The Sydney property market is in a downturn but some suburbs across the city have bucked the trend with double-digit growth, according to a new report by Shore Financial.
The quarterly State of Sydney Report analysed the more than 600 suburbs in Sydney and identified the top five suburbs in each quintile – Heartland Sydney, Suburban Sydney, Rising Sydney, Professional Sydney, and Affluent Sydney – based on changes in their median house price over the past 12 months.
Suburbs that don’t meet certain benchmarks related to asking prices, days on market, inventory levels, and sales volumes over the previous three months, were excluded from the report to ensure a rigorous analysis.
In Heartland Sydney, Mount Druitt was the standout suburb, posting a 10.1% jump in median house price, while East Hills ranked first among the suburbs in Suburban Sydney, with 13.2% house-price growth, the report found.
The top-ranked suburb in Rising Sydney was Pendle Hill, with 10.4% house-price growth, and in Professional Sydney, it was Petersham, which posted 10.6% house-price growth. Wareemba in Affluent Sydney posted the highest house-price growth, at 16.4%.
Theo Chambers (pictured above), Shore Financial CEO, said that the report clearly highlights that there are actually markets within markets.
“The suburbs that recorded double-digit price growth have very low inventory levels and low days on market, indicating that buyers are being forced to compete for a limited amount of stock, and they are moving fast and making strong offers based on a fear of missing out,” Chambers said.
“It’s interesting to see how much the Sydney property market has changed since the last annual review produced in September 2022. 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.”
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