Buyers urged to make most of favourable market

Buyers urged to make most of favourable market

With the market coming off the boil in 2018, buyers are sure to be out in force in 2019 searching for the biggest discounts across the inner west.

There were significant declines across parts of the inner west that provided perfect buying conditions for those who were previously priced out of the market.

Agent Sebastian Bonaccorso of Elders Inner West said the adjustment in prices had opened up plenty of opportunities for ambitious first home buyers and families in the new year.

The most attractive suburb is Belfield, according to Mr Bonaccorso, where there are a range of homes available around the $1 million mark or in the early $1 million region, offering exceptional value for the area.

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“It is one of the areas showing fantastic value at the moment as there have been some adjustments in pricing and there are a range of homes available,” he said.

House prices in Belfield fell by 14.6 per cent over the past 12 months to October, with 67 houses changing hands in that same time. The median price now sits at $1.239 million.

The unit market is another area that is providing buyers with fantastic opportunities across all parts of the inner west, according to Mr Bonaccorso, mainly spurred on by an oversupply of stock.

Prices have come back by between 10 to 20 per cent, making it an ideal time to make the jump if you were previously waiting for a drop, he said.

Agent Robert Clarke of Belle Property Annandale said the adjustment in prices had opened up plenty of opportunities for both first home buyers and families closer to the city.

The area he believes provides house hunters with the biggest opportunity is Rozelle, as there is a great chance to get homes for under $1 million, something unseen in previous years.

“It’s in a good location and there are a lot of rented properties so investors should be looking to offload some stock throughout the year,” he said.

“Some homes that need renovating or others that have tenants in them or are smaller could go for sub-$1 million.”

“In a boom market you couldn’t get a house for under $1.15 million to $1.2 million,” he said.

In a similar way, Mr Clarke believes an increase in stock in an area like Leichhardt will also provide buyers with a chance to buy a home for under the $1 million mark.

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“It is a really large suburb so there is always plenty of stock around and thus there will definitely be some opportunities next year,” he said.

The overall apartment market has taken a bit of a battering, Mr Clarke said, with days on market really pushing out and new developments taking the biggest hit.

Camperdown is an area that buyers should be looking at, he believes, with buyers wanting to get into the market potentially able to get a one-bedroom or two-bedroom apartment for a lot cheaper than in the past few years.


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