The data was collected from May 2014 to May 2015 and examined how much the listed property price fell during that time on average.
The prestigious Northern Beaches suburbs of Mona Vale and Avalon showed an average drop of properties sold via private treaty falling at 6.7% and 6.6% respectively.
Vendors are now realising that although the Sydney property scene is booming there has been a revision in luxury home prices post GFC. Glenn Lee of Raine & Horne Palm Beach said, “Vendors need to be aware that dynamics that fueled higher prices pre-GFC are no longer here.”
It is not all doom and gloom as Lee also stated, “I think we have seen the bottom of the luxury market that is now coming up,” Despite price discounting on property prices in the Northern Beaches the Domain Group shows that both Mona Vale and Avalon have seen house price growth over the last year.
Photo by Hector Garcia