CoreLogic RP Data released that Palm Beach’s median sale price has fallen below $2 million at a fall over 24.4% over the last 12 months.
This is the first time in 10 years that the median price has dropped so low and sees Palm Beach ranked at 6th place on the Northern Beaches most expensive list.
Local realtor, David Edwards, of LJ Hooker Palm Beach, believes that buyers at the top end have little confidence in the property market. Mr Edwards stated, “We’re not an interest rate sensitive market, we’re a confidence dependent market,” Mr Edwards said.
David Eden, of Raine and Horne Palm Beach said that it was hard to judge Palm Beach on median prices as properties in the area tend to vary.
Both realtors believe that Palm Beach should be on the radar of more buyers as the peninsular is changing its face to accommodate more families and professionals who are after a more serene way of life.
Photo by Graeme Churchard