While demand for Sydney property is softer than the same time last year, one industry report suggests there are still many markets that are holding up well.
In Sydney's east, some suburbs are selling particularly quickly including North Bondi or seeing very high price increases such as Tamarama, according to REA.
Freshwater, Paddington and Cammeray are seeing the highest demand for houses, while apartment demand remains high in Fairlight, Cremorne Point and McMahons Point.
David Hill, Co-Principal of Raine & Horne HM Group, which services parts of the Sydney’s Lower North Shore, said the region’s housing values and activity are performing well because fewer transactions are reliant on bank finance. “The APRA crackdown on investor lending has had less impact in our region because more buyers can call on their own sources of finance and equity to secure a property,” said David.
“We also still have plenty of demand, yet many owners seem happy to sit tight, which is affecting supply. This situation is supporting prices, and as such we seem to be selling everything we’ve got.”
Angus Raine, Executive Chairman of Raine & Horne agreed the APRA crackdown on lending was having less impact on Sydney’s inner ring. Angus added, “Don’t forget the proximity of suburbs such as Paddington in the east and Cammeray in the inner north, continue to appeal to buyers no matter what the prevailing conditions are in other parts of the Sydney market.
“Location is paramount and inner ring suburbs enjoy proximity to jobs, excellent entertainment facilities, abundant public transport and more. These factors tend to support real estate activity in Sydney’s east and north regardless of market conditions elsewhere.”