Although for most sellers in Sydney now is a rosey time to have your property on the market it appears that some vendors in Sydney’s Eastern, Northern Beaches and North Shore suburbs may be over reaching on price.
Hearing that Sydney’s property market is booming makes vendors excited but that seems to apply more to the middle of the market (between $500K – $2M). The prestige end of the market still hasn’t recovered to the pre GFC prices which vendors in Sydney’s luxury suburbs had grown to expect.
It seems buyers who were once less cautious financially and trusted in the low interest rates of the pre GFC market are few and far between these days.
That said these suburbs are still showing growth in the property market with Vaucluse demonstrating a healthy 26% increase since the start of the year until May.
Are you in the market for a property in Sydney’s Eastern suburbs? Before purchasing a property, you need to get a building and pest inspection to check for defects and other structural issues.
Photo by: Gordon Wrigley