The Sydney market may have been falling, but that hasn’t stopped several Sydney suburbs from bucking the trend in a big way.
The latest quarterly State of Sydney Report from Shore Financial has found that a number of suburbs have not only defied the downturn, but they’ve achieved double-digit growth over the past 12 months in doing so.
For Shore Financial CEO Theo Chambers, the latest findings highlight the notion that there are certain markets operating within markets.
The explanation comes by way of inventory levels and days on market, according to the CEO.
“The suburbs that recorded double-digit price growth have very low inventory levels and low days on market, indicating that buyers are being forced to compete for a limited amount of stock, and they are moving fast and making strong offers based on a fear of missing out,” he acknowledged.
A total of nine Sydney suburbs managed to defy the market over the past 12 months, with suburbs scattered across all five “quintiles” of the market, as earmarked by Shore Financial and pointing to the fact that there’s no class divide when it comes to opportunities for growth.
Suburbs are classified into five categories: heartland Sydney, suburban Sydney, rising Sydney, professional Sydney and affluent Sydney.
So which suburbs bucked the trend?
- Mount Druitt, 2770 (Heartland Sydney)
Median price Feb 2023: $930,000
Growth in median price over 12 months: 10.1 per cent
- East Hills, 2213 (Suburban Sydney)
Median price Feb 2023: $1.33 million
Growth in median price over 12 months: 13.2 per cent
- Greenacre, 2190 (Suburban Sydney)
Median price Feb 2023: $1.34 million
Growth in median price over 12 months: 11.9 per cent
- Pendle Hill, 2145 (Rising Sydney)
Median price Feb 2023: $1.215 million
Growth in median price over 12 months: 10.4 per cent
- Petersham, 2049
Median price Feb 2023: $1.996 million
Growth in median price over 12 months: 10.6 per cent
- Wareemba, 2046 (Affluent Sydney)
Median price Feb 2023: $3.2 million
Growth in median price over 12 months: 16.4 per cent
- Five Dock, 2046 (Affluent Sydney)
Median price Feb 2023: $2.892 million
Growth in median price over 12 months: 13.4 per cent
- West Ryde, 2114 (Affluent Sydney)
Median price Feb 2023: $2.15 million
Growth in median price over 12 months: 11.4 per cent
- East Ryde, 2113 (Affluent Sydney)
Median price Feb 2023: $2.378 million
Growth in median price over 12 months: 10.1 per cent
Turning his attention to the Sydney suburbs which didn’t achieve growth, Mr Chambers said, “It now feels as though the worst of the downturn has passed for large parts of Sydney.”
According to him, the feedback he has received is that “the Sydney market is bottoming out, even if we’re not quite at the bottom yet.”
