Top 25 Sydney suburbs where property prices are set to boom
Sydney property prices rose 0.4 per cent in the month to April to reach a median value of more than $1.1 million.
The Sydney suburbs that are tipped to outperform the market have been revealed. New data has revealed that in most growing areas, property prices are forecast to boom by more than 5 per cent over the next six months.
Shore Financial has used machine learning and Suburbtrends data to identify the top 25 growth suburbs in Sydney. Its report divides the city’s 600-plus suburbs into five groups, based on current median asking prices for houses.
Some of the standout suburbs identified across different price points included Kingswood, Parramatta, Barden Ridge, Dundas and Lane Cove.
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Shore Finance CEO Theo Chambers said the research revealed the diverse nature of the city’s property market. On average, CoreLogic found prices rose 0.4 per cent in April to reach a median value of more than $1.1 million.
“Some suburbs are likely to experience strong price growth in the next six months, some are likely to stagnate and some are likely to go backwards, showing that Sydney is full of sub-markets that all have their own cycles,” Chambers said.
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While more affordable Sydney suburbs are expected to experience the strongest price growth in 2024, Chambers said the interest rate outlook could have short and medium-term impacts on prices.
The Reserve Bank has kept the door open to another interest rate hike, after inflation eased more slowly than expected.
Low property listings are also favouring sellers, Chambers noted, with strong immigration also contributing to “stronger conditions across every price point”.
Top 25 growth suburbs for different price ranges
Here are the top 25 suburbs identified, along with the current median house prices and forecast growth for the next six months.
‘Heartland Sydney’
Kingswood - $860,000 - 4 per cent growth
Werrington County - $880,000 - 4 per cent growth
Bligh Park - $865,000 - 4 per cent growth
Blacktown - $1,036,000 - 4 per cent growth
Whalan - $730,000 - 3 per cent growth
‘Suburban Sydney’
Parramatta - $1,500,000 - over 5 per cent
Greystanes - $1,250,000 - over 5 per cent
Bonnyrigg - $966,000 - over 5 per cent
Lurnea - $959,000 - over 5 per cent
Regents Park - $1,287,000 - over 5 per cent
‘Rising Sydney’
Barden Ridge - $1,663,000 - over 5 per cent
Belfield - $1,900,000 - over 5 per cent
Rockdale - $1,659,000 - over 5 per cent
Normanhurst - $2,002,000 - over 5 per cent
Hurstville - $2,090,000 - over 5 per cent
‘Professional Sydney’
Dundas - $1,742,000 - over 5 per cent
Bella Vista - $2,424,000 - over 5 per cent
Frenchs Forest - $2,262,000 - over 5 per cent
Bilgola Plateau - $2,450,000 - over 5 per cent
Woolooware - $2,200,000 - 4 per cent
‘Affluent Sydney’
Lane Cove - $3,036,000 - over 5 per cent
Gordon - $3,950,000 - 4 per cent
Turramurra - $2,999,000 - 4 per cent
Lindfield - $3,718,000 - 4 per cent
Gladesville - $2,830,000 - 3 per cent
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