Median Price Movements: As we reach the mid-point for 2022 in the Blue Mountains for both three and four bedroom houses continue to transact within the same ranges. Broadly speaking $800 - $900K for three bedrooms and $1M - $1.2 for four bedrooms. The red lines represent the six month moving average which helps to highlight the trend but remember it is a backward looking calculation.
Median Days To Sell: Both three and four bedroom houses are continuing to take longer to sell in 2022 with both trending towards the 40 day mark.
Median Price Discounting: Both three and four bedroom houses continue to be price discounted at around 5% or slightly over. Percentage Sold Within 30 Days Of Listing: For three bedroom houses less than 50% sold and this is a continuation of the downward trend since late 2021 when 80 - 90% sold within 30 days of listing. Four bedroom houses are following the same pattern at around $40% sold within 30 days
Distribution Of Transactions: The upper mountains continues to dominate led by Katoomba as normal and then followed by Blackheath, Wentworth Falls and Leura.
Ratio Of Listings To Sales: In broad terms the gap between the number of listings on the market at the end of the month compared to the number of properties sold within the month is increasing.
What does all this mean for buyers? There is now less competition between buyers for properties. As the volume of properties remaining unsold at month end increases, buyers should test the motivation of sellers to sell. Consider offers with a larger price discount. If you are with WPG Advisory, you can see we have the evidence to support the direction of the market. If you are thinking about buying, the direction of the market may be your call to action as we move towards a buyers’ market - if we are not already there.