Macarthur’s house prices slip and slide into summer

Picture: Google Maps
Picture: Google Maps

The average house price in Macarthur is on the decline with real estate experts telling buyers now is the time to make a move.

The median prices of houses across the region has largely decreased with only a small number of suburbs maintaining steady results or showing growth.

Pricefinder statistics have revealed Campbelltown experienced a 1.4 per cent reduction in housing prices from October 2017 to September this year.

The median price of a home in Campbelltown was $633,000 compared to almost $650,000 last year.

Bradbury experienced a 1.7 per cent decline and Eschol Park’s housing prices dropped by 0.7 per cent.

The only suburbs to experience some growth were Ingleburn, where the median house price was $688,000, and Leumeah with a median price of $640,000.

Richardson and Wrench real estate agent Chris Philp said the falling market prices were largely due to the royal commission into banking.

“In the last six months I have noticed a drop of at least 10 per cent in housing prices in the area,” he said.

“I’ve seen similar properties, some just down the road from places we had sold a few months earlier, sell for much less.

“The feedback I have had from buyers is that it is harder to borrow money.

“Banks have tightened up on lending and they are paying particular attention to what you are spending your money on.”

The Mount Annan agent said while there were more more homes and less buyers at the moment, it was good to see housing prices come down.

“In the past three years we saw a spike in prices so it’s positive to see them drop a little,” Mr Philip said.

“New estates have it a little harder than the more established suburbs. I have noticed a drop of between 10 and 12 per cent.

“I think that has to do with having a lot of similar homes on the market.

“Now is a good time to buy because I think we have gotten through the worst of the downturn in housing prices.

“Buyers can buy with confidence now.”

Mr Philp said while it was getting harder to sell a home, there were still ways to make your house stand out.

“Presentation is everything these days,” he said.

“Just some extra effort in cleaning the house or making the street front look attractive can go a long way and you don’t have to spend a fortune to do it.”

Over in Camden the median house price has dropped a whopping 7.9 per cent from $753,000 in October 2017 to $697,000 in September 2018.

Mount Annan’s median house price is $750,000 – 3.9 per cent growth.

Narellan Vale has dropped 0.7 per cent while newer suburbs like Gregory Hills and Oran Park have maintained their median house prices of more than $700,000.

Wollondilly is experiencing solid growth in housing prices due to newer suburbs and proposed developments across the region.

Buyers can snap up an average home in Wilton for a cool $880,000 – which is a price increase of 7.9 per cent in the past 12 months.

Tahmoor’s median housing price has grown 4.7 per cent to $638,000.

However the biggest jump in Wollondilly’s housing prices goes to Thirlmere at $750,000, which is a 10.7 per cent growth.