Sydney Real Estate Hot Spots
You don’t have to be watching the Sydney property market too closely to know that prices are still strong across much of the city.
Despite a minor decrease in average values of 0.5% in the year to February 2018, median values of over $800,000 still put Sydney at the top of the list for property prices across Australia.
So where do prospective buyers need to focus to make sure they invest for the strongest capital growth? The answers lie outside the already high-valued inner ring. Here are our top suburbs to watch in 2018:
The Ponds: Crossing the $1 million barrier
Sydney’s northwest is home to a number of areas that have been steadily increasing in value over the past three to five years, and The Ponds is no exception. CoreLogic figures show median house prices passed $1 million in 2017, following a steady upward trend that has brought average annual price growth to 14.89%.
Bringelly: A semi-rural option poised for growth
A little north of Campbelltown, Bringelly offers a mix of large family homes and semi-rural blocks waiting for the right buyer to start their new build. The area is no longer a secret from these buyers—property values have spiked since mid-2017 and have now passed a median value of $300,000. This reflects average annual price growth of 18.60%.
Merrylands: Steady price growth for houses and units
A little closer to the city, Merrylands is currently attracting buyers looking for both new build units along with established family homes ready for renovation. Both property types have seen growth over the past 12 months: units have increased in value by 3%, while houses are up 8.25% to a median price of just under $900,000.
Mount Druitt: An affordable commuter hub
With road and train connections to Parramatta of just over 30 minutes, Mount Druitt is a highly affordable option for commuters looking to break into the Sydney market. Median house prices remain under $700,000 and are still showing average annual growth of 8.83%. The past year has been particularly strong for values in the area with a 13.56% uptick for houses and 6.82% for units.
Port Macquarie: Continuous growth with no sign of slowing
One of the biggest stories in terms of capital growth is actually happening away from Sydney itself in fast-growing Port Macquarie. While values remain well below Sydney’s averages at $570,000 for houses and $386,000 for units, the sustained price growth seen since 2015—with virtually no slowdown—makes this one of the state’s more reliable markets.
The city’s inner suburbs may dominate the headlines with eye-watering prices, but the real story of Sydney’s property market is taking place outside these well-established areas. These are just a few of the markets to watch as we head further into 2018—there may be more surprises to come.