Property Market – AFR reports stalled new home sales hit builders outside NSW

Whilst today’s AFR reports a tough month across Australia for property developers the Housing Industry Association’s survey of Australian major residential developers showed that detached house sales inched up an average of 0.4% in NSW and Victoria. This is pretty much in line with what we are seeing with a shift towards the cheaper end of the market being Percival Estate, Eden Views and Terrace Falls. Other unique developments with a distinct point of difference such as Stonecutters Ridge are also tracking along consistently. Whilst Compton Park (acreage land in Berrima) is within a prestige area – sales have been good with 3 sales already. Presumably because $700,000-$1,100,000 for over 100 acre only 90 minutes from Sydney (and 15 mins from Berrima) is pretty exceptional value.

Christopher Lowry