Despite the drop off of prices in 2018, there is still some positive news for vendors as certain properties within the inner west did perform above expectations.
While selling conditions are likely to remain tough for vendors, McGrath Newtown agent Adrian Tsavalas believes certain suburbs in particular can bounce back stronger due to the lifestyle on offer.
“In terms of strength for the New Year, Marrickville has the ability to recover quicker than other suburbs thanks to the infrastructure that is coming, the cafes and all-round make-up of the suburb,” he said.
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House prices in Marrickville declined by 7 per cent over the past 12 months to October, per CoreLogic data, with a high turnover of 266 sales.
On top of this, the flow-on effect from the demand in Marrickville is set to extend to nearby suburbs due to an increased amount of buyers, added Mr Tsavalas.
Suburbs like Tempe, Earlwood and parts of Dulwich Hill, as well the corridor including Enmore, Newtown and Camperdown are all tipped to be popular with house hunters.
While Mr Tsavalas believes this won’t necessarily translate in excellent growth, it is more about the home’s ability to perform well in terms of buyer activity and interest.
“Some homes will do exceptionally well rather than the whole market,” he said.
“The homes that address presentation, have quality marketing and are being offered at market value should do well and will be better equipped to exceed expectations.”
Further west, agent Michael Carbone of Raine and Horne Concord believes falling prices in areas like Concord will make it a desirable location coming into the New Year.
“We saw some results in Concord that shocked a lot of people and I think you will see a lot of value,” he said.
“There were some original bungalows that were usually above the $2 million mark selling for around $1.5 million to $1.7 million. Buyers could see some serious value in that which could create competition and push prices up.”
Concord house prices in general were relatively stable throughout 2018, with CoreLogic Data showing a modest increase of 2.4 per cent in values, over the 12 months to October.
The main buying group is families, Mr Carbone added, with the transparency in the market aiding both buyers and sellers who now have a proper read of market conditions.
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This in turn will prompt brand new homes to sell well, Mr Carbone believes, especially in areas like Concord or Cabarita as families look to take advantage of the conditions and upsize.
“Waterfront properties always have high demand, especially anything that is a knockdown. We didn’t see any hit the market last year so if any do there will be a lot of interest,” he said.
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