Revealed: Sydney’s booming hotspots for growth
Homeowners in 12 Sydney areas have seen their property values surge by double-digit margins in three months as a fledgling boom gains pace.
Sydney homeowners are watching their wealth surge at breakneck speed, with property values rocketing in the wake of July’s Reserve Bank cash rate cut.
New PropTrack data has revealed 12 suburbs across Sydney where house prices grew by more than 17 per cent in the last three months, delivering homeowners equity gains not seen in years.
Experts chalked the phenomenal growth to a perfect storm of rate cuts, tight supply in both the new and established home market and red-hot demand.
An October expansion of the First Home Guarantee Scheme is expected to boost demand even further by removing salary caps for buyers and raising the price ceiling for eligible homes.
The scheme allows first-home buyers to purchase properties using 5 per cent deposits without incurring pricey lenders’ mortgage insurance.
Some of the leading growth suburbs included north shore suburb Turramurra, where the median price of houses has surged 41.1 per cent in the last three months, according to PropTrack.
In the northwest, the Oakville median house price has ballooned to $1.57m after 36.1 per cent growth in the past three months.
Further down the list, suburbs such as Minto in the outer southwest recorded 19 per cent growth. The Minto median is now $945,000.
TURRAMURRA (NORTH)
The leafy north shore suburb of Turramurra was number one on PropTrack’s growth list, with a 41 per cent increase in value over the quarter.
The suburb’s median now sits at $3.21m, but this home on Murdoch St affords buyers an opportunity to get into the market for below median value, guiding $2.5m.
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WOOLLAHRA (EAST)
In Sydney’s east, the leading growth suburb was Woollahra.
The parkside suburb known for its heritage homes recorded 23.8 per cent growth.
Buyers with a budget around the median price of $5m can consider properties like this terrace at 79 Adelaide St.
MORE: Hidden gems: Most affordable homes in each Sydney region
CAMPSIE (WEST)
The top ranking position in the west went to Campsie, with houses growing 22.4 per cent, passing the suburb’s $1.7m median.
Although houses on the market are rare at the moment, options such as this renovated three-bedder may tick buyers’ boxes.
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MASCOT (INNER SOUTH)
In Sydney’s inner south, known for its urban convenience and suburban charm, Mascot has seen a 23.2 per cent growth.
Sitting just below the suburb’s median of $1.86m, this four-bedroom home on Sutherland Street is listed with an auction guide of $1.85m.
Originally published as Revealed: Sydney’s booming hotspots for growth
