PHOTO: Bargain suburbs
- CoreLogic has revealed where there are more sellers than potential buyers
- Property prices in May surged to record high in 66 of Australia’s 88 sub markets
- Prices fell during the year in three city suburbs: one in Sydney, two in Melbourne
- Suburbs home to high-rise apartments have seen below-average price growth
Record high property prices have seen younger people locked out of the market, with prices in May surging to record highs in 66 of Australia’s 88 sub markets based on council areas.
Sydney’s median house price since January has surged by more than 15 per cent to a record $1,186,518, putting a home with a backyard beyond the reach of a single person earning an average, full-time salary of $89,000.
But even within Australia’s most expensive city, there are suburbs where bargains are possible.
Australians are more likely to find a bargain in suburbs near the city that are full of high-rise apartments. Macquarie Park (pictured), in Sydney’s north, suffered a 5.5 per cent fall in values in the year to May 2021 as Australia’s border closure affected international student enrolments at Macquarie University
Big city suburbs where prices have fallen or aren’t growing
Macquarie Park, Sydney’s north: down 5.5 per cent
Hawthorn, Melbourne’s inner-east: down 3.2 per cent
Port Melbourne, Melbourne’s inner south: down 0.3 per cent
Fortitude Valley: Brisbane’s inner north: up 0.3 per cent
Source: CoreLogic data on annual changes in the year to May 2021
Real estate data group CoreLogic’s head of research in Australia Eliza Owen said buyers had more choice in postcodes where listings exceeded sales volumes.
‘Many of the suburbs featured are characterised by inner-city or high-density urban locations, where housing demand has been softer through COVID 19,’ she said.
Across Australia, 33 suburbs had above-average listings and price increases that failed to keep pace with the broader market.
During the past year, three metropolitan suburbs have suffered a decline in property values as buyers overwhelmingly preferred houses to apartments.
‘This may in part be due to a preference for detached housing stock,’ Ms Owen said.
In some cases, prices fell despite being close to trains and a major shopping mall.
Macquarie Park, in Sydney’s north, suffered a 5.5 per cent fall in values in the year to May 2021 as Australia’s border closure affected international student enrolments at Macquarie University.
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