It’s no secret that the real estate market in Sydney has been a hot topic for the past decade. With demand far outstripping supply, house prices have skyrocketed, making the dream of homeownership a distant reality for many. However, even within the current climate, some suburbs are experiencing unprecedented growth in property values.
According to recent data from CoreLogic, some suburbs have seen their median house prices soar by over 30% in the past year alone. Let’s look at some top-performing Sydney suburbs where house prices have risen the most.
Dulwich Hill
Nestled in the Inner West, Dulwich Hill has seen a whopping 33.7% increase in median house prices over the past year. Its proximity to the CBD, vibrant community, and charming period homes make it a highly sought-after suburb.
St Peters
Just south of Dulwich Hill lies St Peters, where median house prices have surged by 31.6% in the last year. St Peters has become a go-to destination for young families and professionals with its mix of old and new properties, excellent transport links, and trendy cafes and restaurants.
Gladesville
Gladesville has seen a 31.5% increase in median house prices in the northwestern suburbs in the past year. Its leafy streets, access to top-rated schools, and convenient location to major highways and transportation make it a popular choice for families and professionals
alike.
Stanmore
Another Inner West gem, Stanmore, has seen a 31.3% rise in median house prices over the past year. Its eclectic mix of Victorian and Federation-style homes, trendy eateries, and proximity to the CBD makes it an attractive option for those seeking a vibrant urban lifestyle.
Campsie
Situated in the southwestern suburbs, Campsie has seen a 31.2% increase in median house prices in the past year. With its vibrant multicultural community, affordable property prices, and convenient access to public transport, Campsie has become a popular destination for first-time homebuyers.
The factors driving these soaring house prices are complex and multifaceted. The COVID-19 pandemic has undoubtedly played a role, with many people seeking larger homes and more space after prolonged lockdown. Additionally, the low-interest rate environment, combined with the government’s HomeBuilder scheme and First Home Loan Deposit Scheme, has incentivized many first-time buyers to enter the market.
Furthermore, the scarcity of available housing stock and the high demand from local and overseas investors have driven up prices in certain areas. As the population continues to grow, the pressure on the property market is only set to increase, making it a challenging time for those looking to enter the market.
While the current state of the property market in Sydney may seem daunting, it’s clear that there are still opportunities for growth in certain suburbs. For those looking to buy, it’s important to research, stay informed about the latest trends, and seek professional advice. And for those who already own property in these booming suburbs, it’s a promising sign that the value of their investment is on the rise. As always, knowledge is power in the ever-evolving world of real estate.
