Shore Financial State of Sydney Report finds some suburbs enjoyed strong growth over the past year
Despite property prices falling across Sydney as a whole over the past year, some individual suburbs have actually grown at double-digit rates, according to a new report.
The quarterly Shore Financial State of Sydney Report analyses Sydney’s 600-plus suburbs, and then picks the top five suburbs in each quintile based on changes in their median house price over the previous 12 months.
The quintiles are:
● Quintile 1 = Heartland Sydney
● Quintile 2 = Suburban Sydney
● Quintile 3 = Rising Sydney
● Quintile 4 = Professional Sydney
● Quintile 5 = Affluent Sydney
The top-ranked suburb in Heartland Sydney was Mount Druitt, where the median house price jumped 10.1% in the year to August.
Suburban Sydney’s leading suburb was East Hills, where house prices rose 13.2%.
In the Rising Sydney quintile, Pendle Hill led the way with 10.4% house price growth.
The number one suburb in Professional Sydney was Petersham, which enjoyed 10.6% house price growth in the year to August.
Affluent Sydney’s standout performer was Wareemba, where the median house price climbed 16.4%.
Shore Financial CEO Theo Chambers said this report clearly highlights that while we often talk about the ‘Sydney property market’, there are actually markets within markets.
“While prices have fallen in most Sydney suburbs over the past year, there have been some suburbs that have bucked the trend and even recorded double-digit price growth,” he said. “To understand why, look at inventory levels and days on market. These suburbs have very
low inventory levels, which tells you buyers are being forced to compete for a limited amount of stock. They also have low days on market, which tells you that buyers are moving fast and making strong offers, based on a fear of missing out.
“Most parts of Sydney are buyers’ markets right now, but there are some places that are sellers’ markets.” Mr Chambers said it’s interesting to see how much the Sydney property market has changed since September 2022, when the last annual review was produced.
“Back then, the market was definitely in a downturn – and prices have fallen further in the subsequent six months. However, it now feels as though the worst of the downturn has passed for large parts of Sydney, whereas back then we couldn’t quite see when the end
would occur,” he said. “The feedback I’ve been getting from my team of brokers and our large network of real estate referral partners is that the Sydney market is bottoming out, even if we’re not quite at the bottom yet. That’s based on what we’re seeing and hearing on the ground in terms of buyer enquiries, open home traffic and auction clearance rates.”