Property boom: NSW suburbs and towns headed for the $2M mark |Full list

Sydney’s property boom has skyrocketed, with some suburbs and towns to “tick over” the magical $2 million mark this year. Full list of the north, south, east and west regions.

A surge in house prices across NSW, largely been driven by low interest rates, high savings levels, and high market demand for low levels of stock will see new suburbs across NSW hit an average price of $2 million for the first time.

CoreLogic’s head of research, Eliza Owen, said while 159 areas have already hit the mark for homes, areas from Sydney’s inner west to the NSW North Coast are likely to “tick over” the mark this year.

“The outlook for the high end of the NSW property market is that growth rates are may stay positive through 2021, but will keep slowing down due to affordability constraints, or even just constraints on credit growth and willingness to pay, as the banking sector proactively manages risk in the home loan space,” Ms Owen said.

Parts of northern NSW have seen prices skyrocket since the outbreak of the COVID-19 pandemic. Picture: Pat Suraseang

She said demand conditions remain “fairly resilient” across the state, despite Sydney COVID-19 lockdowns and a slowdown in the monthly growth rate of home prices.

“The slight loss of momentum in NSW dwelling values has seen monthly growth rates go from a recent peak of 3.5 per cent in March 2021, to 2.5 per cent as of June,” she said.

“It is also worth noting that this slowdown in the growth rate is particularly prominent at the ‘high end’ of the market, which for NSW marks properties with a value of $1.4 million for houses and $1.0 million for units.

“As a result, it’s reasonable to think there would be a few suburbs where houses could tick over the $2 million dollar mark in the coming months, such as Ashbury, Suffolk Park, Kogarah Bay and Cherrybrook, where median house values are about 1 per cent or less off $2 million value anyway.

“Forecasting in the current environment is extremely difficult due to the uncertainty that Covid still presents for economic performance across NSW, so it’s hard to say whether the high end of the market can sustain some of the strong growth we’ve seen in recent months.”

SOUTH

Kogarah Bay

Kogarah Bay house prices are set to push past $2 million this year.

The suburb of Kogarah Bay takes its name from the small bay on the northern shore of the Georges River, and is surrounded by Carss Park, Blakehurst, Carlton, Beverley Park and Sans Souci.

The average house price here has risen by 21.3 per cent over the past 12 months to $1,995,772.

With prices continuing to rise, it is likely to reach $2 million this year.

Blakehurst

The natural beauty surrounding Blakehurst is popular with home buyers.

The suburb of Blakehurst sits between Kogarah Bay and Kyle Bay in the Sutherland Shire.

With picturesque scenery from Carss Bush Park to one side and the spectacular waterways of Georges River on the other, Blakehurst is a suburb surrounded by beautiful natural landscapes.

The average house price has risen by 14.1 per cent over the past 12 months to $1,913,812.

Hurstville Grove

Hurstville Grove sits near the Georges River.

The suburb of Hurstville Grove stretches from Hillcrest Ave to the shore of Oatley Bay, on the Georges River.

It is mainly residential with a few shops located on Hillcrest Ave, and sits beside Hurstville and South Hurstville to the northeast.

The average house price in the suburb has risen by 18.1 per cent over the last year to $1,872,892.

NORTH

North Ryde

North Ryde sits in one of Australia’s largest business districts.

One of Australia‘s major business districts, North Ryde is home to many multinational corporations including Microsoft and Hewlett Packard, as well as Macquarie University.

The average house price has risen by 21.7 per cent over the past year to $1,974,062.

Milsons Point

Milsons Point hosts one of Australia’s most iconic landmarks. Picture: Lisa Maree Williams

Milsons Point juts into Sydney Harbour across from Sydney Cove, and hosts the iconic Luna Park.

The suburb has a mixture of residential and commercial development.

The average house price has risen by much less than other parts of NSW over the past 12 months – just 2.9 per cent – to $1,945,162.

Pennant Hills

Pennant Hills is known for its restaurant and cafe culture.

Pennant Hills is one of the major commercial centres of the Hornsby Shire, hosting a number of well-known restaurants and cafes.

The average house price has risen by 11 per cent over the past year to $1,910,080.

WEST

Ashbury

Spacious backyards in Ashbury are popular with buyers.

The suburb derived its name by combining its two neighbouring suburbs, Ashfield and Canterbury.

Ashbury’s major landmark is Peace Park, the highest point in the Canterbury local government area.

House prices in Ashbury have risen by 21.1 per cent over the past year to $1,987,253.

Cherrybrook

Cherrybrook has been home to a number of Australian celebrities.

The leafy suburb of Cherrybrook has been home to Hollywood star Rebel Wilson, actor Jai Courtney and Sydney Swans footballer Kieran Jack.

The average house price has risen by 20.7 per cent over the past 12 months to $1,976,080.

Bella Vista

House prices in Bella Vista have risen by almost a quarter in just 12 months.

Bella Vista Norwest Business Park is home to several Fortune 500 companies, shopping centres, high-rise buildings, and industrial and recreational spaces.

The average house price in the suburb has risen by almost a quarter over the past year to $1,961,720.

EAST

Petersham

Petersham is known for its fantastic restaurants and Portuguese flavours.

Petersham is bordered by the suburbs of Leichhardt to the north, Stanmore to the east, Marrickville to the south and Lewisham to the west.

The suburb is just six kilometres from the Sydney CBD, and is known for its many Portuguese businesses and restaurants.

The average house price has risen by 15.4 per cent over the past 12 months to $1,914,534.

Alexandria

Alexandria is an industrial area being converted into an area ideal for city living.

Close to the city, Alexandria is a largely industrial suburb with medium- to high-density residential areas.

The suburb was once mostly terraced housing, before being demolished for light industrial use and warehousing which continues to this day.

The average house price has risen by 12.9 per cent over the past year to $1,912,416.

Camperdown

House prices in Camperdown are likely to rise above $2 million this year.

Camperdown is a heavily populated suburb and is home to the Royal Prince Alfred Hospital, the University of Sydney and the historic Camperdown Cemetery.

The average house price has risen by 18.6 per cent over the past 12 months to $1,857,578.

REGIONAL NSW

Suffolk Park

Suffolk Park has a population of under 4000 people.

Suffolk Park is a suburb in the Byron Shire of the Northern Rivers region with a population of under 4000 people.

The average house price has risen by 33.5 per cent over the past year to $1,992,482.

Burradoo

Burradoo has been compared to the English countryside.

Burradoo has a reputation as the most expensive part of the Southern Highlands, south of Sydney.

The area is home to many historic manor houses and large modern architectural homes on small acreages.

Its architecture and beautified gardens lead to it being compared to parts of England.

The average house price has risen by 27.7 per cent over the past year to $1,976,114.

Casuarina

Casuarina has seen some of the largest price hikes in NSW.

Casuarina, located around a 20-minute drive south of Coolanagatta airport, is one of the Northern Rivers’ best kept secrets and a much-loved destination for holiday-makers.

The average house price has risen by more than any other place on the list over the past 12 months – a staggering 35.9 per cent – to $1,947,236.