I anticipate a late start to spring this year with many homes scheduled for auction in October onwards. Hunters Hill is a garden suburb so vendors prefer to sell in spring when their homes present best.
The heightened activity and strength of sales throughout Sydney has had a flow on effect to the Hunters Hill property market.
Overall demand in the local area has improved with a 9% increase in the number of house sales from last financial year (143 total sales) and a 13.9% increase in the median house price which now sits at $2,078,000, whilst apartment price growth increased by 22.3% since last financial year according to APM.
One of the main drivers of this increased sales activity was record low interest rates allowing larger borrowing capacity; demand outweighing supply resulting in higher competition on properties, overseas and expat buyers in the $3M plus range and cashed up buyers from surrounding suburbs buying up to Hunters Hill as a destination suburb.
The $20 million price achieved for Cate Blanchett’s home in Hunters Hill has certainly set a new benchmark for the area and increased awareness among prestige buyers. The local prestige market in particular has experienced very strong growth this calendar year, with properties from $3.5M plus performing very well.
Over the next five years I expect this market to continue to show growth, with many prestige homes being offering for the first time in many years.
Throughout the winter months we did not see the traditional slowing of the market with consistently strong buyer activity.
However I anticipate a late start to spring this year with many homes scheduled for auction in October onwards. Hunters Hill is a garden suburb so vendors prefer to sell in spring when their homes present best. Looking ahead, I believe the strength in the market will continue through to early 2016 particularly as the lower AUD is very attractive to the expat market.