Sydney’s luckiest homebuyers revealed

These lucky homeowners have won the equivalent of real estate’s Lotto and they don’t even realise it. This is where Sydney home values have doubled since Covid.

Steven and Fiona Boersma are selling the Randwick home they dedicated the past few years to restoring. Picture: Tim Hunter

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Sydneysiders who bought before the pandemic are luckier than they realise.

New data has revealed the suburbs that doubled their median house prices over the past three years, while there are no Sydney suburbs that fell below pre-pandemic levels.

Many homeowners are sitting on healthy profits across the entire city with the biggest growth recorded across southwest Sydney, the Hills District and some of the outer “greenfield” suburbs.

PropTrack data focusing on the change in median prices revealed Oakville close to tripling in value with 195.7 per cent growth over three years.

Other suburbs to more than double home values include Austral, Catherine Field, Box Hill, Glenorie, Tamarama (units) and Wallacia.

No suburbs across Sydney have dropped below pre-pandemic levels in terms of house prices. Picture: Gaye Gerard

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PropTrack economist Angus Moore said the simple reason for the growth was the rise in overall prices during the pandemic.

“Houses also grew very quickly with people looking for more space, adding an extra room or making their houses bigger,” he said.

“There are no suburbs of Sydney where median houses prices are below pre-pandemic levels.

“The pandemic wasn’t widely predicted and prices have fallen in the last 12 months.

“It’s not ideal for people that bought during the pandemic but if we step back most people that bought before the pandemic are sitting on pretty significant increases in home value.

“It is unlikely we will see that sort of growth repeated considering that in 2021 national prices grew 23 per cent which is the third fastest year of growth since 1880.”

PropTrack economist Angus Moore

However he said on the flip side, while unit prices are up overall across Sydney, 21 per cent

had median prices below pre-pandemic levels.

“Unit prices didn’t grow as quickly as detached houses,” he said.

Mr Moore said southwest Sydney and the Hills district grew quickly during the pandemic with people keen for bigger homes.

“There was an increase in people looking a bit further out where bigger homes are built,” he said.

He said other areas enjoying pre pandemic profits were greenfield areas such as Malabar, where there had been a significant increase in development over the last three years, along with the Central Coast.

Steven and Fiona Boersma are selling their home in Randwick after dedicating the last three years to restoring and renovating the property at 16 Rae St.

Steven and Fiona Boersma and their grandson Cyrus, aged one, are selling their 1920 home in Randwick after a huge restoration and renovation job. Picture: Tim Hunter

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Four generations of their family participated in the restoration of the home, which they bought in May 2021 from the estate of Mr Boersma’s late, beloved uncle who originally purchased the home in 1987.

Mrs Boersma said the home was built around the early 1920s with a mixture of Edwardian and Art Deco features.

“It’s been a labour of love, we restored what we could and replaced what we couldn’t,” she said.

The Boersma’s parents chipped in with the restoration, along with their three children, while their one-year-old grandson Cyrus was also along for the ride.

The Boersma’s are selling 16 Rae St, Randwick.

The couple have moved to Newcastle to be closer to family, with the house set for auction on May 13 with a price guide of $2.3m-2.5m.

According to the PropTrack data, Randwick recorded a 28.5 per cent growth over the past three years with a median price of $3.1m.

Mrs Boersma saying the market in Randwick had gone “gangbusters”.

“Randwick is not missing anything, close to Coogee Beach and access to transport, schools, Prince of Wales Hospital and major arterial roads,” she said.

“There’s everything you could want here.”

The Boersma’s agent Chris Cantarella, from The Agency, has been on the journey with the couple since the beginning.

“It was left in a state of disrepair and they have brought it back to life,” she said.

She said Randwick had remained a strong performing suburb of Sydney.

“It’s always about the location and Randwick is close to all amenities including light rail, university, the racecourse, schools and private schools,” she said.

“You never lose in Randwick.”