

Ms Shor said rising interest rates and the return of international travel had seen some buyers turn away from the market.

READ MORE MORE VIA NEWS.COM.AU

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