Several suburbs in Sydney are poised to weather uncertainties in the market — at least over the next six months — and record growth in prices on the back of tight supply.
Shore Financial’s State of Sydney Report identified suburbs where prices are highly likely to grow over the rest of 2023. The report categorised the suburbs in quintiles, which are based on the median asking price: Heartland, Suburban, Rising, Professional, and Affluent.
Shore Financial CEO Theo Chambers said considering there is so much uncertainty about what will happen to the property market over the rest of the year, the report can be used to help plan which markets are worth pursuing.
“Inventory levels are low in all these suburbs, which means buyers are being forced to compete hard to secure a property, putting upward pressure on prices,” he said.
“Furthermore, leading indicators suggest these suburbs have a very low likelihood of a surge in listings in the foreseeable future — they have strong market conditions that are likely to keep upward pressure on prices in the next six months.”
This is crucial, especially at the current time when prices are rising again in many suburbs after falling for most of 2022 until the start of 2023.
“However, it’s too early to tell whether this is a dead-cat bounce or the start of another growth cycle,” Mr Chambers said.
“You could make the argument that this price growth is a false positive because the low level of housing supply is propping up prices — if and when more stock comes onto the market this will have an impact on prices, but we don’t know exactly how much.”
Here are the top suburbs in each Sydney quintile and their projected growth in the next six months:
|
Sydney Quintile |
Suburb |
Median House Price ($) |
House Price Growth in the next six months (%) |
|
Heartland |
Dean Park |
820,000 |
3 |
|
Emu Heights |
930,000 |
3 |
|
|
Currans Hill |
870,000 |
1 |
|
|
Cambridge Gardens |
810,000 |
1 |
|
|
Hobartville |
812,000 |
1 |
|
|
Suburban |
The Oaks |
1.23m |
5 |
|
Blair Athol |
945,000 |
4 |
|
|
Mount Riverview |
950,000 |
2 |
|
|
Elderslie |
1.01m |
1 |
|
|
Casula |
1.03m |
1 |
|
|
Rising |
Alfords Point |
1.60m |
2 |
|
Cecil Hills |
1.35m |
1 |
|
|
Harrington Park |
1.36m |
1 |
|
|
Dundas |
1.63m |
1 |
|
|
Enmore |
1.74m |
1 |
|
|
Professional |
Balmain |
2.35m |
4 |
|
North Epping |
2.30m |
3 |
|
|
Davidson |
2.18m |
3 |
|
|
Terrey Hills |
1.89m |
3 |
|
|
Cherrybrook |
2.15m |
2 |
|
|
Affluent |
Kogorah Bay |
2.72m |
3 |
|
North Bondi |
3.90m |
3 |
|
|
Paddington |
2.80m |
3 |
|
|
Concord West |
2.72m |
1 |
|
|
Gladesville |
2.57m |
1 |
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Photo by evening_tao on freepik
