Property prices in Sydney are falling but not all suburbs are equal, and some are still expected to buck the trend and keep rising this year.
New research has shown that a select number of suburbs, across a broad range of budgets, are expected to see price rises this year.
The quarterly Shore Finance State of Sydney report divided Sydney’s 600 suburbs into five categories based on their current median asking price for houses.
The report then picks the top five suburbs in each category.
This was done by first excluding suburbs that didn’t meet certain benchmarks and trends related to asking prices, days on market, inventory levels and sales volumes over the previous three months.
Then, the remaining suburbs were ranked based on expected growth in asking prices over the next six months.
Shore Financial CEO Theo Chambers said the latest report came at a time when the property market was in a downturn.
“After an incredible 18 months, there’s no doubt the market has slowed in many parts of Sydney, with prices going backwards in quite a few suburbs,” Chambers said.
“The decline, though, is not universal – there are some select suburbs, in a range of price points, where prices are expected to rise in the next six months.”
Chambers said the suburbs listed had two things in common – low inventory levels and low days on market.
“Demand continues to exceed supply in these suburbs, which means buyers are still having to fight hard for quality properties,” he said.
“That’s why we expect prices still have further to ride in these suburbs, even though the rate of growth will be slower than we saw during the just-completed boom.”
Here are the top suburbs where prices are expected to rise in each price category, and their current median price for a house.
Mount Pritchard - $855,000
Lurnea - $895,000
Currans Hill - $825,000
Emu Heights - $900,000
Cranebrook - $822,500
Wetherill Park - $1,150,000
Prestons - $965,000
Toonagabbie - $1,150,000
Wiley Park - $1,050,000
Riverwood - $1,270,000
Mascot - $1,805,000
Narwee - $1,350,000
Belmore - $1,450,000
North Rocks - $1,780,000
Belfield - $1,780,000
Wahroonga - $2,400,000
Westleigh - $1,900,000
Normanhurst - $2,000,000
Woolooware - $2,400,000
Blakehurst - $2,365,000
Randwick - $3,550,000
Malabar - $3,450,000
Lindfield - $3,600,000
East Lindfield - $4,380,000
Turramurra - $3,195,000