Sydney’s standout suburbs for house prices

A new report has identified the Sydney suburbs where house prices have risen the most over the past year.

Austral in south west Sydney has recorded the greatest increase in house prices out of all working class suburbs in the city according to a new report from Shore Financial.

The report, which identified the top performing Sydney suburbs during the past year in five different price points from working class to elite, found that the median house price in Austral had climbed $360,500 in the year to February 2022 to $860,000.

Box Hill was the top performer at the second lowest price point with a $265,000 increase in the median price to $882,000 while Wamberal outperformed within the middle price point after a surge of $554,000 to $1.645 million.

“The past 12 months have been extraordinary, with prices going through the roof in most Sydney suburbs,” said Shore Financial CEO Theo Chambers.

“That’s reflected in the home loans data we’ve been seeing, with borrowers regularly increasing their loan amounts to keep up with surging prices.”

Among properties in the second highest price point, Taren Point saw the largest increase in median price with a rise of $969,000 to $2.3 million.

Meanwhile at the elite end of the property market, Bellevue Hill recorded growth of over $4.21 million as the median house price reached $8.41 million.

“For most of the suburbs in the report, inventory levels are under two months and days on market are under 30 days. In other words, supply is low and demand is high,” explained Mr Chambers.

“The numbers might look very different this time next year, because the evidence suggests the Sydney market is softening. But for the past 12 months and also right now, Sydney has been a seller’s market.”

CoreLogic previously reported that Sydney house prices had suffered a decline in February, the first fall for the city since September 2020.

Mr Chambers said that potential buyers should also consider other criteria in addition to the data from the Shore Financial report and encouraged buyers to have a pre-approval in place to ensure they don’t miss out on a buying opportunity.

“Whether you’re planning to buy in the inner city, the coastal suburbs or the fringes of the city, competition is fierce right now, so you need to be able to move quickly when you spot your dream home,” Mr Chambers said.

From Nestegg

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