Despite a slowdown in the Sydney property market, a select number of suburbs are likely to keep growing in the next six months, according to the Shore Financial State of Sydney Report.
The quarterly Shore Financial State of Sydney Report divides Sydney’s 600-plus suburbs into five quintiles, based on their current median asking price for houses:
● Quintile 1 = Working Class Sydney
● Quintile 2 = Suburban Sydney
● Quintile 3 = Rising Sydney
● Quintile 4 = Professional Sydney
● Quintile 5 = Elite Sydney
Mount Pritchard (Working Class Sydney) house prices, which grew 22.1% over the year to May, are forecast to increase 6% over the next six months.
In Wetherill Park (Suburban Sydney), house prices jumped 30.4% over the previous year, and are expected to rise another 6% over the next half-year.
Mascot (Rising Sydney) house prices increased 20.3% over the year to May, and are likely to grow 4% more in the next six months.
In Wahroonga (Professional Sydney), house prices skyrocketed 39.1% over the past year, but growth is forecast to slow to just 4% over the next half-year.
Randwick (Elite Sydney) house prices jumped 32.7% over the year to May, and are expected to grow another 5% in the next six months.
Shore Financial CEO Theo Chambers said the latest quarterly Shore Financial State of Sydney Report comes with the property market now in a downturn.
“After an incredible 18 months, there’s no doubt the market has slowed in many parts of Sydney, with prices going backwards in quite a few suburbs,” he said.
“The decline, though, is not universal – there are some select suburbs, in a range of price points, where prices are expected to rise in the next six months. That said, this is such a difficult market for forecasting due to a range of variables, including rising interest rates, inflation, the change of government and foreign instability.”
Mr Chambers said the suburbs listed in the Shore Financial State of Sydney Report have two things in common – low inventory levels and low days on market. “Demand continues to exceed supply in these suburbs, which means buyers are still having to fight hard for quality properties,” he said.
“That’s why we expect prices still have further to ride in these suburbs, even though the rate of growth will be slower than we saw during the just-completed boom.”
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