While Sydney’s housing market is currently trending downwards, some suburbs are still showing signs of growth over the next six months.
A report by Shore Financial identified five suburbs across five median price quintiles that are projected to record gains of up to 6% over the second half of the year.
Shore Financial CEO Theo Chambers said these suburbs are defying the overall downtrend in Sydney.
“After an incredible 18 months, there’s no doubt the market has slowed in many parts of Sydney, with prices going backwards in quite a few suburbs,” he said.
“After an incredible 18 months, there’s no doubt the market has slowed in many parts of Sydney, with prices going backwards in quite a few suburbs.”
CoreLogic figures showed a 1% monthly decline in Sydney’s median dwelling price in May. Over the last three months, Sydney recorded a steeper decline at 1.4%.
Despite these monthly and quarterly decreases, the median dwelling price in the New South Wales capital is still 10.3% higher than a year ago.
Currently, Sydney’s median price is at $1.12m.
Mr Chambers said the top suburbs in Sydney right now that are poised for growth have two things in common: low inventory levels and low days on market.
“Demand continues to exceed supply in these suburbs, which means buyers are still having to fight hard for quality properties,” he said.
“That’s why we expect prices still have further to ride in these suburbs, even though the rate of growth will be slower than we saw during the just-completed boom.”
|
Median Price Quintile |
Suburb |
Current median house price |
Forecast house price growth for next 6 months |
|
Working Class Sydney |
Mount Pritchard |
$855,000 |
6% |
|
Lurnea |
$895,000 |
4% |
|
|
Currans Hill |
$825,000 |
3% |
|
|
Emu Heights |
$900,000 |
3% |
|
|
Cranebrook |
$822,500 |
3% |
|
|
Suburb Sydney |
Wetherill Park |
$1,150,000 |
6% |
|
Prestons |
$965,000 |
4% |
|
|
Toongabbie |
$1,150,000 |
3% |
|
|
Wiley Park |
$1,050,000 |
3% |
|
|
Riverwood |
$1,270,000 |
3% |
|
|
Rising Sydney |
Mascot |
$1,805,000 |
4% |
|
Narwee |
$1,350,000 |
3% |
|
|
Belmore |
$1,450,000 |
3% |
|
|
North Rocks |
$1,780,000 |
3% |
|
|
Belfield |
$1,780,000 |
3% |
|
|
Professional Sydney |
Wahroonga |
$2,400,000 |
4% |
|
Westleigh |
$1,900,000 |
2% |
|
|
Normanhurst |
$2,000,000 |
2% |
|
|
Woolooware |
$2,400,000 |
1% |
|
|
Blakehurst |
$2,365,000 |
1% |
|
|
Elite Sydney |
Randwick |
$3,550,000 |
5% |
|
Malabar |
$3,450,000 |
5% |
|
|
Lindfield |
$3,600,000 |
4% |
|
|
East Lindfield |
$4,380,000 |
4% |
|
|
Turramurra |
$3,195,000 |
4% |
—
Photo by @leigh_ on Unsplash
