The Blue Mountains property market has seen strong price rises for both 3 and 4 bedroom houses from 2020 to mid/late 2021, prices have started to level out going into 2022. Broadly speaking 3 bedroom houses (blue line) have recently transacted in the range of $800 - 900K (pink dotted lines) and 4 bedroom houses (green line) in the range of $1M - $1.2M (orange dotted lines).
The red line represents the 6 month moving average on 3 bedroom prices, which helps to highlight the trend. The black line represents the 6 month moving average on 4 bedroom prices. Focusing on the trends helps to deal with the limitations of median calculations, composition issues, and erratic month-on-month price changes.
Although prices are at an all-time high, there is some respite for buyers after almost 2 years of very challenging buying conditions.
Mr Nick Cluney (Blue Mountains Specialist Buyers Agent) says "that there are still serious buyers in the market who are now trying to take advantage of the changing market sentiment". Mr Cluney believes the market is offering really good opportunities for those looking to purchase and take advantage of the current conditions. Prices are generally remaining firm, however opportunities will arise if individual vendors who are under pressure, fold to lower offers.
Stronger demand can be found the lower mountains markets especially those properties that are in walking distance to reliable public transport especially train services.
Markets west of Katoomba whilst showing good growth have been some what restricted due to longer commute times into Sydney, softening demand. Proposed highway upgrades will help these markets over the longer term. Property's offering the natural bush settings have remained popular across the mountains with easy "back gate" access to the national parks a long time draw card to these areas.