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Top 10 Sydney Suburbs at the Forefront of Property Market Recovery

The Sydney property market has experienced a significant rebound, with several suburbs leading the way in terms of value growth. Now, you might be wondering, what are the top 10 Sydney suburbs with the highest growth?

Top 10 Sydney Suburbs Boasting the Highest Growth in Property Market

Lakemba emerged as the top performer in house value growth, surging by 13 percent in just three months, reaching a median value of approximately $1,133,000.

Following closely were Hurlstone Park, Earlwood, and Bayview, where values rose by over 12 percent. Canterbury, Clontarf, and Waverley also experienced strong growth, with values increasing by more than 11 percent.

In the unit market, Centennial Park stood out with the highest value growth, boasting a median increase of 12.1 percent to approximately $876,800. North Bondi, Bondi Junction, and Little Bay followed with growth rates of 9.6 percent, 9 percent, and 8.8 percent, respectively.

Top 10 Sydney Suburbs

Notably, Little Bay reached a record median value of $1,329,907.

The overall home values in Sydney recorded a 1.8 percent increase in May, marking the city’s highest monthly gain since September 2021.

Over the course of three months, values rose by 4.5 percent. Experts attribute these price gains to affluent buyers, strong migration, and a decrease in the number of homes available for sale.

Eliza Owen, Head of Research at CoreLogic Australia, pointed out that many of the suburbs leading the market rebound were already at higher price points, which is typical during market upswings and downturns.

Nevertheless, more affordable suburbs that offer better value than neighbouring areas also experienced robust growth. The demand for units increased as buyers priced out of the house market turned their attention towards apartments.

According to figures published by PEXA, cash purchases accounted for around a quarter of home transactions in NSW the previous year, further illustrating the resilience of certain segments of the market.

For instance, in the northern beaches, prices continued to rise despite rate increases because many buyers did not depend on bank financing.

Buyers in premium markets often have substantial equity or high-paying jobs, making them less affected by interest rate fluctuations.

It is important to note that unit growth was driven by first home buyers who took advantage of property tax benefits before their expiration at the end of the financial year.

Overall, the market’s resilience in certain areas, coupled with evolving buyer preferences, has contributed to the notable performance of specific suburbs and property types.

About the author

Amir Sehat is the chief property adviser and buyer advocate at Property Demand, known for his data-driven approach to researching 15,000 suburbs across Australia to identify booming suburbs as investment destinations.

A fun fact about him is that his deep knowledge and enthusiasm have earned him the nickname 'Property Nerd'.

He provides expert advisory and advocacy services to a wide array of clients, including:

- Property investors seeking to purchase high-growth and high-cashflow properties.
- Home buyers looking to avoid costly mistakes and save time
- Property sellers aiming to achieve the highest selling price


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