The year was a case of two halves with the market recording steep declines to property prices and a surge in the number of homes failing to sell in the first six months.
Since the triple factor of May’s Federal election result, a cut to interest rates and easier access to lending, the market is now recovering faster than what many expected.
“I don’t think anyone at the start of the year would have predicted the turn around that we saw, especially not the pace,” Dib Chidiac of DIB CHIDIAC said.
Experts 2020 property predictions
Experts 2020 property predictions
“The start of the year sellers were taking losses on what they had paid in the last two to three years, but now some vendors are even selling for more than what they paid during the boom.”
There were a number of records set across the inner west. Property developer John Gobbo set the benchmark for houses, paying $14.25 million for a waterfront Birchgrove home from healthcare boss Jayne Shaw.
This broke the previous all-time inner west record set by the sale of a Drummoyne home for $12.2 million in 2017.
Golfer Craig Parry clinched the Abbotsford record after the sale of his home for $10 million and a Victorian mansion built for the Soul Pattinson chemist founder broke the Balmain record by $1 million.
Renowned artist Tom Arthur is also set to claim the Newtown record with the sale of a converted masonic hall for around $5 million.
Chiswick, Concord, Rozelle and Rhodes are just some of the other suburbs to have new records.
“There were a lot more records broken this year than in last, and is as a result of a lack of stock and buyers looking to cash in now before the market takes off,” Mr Chidiac said.
Stock levels were not able to keep up with buyers this spring, and this played a major role in reserves routinely being smashed each week and clearance hovering around 80-90 per cent.
“The growing confidence and a lack of stock fuelled the strong results we saw, and that was one of the biggest changes from the first half of 2019,” Shad Hassen of The Agency — Inner West said.
CoreLogic’s latest Home Value Index reports that the inner west is one of Australia’s best performing regions this year, with prices up 4.2 per cent and wiping out all the losses from the first six months.
Mr Hassen said many buyers have been caught off guard by the pace of the recovery. “Compared to other recoveries, this one was like flicking a switch, it was instant,” he said.
“Buyers didn’t realise how competitive it was going to get for homes.”
Mr Hassen said the recover has two different types of sellers in the market, those looking to cash in and other holding out in hope of making more money in the first part of 2020.
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