New research commissioned by Shore Financial has identified the Sydney suburbs, in a range of price points, that have outperformed the market over the year to February.
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
In Austral, the top-ranked suburb in Working Class Sydney, the median house price increased $360,500 in the year to February.
In Lansvale, the number one Suburban Sydney location, the median house price rose $122,000.
Wamberal, in Rising Sydney, enjoyed a $554,000 boost to its median house price over the year.
Taren Point, the top-ranked suburb in Professional Sydney, saw its median house price jump $969,000.
In the Elite Sydney suburb of Bellevue Hill, the median house price gained an extraordinary $4.2 million in the year to February.
Shore Financial CEO Theo Chambers said the quarterly Shore Financial State of Sydney Report provides a great insight into how the Sydney market has boomed over the past year.
“The past 12 months have been extraordinary, with prices going through the roof in most Sydney suburbs. 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,” he said.
“To understand why, you only need to look at the data in the latest Shore Financial State of Sydney Report. 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. 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.”
Mr Chambers said that although the Shore Financial State of Sydney Report provides valuable information, buyers should also weigh up other criteria when planning their next purchase. He also advised buyers to get their finance in order before starting their search.
“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. That’s why it’s so important to have a pre-approval in place, because if
you ask the vendor for time, they’ll just sell to one of the other buyers that’s ready to do business right away.”
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