Despite the overall cooling of the market from the highs seen last year, many suburbs in Sydney were able to record robust growth over the current year so far.
A report from Shore Financial identified the top-performing suburbs based on house-price growth over the year to August in each price quintile.
Shore Financial CEO Theo Chambers said Sydney’s housing market has changed drastically since March, as more suburbs succumbed to the cooling of the market,
“Back then, the average annual price growth for the standout suburbs was an astonishing 49.2% —now it’s 18.6% for the suburbs in our report,” he said.
“At the moment, prices are falling in many Sydney suburbs, but they’re still holding up well in the 25 suburbs in our report.”
Below are the top five suburbs in each median price quintile:
Top-Performing Sydney Suburbs – August 2022 |
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Quintile 1 – Working Class Sydney |
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|
Suburb |
Median Price ($) |
YTD Growth (%) |
|
Oakhurst |
840,000 |
20.0 |
|
Prestons |
990,000 |
20.0 |
|
Liverpool |
960,000 |
20.0 |
|
Minto |
862,000 |
19.7 |
|
St Helens Park |
778,000 |
19.7 |
Quintile 2 – Suburban Sydney |
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|
Suburb |
Median Price ($) |
YTD Growth (%) |
|
Fairfield West |
965,000 |
19.1 |
|
North Rocks |
1,760,000 |
18.9 |
|
Guildford West |
950,000 |
18.8 |
|
Chester Hill |
1,050,000 |
18.5 |
|
Condell Park |
1,250,000 |
17.9 |
Quintile 3 – Rising Sydney |
||
|
Suburb |
Median Price ($) |
YTD Growth (%) |
|
Kirrawee |
1,565,000 |
19.5 |
|
Bangor |
1,500,000 |
18.8 |
|
Erskineville |
1,780,000 |
18.7 |
|
Forest Lodge |
2,100,000 |
17.3 |
|
Penshurst |
1,700,000 |
17.2 |
Quintile 4 – Professional Sydney |
||
|
Suburb |
Median Price |
YTD Growth |
|
Elanora Heights |
2,600,000 |
18.2 |
|
Marrickville |
1,920,000 |
18.1 |
|
North Epping |
2,135,000 |
18.0 |
|
Dulwich Hill |
2,075,000 |
17.9 |
|
Avalon Beach |
2,850,000 |
17.5 |
Quintile 5 – Elite Sydney |
||
|
Suburb |
Median Price ($) |
YTD Growth (%) |
|
Frenchs Forest |
2,205,000 |
19.2 |
|
Lindfield |
3,600,000 |
18.8 |
|
Paddington |
3,150,000 |
18.0 |
|
Concord |
2,900,000 |
17.2 |
|
Lane Cove |
2,700,000 |
16.9 |
Looking ahead, Mr Chambers said Sydney market will further go drastic changes in the next six months, with the slowdown trending for a bit longer.
“It’s hard to say how much longer the downturn will last, but it’s important to remember prices skyrocketed during the boom, which means it’s likely only a share of those gains will be given back,” he said.
The current conditions seem to appear more favourable than earlier in the year and Mr Chambers believe this might be the best time to break into the market.
“But if you’re waiting for prices to return to pre-pandemic levels, I would suggest that’s wishful thinking — my guess is this correction will end well before we get to that point, and that another growth cycle will then begin,” he said.
—
Photo by Jonny_Joka from Pixabay.
