Hornsby, Waitara, Asquith – Sydney’s most popular suburbs to move to in 2023

The cost of living crunch and interest rate spike double whammy is forcing Sydneysiders to radically rethink where they want and can afford to live.

Kate McIntyreReal estate reporter

4 min read

March 4, 2023 - 5:00AM

News Corp Australia Network

Property

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Sydneysiders are flying north for the summer as a cost of living crunch drives buyers and renters to more affordable suburbs.

Data provided exclusively by moving platform Muval shows the upper North Shore and Central Coast surged in popularity over the three months to January as inbound moving inquiries heated up.

The most popular postcode to move to in January was 2077, which includes the suburbs of Hornsby, Waitara and Asquith.

Sydneysiders are moving north for affordability and lifestyle. Picture: Sam Ruttyn

The Central Coast postcode of 2250, comprising Gosford, Lisarow and Wyoming, had the second largest number of inbound metro moving inquiries, while the North Shore postcode of 2065, which includes St Leonards, Crows Nest and Wollstonecraft, came third.

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A mix of suburbs favoured for affordability, proximity to the city and convenience in public transport featured in the list, with Wollongong and Penrith making the top 10 after being excluded the year prior.

Hornsby homes tend to be more affordable than their lower North Shore counterparts.

Muval chief commercial officer Adam Coward said Sydneysiders were travelling north to get better bang for their buck.

He said the Hornsby region had jumped from ninth position in January 2022 to rank first this year potentially “due to its relatively affordable mix of units and homes, within 40 minutes of the city and on a train line.”

“The Central Coast postcode 2250 (Gosford, Lisarow, Wyoming), hasn’t waned as the effects of the pandemic ease, jumping from sixth in January 2022 to second spot in January 2023,” Mr Coward said. “The average price of units in Gosford is around half a million.”

He said South and Western Sydney were performing well with Wollongong (2500) jumping from 15th in January 2022 to sixth in January 2023, while Penrith (2750) cracked the top 10 for the first time in seventh position.

2 Cranbrook St, Wyoming sold in March 2023 for $730,000.

The cost of living crunch gave Liverpool the “the post-pandemic turnaround it needed after long lockdowns took their toll on the local community”.

Inner and Eastern Sydney perennials such as 2010 (Surry Hills, Darlinghurst) and 2026 (Bondi Beach) remained in the top 10 but moved down the list to make way for more affordable suburbs. Proximity to the city proved a valuable asset for 2065 (Crows News, Wollstonecraft, St Leonards) and 2017 (Waterloo, Zetland) which remained steady third and fourth respectively.

Carla Stergiotis of Century 21 J & V Realty Asquith said a lot of first home buyers were active in the Hornsby, Waitara and Asquith markets.

The Central Coast has remained a favourite since the pandemic.

Buyers were also moving from the lower North Shore in search of better value.

PropTrack puts the median house value in Hornsby at just over $1.5m and the median unit value at $669,000.

In comparison, the median house value in the lower North Shore suburb of Cammeray is just over $3.3m while the median apartment value is $1.3m.

“Originally people stopped buying and they got scared because of the interest rate increases. It was affecting borrowing capacity,” she said.

“Now there seems to be a flurry of buyers who are wanting to buy before they can’t borrow as much as they originally wanted to.”

Penrith made the top 10 for the first time.

Brad Cole from Northside Realtors Crows Nest said renters and buyers were attracted to the relative affordability and lifestyle of the Crows Nest region, as well as the ample supply of properties on offer.

“In the North Shore, if you go further south towards the harbour it’s a lot dearer, like for like,” Mr Cole said.

“It’s the first step out from there that is more affordable and it gives you the lifestyle. There’s cafes, bars, restaurants here, plus you’ve got the train network.”

The median unit value in Crows Nest is $909,000. Closer to the Harbour, the median unit value in Kirribilli is $1.2m.

He said he had dealt with a lot of treechangers who were returning to the city and appreciated what that part of the North Shore had to offer.

North Ryde came in 10th.

“There’s a big shift back from regional areas,” he said.

“We’re also seeing a lot of younger people moving into the region as first time renters.”

Jen Horgan said moving from the lower North Shore to the bushland suburb of Berowra Heights near Hornsby meant her family could have the benefits of country-style living without leaving the city.

“It’s much more relaxed – It has a country feel to it without leaving Sydney,” Ms Horgan said. “Having the bush as our backyard is really lovely. We can see the stars at night.”

She said the move enabled them to live in a larger property while the quieter streets made it more relaxing to parent her young kids.