While Sydney’s property market has been on a downward trajectory since last year, some of its suburbs managed to even post double-digit gains.
Shore Financial State of Sydney grouped several suburbs in quintiles based on their median price and found several suburbs in each that have performed strongly over the past year.
Sydney's strongest property markets
Here are nine suburbs that posted double-digit gains over the year to February 2023:
|
Suburb |
Median Price – February 2023 ($) |
Annual Growth (%) |
Days on Market |
|
Mount Druitt |
930,000 |
10.1 |
24 |
|
East Hills |
1.330m |
13.2 |
32 |
|
Greenacre |
1.343m |
11.9 |
26 |
|
Pendle Hill |
1.215m |
10.4 |
26 |
|
Petersham |
1.996m |
10.6 |
30 |
|
Wareemba |
3.200m |
16.4 |
25 |
|
Five Dock |
2.892m |
13.4 |
30 |
|
West Ryde |
2.150m |
11.4 |
26 |
|
East Ryde |
2.378m |
10.1 |
25 |
Shore Financial CEO Theo Chambers said these suburbs reflect that there are many markets in Sydney.
“While prices have fallen in most Sydney suburbs over the past year, there have been some suburbs that have bucked the trend,” he said.
While most parts of Sydney are currently in a buyers’ market, these growth areas tend to favour sellers, allowing them to defy the slowdown.
“These suburbs have very low inventory levels, which tells you buyers are being forced to compete for a limited amount of stock. They also have low days on market, which tells you that buyers are moving fast and making strong offers, based on a fear of missing out,” Mr Chambers said.
Mr Chambers said the current conditions in Sydney are not as depressing as they were in September 2022, when there was a blanket downturn.
“However, it now feels as though the worst of the downturn has passed for large parts of Sydney, whereas back then we couldn't quite see when the end would occur," he said.
“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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Photo by @hans-2 on Pixabay.
