The recent moderation of the market is good news for buyers, but for anyone wanting to sell property in Carlton, St George and other areas, it might be concerning. You want to earn top dollar when you eventually take that property off your hands, after all.
The good news is, it looks like properties are still bringing in fantastic returns to investors, with CoreLogic RP Data reporting that the proportion of home sales below $400,000 is getting lower and lower. Over the year to June 15, 62.6 per cent of all home sales sold for more than $400,000 nationally, with just over 10 per cent selling for over $1million.
This was not only an all-time high for the number of sales above $1million, it was also a record low for sales under $400,000. Clearly, investors and ordinary home owners have the chance to profit handsomely in this environment.
This is particularly the case if you're thinking to sell property in Allawah, Beverley Park and nearby neighbourhoods in the Carlton region. According to RP Data, Sydney recorded the second lowest proportion of home sales below $400,000 in this time period. Only 7.8 per cent of sold properties fit this category. By contrast, 36.8 per cent of all houses sold went for more than $1milion.
It's a far cry from even as recently as five years ago, when house sales under $400,000 made up 27.8 per cent of the total. Going even further back to 1995, 90.1 per cent of houses in the city sold for less than $400,000.
Clearly, there has never been a better time to own property in Sydney. Now it's just a matter of finding the right real estate agent to sell it.