PREMIUM SUBURBS ROCKETING
“We’ve seen it show up in search for quite some time. When we look at suburbs people have been looking at, they have tended to be very expensive suburbs, which is quite different to when the market was really strong.” “Vaucluse, obviously, is doing well and you’ve got Palm Beach but almost all of the very strong suburbs in Sydney at the moment are suburbs that have housing medians of $2 million-plus,” Ms Conisbee said.
“Whereas, if you go to the other extreme to the eastern suburbs or northern beaches, prices have well and truly bolted.”for Melbourne and Sydney earlier this month, with the Victorian capital rising 2.3 per cent higher in October and the Harbour City jumping 1.7 per cent. “There’s still quite an overhang of stock in Sydney, which is problematic and that’s creating a drag on value, particularly for apartments.”The Reserve Bank of Australia board is due to meet on Tuesday but Ms Conisbee expects the official rate to remain at 0.75 per cent after being slashed three times in 2019.