Home buyers could potentially nab a good deal in these undervalued housing markets.
Already a subscriber?Houses in some of the more desirable suburbs in Sydney and Melbourne may also be the most undervalued in the country, afterby as much as $900,000 in some areas since their peaks two years ago, data from CoreLogic shows.
“Some suburbs are showing early signs of recovery, but they are still significantly undervalued relative to their peaks.”Northern Beaches, eastern suburbs and the north shore along with Melbourne’s inner ring and the Mornington Peninsula were among the most undervalued, with their median still down by more than 10 per cent since peaking in 2022.Bargain hunters could potentially find good opportunities in Palm Beach in Sydney’s Northern Beaches after prices plummeted by 20.
Rich Harvey, Sydney-based buyer’s agent and chief executive of Propertybuyer said while prices were currently depressed, those markets could turn around quickly once interest rates start to fall. Values in Queens Park and South Coogee are still sitting $459,000 and $406,000 lower than their highs two years ago respectively, although prices have increased slightly in the past 12 months.
“We’re seeing a lot of properties on the Northern Beaches, eastern suburbs and north shore selling as private treaty, rather than going to auction because of weak demand and more competition from other sellers,” she said.“We expect to see more stock coming into the market in the coming weeks, so buyers will have a lot more choices and potentially negotiate harder.”
Houses in the more affordable inner suburbs such as Brunswick East, Balaclava, Flemington, Fitzroy, Pascoe Vale and Moonee Ponds are also still undervalued by more than $100,000 compared to their peaks in late 2021.
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