Sydney's Next $2 Million Suburbs
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Sydney’s Next $2 Million Suburbs

With NSW capital has eclipsed the $1 million median house price and has a new target.

By Terry Christodoulou
Tue, Nov 9, 2021 1:00pmGrey Clock 2 min

Sydney housing prices have ascended more than 20% in the past year with the median house price climbing past $1 million the next mark on the horizon will be the $ 2 million median house price mark.

Founder of Buyer’s Domain, Nick Viner, thinks there are a number of suburbs across Greater Sydney that will soon cross the $2 million threshold.

Leichhardt is Mr Viner’s top pick, with a current median house price of $1.76 million.

“Leichhardt is the very definition of a ‘bridesmaid’ suburb,” said Mr Viner.

“Its neighbouring suburbs comprise $2 million-plus locations such as Annandale, Lilyfield and Haberfield.”

With its position just 5km from Sydney’s CBD, and a multitude of transport options, it’s a good choice according to Mr Viner.

Alexandria is second on the list,  currently with a median house price of $1.875 million. The affluent and desirable inner-east suburb is nearby to Sydney best lifestyle suburbs, cafes, restaurants retail and close to the CBD.

Mr Viner says the key to Alexandria is knowing the location.

“The key to making the most gains here is buying in one of the suburb’s best streets.

“That’s either in the ‘golden triangle’, as it’s known or on Lawrence St or Belmont St.

“You might have to pay a bit more for these locations.”

Rosebery is close to some of the most high profile suburbs in Sydney and could benefit from the proximity. With a current median house price of $1.845 mullion, Mr Viner said it’s posted to enjoy strong capital growth in the coming months and years.

“Like Alexandria, this suburb is on the edge of the inner-east suburbs, so it is extraordinarily well placed to enjoy strong capital growth in the coming months and years,” he said.

“The challenge for the budget-conscious buyer here is finding stock – it’s an incredibly tight market with many houses well over $2 million already,” added Mr Viner.

Summer Hill and Newtown — median house prices of $1.952 and $1.68 million respectively — are the final two inner west suburbs that Mr Viner tips to break $2 million median house pirce soon.

With Summer Hill, Mr Viner said the nature of the suburbs made it appealing.

“Summer Hill has a wonderful village feel with a strong community vibe,” he said.

“It has great local shopping and other facilities, and the train can get you to the CBD in about 20 minutes.”

While Newtown’s proximity to the CBD and Sydney University made it an attractive location.



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The two Australian states where it’s a buyers’ market

Property values have experienced strong growth around the country, but there are two highly desirable areas where oversupply is putting downward pressure on sales

By Bronwyn Allen
Tue, Jun 18, 2024 2 min

While property values are rising strongly in most markets across Australia, it’s a vastly different story in Victoria and Tasmania, new data from CoreLogic shows. Over the 12 months to May 31, the median house price lifted just 1.8 percent in Melbourne and fell 0.6 percent in regional Victoria. The median dipped 0.1 percent in Hobart and ticked 0.4 percent higher in regional Tasmania. This is in stark contrast to Perth, where values are up 22 percent, and regional Western Australia, up 14.8 percent; as well as Brisbane, up 16.3 percent, and regional Queensland, up 11.8 percent.

CoreLogic Head of Research, Eliza Owen says an oversupply of homes for sale has weakened prices in Victoria and Tasmania, creating buyers’ markets.

On the supply side, there has been more of a build-up in new listings than usual across Victoria, even where home value performance has been relatively soft,” Ms Owen said. Victoria has also had more dwellings completed than any other state and territory in the past 10 years, keeping a lid on price growth. The additional choice in stock means vendors have to bring down their price expectations, and that brings values down.”

Melbourne dwelling values are now four percent below their record high and Hobart dwelling values are 11.5 percent below their record high. Both records were set more than two years ago in March 2022. The oversupply has also affected how long it takes to sell a property. The median days on market is currently 36 in Melbourne and 45 in Hobart compared to a combined capitals median of 27. It takes 55 days to sell in regional Victoria and 64 days in regional Tasmania compared to a combined regional median of 42 days.

Changes in population patterns have also contributed to higher numbers of homes for sale in recent years. Since COVID began in early 2020, thousands of families have left Melbourne because working from home meant they could buy a bigger property in more affordable areas. While many relocated to regional Victoria, a significant proportion left the state altogether, with South-East Queensland a favoured destination. Meantime, Tasmania’s surge in interstate migration during FY21 was short-lived. Data from the Australian Bureau of Statistics shows the island state has recorded a net loss of residents to other states and territories every quarter since June 2022.

Record overseas migration has more than offset interstate migration losses, thereby keeping Victoria’s and Tasmania’s populations growing. However, the impact of migrants on housing is largely seen in the rental market, so this segment of population gain has done little to support values. Growth in weekly rents has been far stronger than growth in home values over the past year, with rents up 9 percent in Melbourne and 4.8 percent in regional Victoria, and up 1 percent in Hobart and 2.7 percent in regional Tasmania.

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