Sydney suburbs leading the price recovery points to a southern shift
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Sydney suburbs leading the price recovery have been revealed, pointing to a trend towards southern suburbs.
While people moved north during the pandemic, it appears buyers are now headed in the opposite direction.
The past three months has seen strong push towards Sydney’s inner southern suburbs, according to PropTrack’s quarterly home value data for June.
Monterey’s home values grew by more than $280,000 over the last quarter to a median value of $2.3m, while both Bundeena and Waterloo increased by $200,000 to median prices of $1.75m and $1.79m respectively.
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Other southern suburbs with strong increases include Bexley North, up almost $200,000 on house prices, along with Botany, Ultimo (units), St Peters and Banksia.
It comes as the Eastern Suburbs continued its strong growth along with Blacktown areas of Kings Langley and Parklea.
PropTrack economist Angus Moore said Sydney had seen a “bounce” in prices this year.
“Across Sydney, prices are up 4.5 per cent since November last year,” he said.
“It’s a solid recovery although not the pace of growth we saw in 2021.”
He said inner southern suburbs were performing well over the recovery period, which is not what was seen during the pandemic as people fled north to areas such as the Northern Beaches and Central Coast.
“Northern Beaches and Central Coast are now among the worst performing regions over the past 12-18 months despite positive growth to June,” he said.
“Compared to their peak, Northern Beaches is off 11 per cent and Central Coast is off a bit over 8 per cent.”
He said the inner south west areas were down just 1.5 per cent from their peak.
Kingsford’s Adam and Natalie Ayliff have just listed their semi detached house in Anzac Parade after buying a four-bedroom house just down the road in Bunnerong Rd.
“We have two young boys so were looking to get a slightly larger place to give them more space,” he said.
Mr Ayliff said when the couple moved over from England nine years ago, they bought a unit in Bondi Junction which they held onto for five years.
They sold it to buy the Anzac Parade property which they have completed renovated over the past few years with sustainability in mind.
“It’s completely different now, a lot of blood, sweat and tears have gone into it,” Mr Ayliff said. “We had never taken on a project like this before. During Covid lockdowns, I decided to get the tools and start learning.”
The deputy principal said the couple knew they would eventually upsize and decided to buy and sell in the current market as prices continue to grow. Over the last three months, prices have risen 4.8 per cent in Kingsford with the median house price $2.7m.
“Ideally you want prices dropping when you buy but we’re selling at the same time,” Mr Ayliff said.
“Looking back, the best thing was buying the Bondi Junction unit within a year of moving here. Getting into the market quickly has made a massive difference. Most of my friends waited too long to get in.”
He said their new home needed work however would be their “forever home”.
“We’re really happy with the location, close to light rail, buses and good schools and right on the doorstop of Coogee and Maroubra,” he said.
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McGrath agent Charles Stevens said the lack of stock was prominent across the eastern suburbs, along with agents away on holidays and plenty of buyers out searching.
“It’s definitely driving up prices,” he said. “Spring is going to be the time when a fair bit more stock comes onto the market and prices may stable.”
“However if you can sell now, it’s a good time. There are plenty of buyers out there.”
Mr Stevens said the Ayliff family had done well looking to buy and sell in the same market with their semi guided at $1.75m.
He said the sale would target apartment owners/buyers from the Coogee/Randwick area who are keen to get out of strata and move into a home.
“We are seeing a definite shift in buyers from Coogee/Randwick areas looking further south or inland to get more value for money,” he said.
“There’s been huge growth in areas such as Matraville and Chifley where you don’t have to spent $3-4m to get a house.”
Originally published as Sydney suburbs leading the price recovery points to a southern shift
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