Snapshot Statistics

I thought I would have a look at the median sales prices for some local suburbs for the last 6 months and compare the median sales price from the previous 12 month period. The numbers were not what I thought they would be. The data is from pricefinder.com.au

Seaforth median price Feb – Aug 2023 is $3,500,000 in the Feb – Aug 2022 period the median was $3,450,000.

Balgowlah Heights median price Feb – Aug 2023 is $3,930,000 compared to Feb – Aug 2022 at $4,720,000.

Manly median price Feb – Aug 2023 is $1,670,000 with the Feb – Aug 2022 median being $2,150,000.

I thought I would see prices stronger in early 2023 compared to early 2022. There is clear evidence that prices have risen by 5% Syndey wide over the last 6 months.

So, what has happened? Two things, I think. We are seeing quite a segmented marketplace. The 1 and 2 bedroom unit market has a lot of demand, and a lot of properties are selling, as does the premium house and apartment market which has a severe shortage of stock. The middle part of the market in our area is the most affected by rising costs of living and the 12 months of interest rate increases. This middle priced part normally has the largest turnover and the ones that have sold have been for lower prices. This brings the median down. The top end has a shortage so that also brings the median down even with prices rising in the segment. The other factor is prices fell a lot more than I thought in the second half of 2022.

In rentals we have seen the market pick up considerably in the last 2 weeks. Prices are rising again after a brief correction over the last 3 months.