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Declining prestige property prices are expected to catch the eye of high end investors over the coming months according to real estate agent McGrath.
The group’s chief executive John McGrath said buyers in the prestige sector have begun to re-consolidate their position and are heading into Spring with money to spend in suburbs where prices have fallen 15 per cent or more.
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According to Mr McGrath, Double Bay currently provides investors with the top value for money with median house prices falling 35 per cent in the 12 months to 30 June.
Data from Australian Property Monitors shows the suburb’s median house price is currently $2.6 million, while the median price for units is $668,000.
Mr McGrath said his other ‘value for money’ suburbs included North Avoca, where dwelling prices have fallen 28 per cent in the last 12 months, Bellevue Hill, which has also experienced a 28 per cent fall in median values and Palm Beach where prices have fallen 27 per cent.
House prices in North Avoca have fallen 8 per cent in the last 6 months, with the median price now sitting at $634,000.
According to Australian property Monitors, house prices in Bellevue Hill have fallen a drastic 26 per cent in the six months to 30 July, falling from $3.07 million to $2.29 million.
