It’s been an impressive period of growth for residential property in Dover Heights, with a 70% increase in value over the past five years alone. It’s pushed the average price of a family home from $2,500,000 back in 2013, to over $4,000,000 today.
But like property values in neighbouring Vaucluse and Rose Bay, the soaring increases we’ve become so used to have come to a halt. There have been some notable exceptions, but since June we’ve seen Dover Heights property values plateau and then decrease by around 5% from their peak. That’s still a whopping 65% net gain from 2013, but in our opinion the market has definitely turned a corner. With borrowing costs increasing, this downward trend may still have some time to run and we’re forecasting a potential further drop of 5-10% through to 2020.
In our experience, when the market does come back into positive territory, and we estimate that will take around 12-18 months, any decreases in the value of residential property in Dover Heights will be turned-around relatively quickly.
There’s always a positive
In recent years, whether it’s to upgrade or downsize, selling a property was usually accompanied by an inordinate amount of anxiety and pressure regarding where to buy once your current home has sold. When values were shooting up, you could easily be priced out of the market whilst you were searching for your new home. And many were. That’s not quite the case any more. Those homeowners selling properties at the moment not only avoid any further decreases in value, but also have time to find their ideal next home. Maybe at a better purchase price than could be achieved currently.
In recent years the Goldman Brothers Team at Sydney Sothebys International Realty has consistently lead the market in Dover Heights. Our proven expertise, along with an active database of local and international buyers, has seen many properties sold either ‘off-market’ or prior to auction.
Get the right information
If you’ve been thinking of upgrading your home or have an opportunity to downsize, now is the perfect time to find out what your property is currently worth. Simply contact either Barry or Mark Goldman to arrange a confidential discussion at your convenience.
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Barry Goldman – 0418 890 210
Mark Goldman – 0411 193 299
- Posted by The Goldman Brothers
- On November 22, 2018
- 0 Comment