For the second consecutive month the lower north shore has recorded an increase in the area’s median sale price.
New data from CoreLogic shows that the median for houses now sits at $3.2 million in the 12 months to August, up from $3.1 million the previous month.
Furthering proof the lower north shore is continuing to defy negative talk surrounding the Sydney market, the latest figure is now the area’s highest median sale price ever.
The much welcomed news has flowed onto apartments, where the median has increased from $1.1 million to $1.115 million over the same period.
Limited supply and recent big trophy home sales have helped to compensate falls in other parts of the local market.
Mosman, Crows Nest, Neutral Bay and Cammeray are just four of the suburbs to record price growth in the past three months.
Top performer Crows Nest, is up 10.5 per cent to $2.253 million, while Mosman homes had a 5.3 median sale price increase to $4.1 million.
While apartment values in Neutral Bay dropped 8.5 per cent in Neutral Bay, the suburb’s houses fared better, up 3.9 per cent.
Cammeray had the tiniest positive increase in sale price, up 2.4 per cent to $2.35 million
The Agency — North’s Nic Yates said lack of supply in the market is contributing to strong property prices.
“Stock levels are actually lower this year than last, which is keeping prices up as there is still plenty of buyers in search of a home,” he said.
Mr Yates said the shortage is not going to change anytime soon, but while some buyers have become hesitant, a lot have embraced the opportunities.
“They know waiting for the market to change won’t change the stock situation so they are looking to buy now,” he said.
Belle Property Advisory director Brady Yoshia, a buyers advisor, said those looking to bag a property on the lower north shore have jumped off the fence as they become more confident in the current climate
“Buyers have come alive more recently, they have a goal to buy something before Christmas and they are prepared to pay more to do so,” she said.
Ms Yoshia said the lower north shore was a safe option for buyers as value will always remain strong.
“It will always be a safe option to buy in due to the location, lifestyle and schools on offer,” she said.