With changes afoot in the Sydney property market, it is time for another Bondi Junction market update. People following property news will already know that home prices across Australia fell for the first time since September 2020 in May 2022. Sydney’s housing values decreased by 1%, with further falls predicted after the Reserve bank raised interest rates by another 50 basis points in early June.
House Prices
The median house price for Bondi Junction is $2,637,500, showing a slight dip since last quarter. However, this remains well above the Sydney median house price which was $1,120,836 at the end of May. In January, the Sydney median was $1,600,000, indicating a more significant decline than in the Bondi Junction market. This suggests that Bondi Junction prices may prove to be more robust in a declining market. Units in Bondi Junction have grown in value with the median unit price in Bondi Junction currently at $1,260,000. This reflects the strong and consistent appeal of Bondi Junction for young professionals and city commuters.
For the Buyer
While demand wavers and a 1-bedroom apartment in Bondi Junction now spends an average of 114 days on the market, the suburb continues to offer a great mix of properties for every stage of life. From brand new luxury apartments to more affordable studios, federation terraces and spacious Parkside living, the old and the new really do meet in Bondi Junction, offering plenty of choice for property buyers.
Long Term
With interest rates certain to rise further, Bondi Junction is likely to follow the rest of the city and see a decline in house prices. Nevertheless, as a consistently popular suburb with premier transport links, falling prices present an opportunity for the well-prepared investor as demand falls.
Clearance rates across the city fell to 55.9 percent in May, the lowest clearance rate since April 2020. Comparatively, Bondi Junction had a clearance rate of 57.8 percent.
Notable Bondi Junction Sales
| 2602 and 2603/71 Spring Street, Bondi Junction, NSW 2022 | Units | 5 Bed | 4 Bath | $5,600,000 | 19 May 2022 |
| 30 Lawson Street, Bondi Junction, NSW 2022 | House | 5 Bed | 3 Bath | $2,520,000 | 18 May 2022 |
| 2/27 Dalley Street, Bondi Junction, NSW 2022 | House | 2 Bed | 1 Bath | $1,276,000 | 18 May 2022 |
| 901/1 Adelaide Street, Bondi Junction, NSW 2022 | Unit | 1 Bed | 1 Bath | $1,400,000 | 13 May 2022 |
To speak to a property expert who is in touch with both Bondi Junction property and larger market forces, contact John Wills today on 0467 443 838 or john@willsproperty.com.au
