The Sydney market continues to perform at a high pitch, with the number of growth suburbs down only slightly on the record levels of the previous quarter.
In our Autumn 2021 survey of sales activity published three months ago, we identified 140 suburbs with rising sales activity, up from 93 the previous quarter.
In our current survey, the Winter 2021 survey, we have found 121 suburbs with rising activity – compared with just 24 a year ago.
This means Sydney overall has tapered marginally but still has the second highest number of growth markets in the six years we have been conducting our quarterly surveys.
This continues to translate into exceptionally strong price performance, with notable uplift over the past three months.
In terms of sales activity, the sectors which have shown notable improvement in our Winter survey are those which offer a degree of affordability – locations that are a tier or two above the bottom end but a little below the middle market areas.
They form two general growth precincts – west and south.
The notable growth markets in the west are the municipalities of Parramatta, Cumberland and Blacktown.
The other cluster of growth LGAs is south and south-west of the Sydney CBD – the municipalities of Canterbury-Bankstown, Georges River and Sutherland.
The price performance across Sydney in the past 12 months has been extraordinary.
Of the 223 suburbs in our price analysis, 217 (97%) have recorded growth in their median house prices, including 88 with increases above 10% and some above 20%.
Apartment markets have shown strong recovery signs also, with eight out of ten suburbs delivering annual increases in their median prices, most of them above 5%.
Another perspective on price movements is provided by the level of uplift in the past quarter. Here are some examples from across the Sydney metro area:
- Lindfield, houses from $2.75 million to $3.12 million, and units from $1,2 million to $1.33 million.
- Croydon, houses from $1.57 million to $1.77 million.
- Kogarah, houses from $1.3 million to $1.4 million, units from $685,000 to $785,000.
- Kirrawee, units from $690,000 to $740,000.
- Canley Vale, houses from $810,000 to $880,000.
These examples show extraordinary increases in median prices in just three months.
There are dozens of similar examples across the Greater Sydney Area.
And this week we have published our new edition of the Top 5 Sydney Hotspots report.
In preparing this report, we have sifted through all that information and chosen five areas of Greater Sydney which we think have good prospects for growth, taking a medium to long-term view.
So, get yourself a copy and have a read – to make sense of the current market frenzy in Australia’s biggest city.