Baulkham Hills and Hawkesbury apartment values tumble 19% off peak pricing
Sydney's north-west corridor has suffered the greatest decline in apartment values since their peak, according to data from Corelogic shows.
Re-sale prices of apartments have dropped 19% compared with their original selling prices at different times of their peaks over the boom over past few years.
Apartments in the Hills and Hawkesbury area in the north-west corridor of Sydney peaked last year.
The downturn has impacted on new and established apartments.
Recently a three bedroom unit in a 1990s building at 4/32-38 Linton Street in Baulkham Hills sold for $790,000, having traded six months ago for $820,000.
A nearby two bedder in a newer 2016 block at 110/1 Meryl Avenue (top) recently fetched $690,000, down on its $728,000 off the plan sale in 2014.
"While values may have bottomed for now there is still a lot of new unit stock to be completed over the coming years which could create more downwards pressure on values over time despite the stronger conditions recently," Corelogic senior analyst Cameron Kusher told The Australian Financial Review.
"I'd suggest it will take a long time for unit values in that region to recover back to their previous peaks," Kusher said.
"At their peak the median value of a unit in the Baulkham Hills and Hawkesbury region was in excess of $900,000 when you consider the distance from the city centre and the fact that house values are not that much more expensive it is not really a surprise to see large unit value falls in that region."
Apartment developers have flocked to the northwest region buoyed by the construction of the new Sydney metro, a fast train that runs as far as 50 kilometres from the CBD.
As for standalone houses, since the peak of their prices in July last year, prices in Sydney's inner city, inner south such as Alexandria, Waterloo and Zetland and the inner west such as Balmain have fallen between 10 to nearly 14%.
Values of standalone houses in North Sydney and the northern beaches have come down between 7 to 9%.
House prices in the eastern suburbs have fallen nearly 5% since last July.
Apartment values in Sydney overall, however have held strong mainly because of its affordability, Corelogic says.
