Some of Australia’s most expensive coastal suburbs along east-coast Australia more than doubled national gains in property prices from the trough to the peak of the COVID-19 pandemic. However, some of those same suburbs which experienced the largest gains amid the pandemic property price surge are now facing double-digit drops.
According to Corelogic, Copacabana on the Central Coast ranked in the first place in Sydney as the suburb with the biggest trough to peak change (up 61.2%); however, prices have already dropped 5.4% since their peak. The largest price drop on the list for Sydney was Taren Point in Sutherland, which enjoyed a 56.6% rise over the pandemic boom but has already suffered a 16% drop in prices from the peak.
Newport, Kurnell, North Narrabeen, Avalon Beach, Elanora Heights, and Tamarama all also feature on the top 20 list for NSW, and each has price drops between 10.1-13.8% from their peak.
Instead of easy access to the city for work and nightlife, people increasingly opted for larger spaces in lower-density areas along the coast or in lifestyle suburbs where prices were cheaper and remote working was easy to do.
And while the tide has turned for some of these suburbs, many businesses have adopted a more permanent work-from-home and flexible working structure, meaning that even after prices have fallen, demand for property in some of these areas could still hold prices up higher than pre-COVID.
Last week’s Sydney auction clearance rate was 57%, which 3% lower than the previous week’s Sydney auction clearance. There were 693 properties listed for sale, 252 properties were sold, and 115 properties were withdrawn. Moreoever, the total clearance rate for state of New South Wale last week was 49%.
According to Realestate.com.au, it was reported 1239 private sales in New South Wales over last week. 191 properties were sold at auction, while 195 were sold prior to auction.
Last Saturday Sydney Auction Top5 House
▼TOP 1. AUD$15,000,000
Address: 34 Martin Rd, Centennial Park NSW 2021
Land Size: 886 sqm
Internal Area: 150 sqm
House | 4 Bed | 2 Bath | 2 Parking
▼TOP 2. AUD$6,000,000
Address: 39-41 Booth St, Balmain NSW 2041
Land Size: 682.6 sqm
House | 5 Bed | 3 Bath | 4 Parking
▼TOP 3. AUD$6,000,000
Address: 10 Kooloora Av, Freshwater NSW 2096
Land Size: 693 sqm
Internal Area: 132 sqm
House | 6 Bed | 2 Bath | 2 Parking
▼TOP 4. AUD$5,685,000
Address: 2 Regatta Wy, Cabarita NSW 2137
Land Size: 297 sqm
Internal Area: 260 sqm
House | 4 Bed | 2 Bath | 2 Parking
▼TOP 5. AUD$3,545,000
Address: 15 Jellicoe St, Hurstville Grove NSW 2220
Land Size: 690 sqm
Internal Area: 395 sqm
House | 6 Bed | 4 Bath | 2 Parking
Last Saturday Sydney Auction Top5 Unit
▼TOP 1. AUD$2,220,000
Address: 7b Comet St, Ashfield NSW 2131
Semi | 4 Bed | 2 Bath | 2 Parking
▼TOP 2. AUD$2,115,000
Address: 602c/3 Meikle Pl, Ryde NSW 2112
Unit | 3 Bed | 2 Bath | 2 Parking
▼TOP 3. AUD$1,730,000
Address: 3/40 Military Rd, North Bondi NSW 2026
Unit | 2 Bed | 1 Bath | 1 Parking
▼TOP 4. AUD$1,635,000
Address: 8/9 Myrtle St, Botany NSW 2019
Townhouse | 4 Bed | 2 Bath | 2 Parking
▼TOP 5. AUD$1,610,000
Address: 10/140 Marine Pde, Maroubra NSW 2035
Unit | 2 Bed | 1 Bath | 1 Parking
References:
Thomas, R. (2022). Australia’s most expensive suburbs are leading a downturn in prices. Retrieved 29 August 2022, from https://propertyupdate.com.au/australias-most-expensive-suburbs-are-leading-a-downturn-in-prices/