Despite the recent decline in first home buyer activity, Raine & Horne chief executive officer Angus Raine has said there is still plenty of heat in the market.
Mr Raine said there were property pockets in Sydney that were showing strength, including Annandale, Bronte, Darlinghurst, Epping, Killara and Zetland.
“Listings in many Sydney suburbs are up since April and this is creating symmetry between buyer demand and supply,” Mr Raine said.
“This is maintaining robust prices in those locations with median prices typically above $800,000.”
Mary Anne Cronin, licensee-in-charge of Raine & Horne Bondi Beach said Bronte Beach was currently enjoying strong price growth.
“It’s a small suburb which has some fabulous homes. It’s also tightly held, so there is a shortage of properties for sale, which helps boost demand and prices,” Ms Cronin said.
“Units, in particular, have been in short supply. For instance units in a 1970s-style block in Belgrave Street, Bronte sold for around $600,000 two years ago.
“A similar unit in the same block recently sold for $880,000.”
RP Data’s director of research Tim Lawless told Real Estate Business that suburbs such as Bronte offered the best value growth potential because of its location and proximity to transport.
“The best growth opportunities will be found in those areas where transport infrastructure provides a reasonable level of connectivity and amenity to residents and where affordable housing is strategically located within a comfortable commuting distance from major working centres and transport options,” Mr Lawless said.