House prices in ‘dodgy’ western Sydney to hit $1m

Just as Sydney house prices were rumoured to fall come Christmas, the western suburbs have proven otherwise by hitting the $1 million mark.

Lakemba, Colebee, Auburn, Condell Park and Chipping Norton homeowners could all be sitting on a gold mine by the beginning of next year as the suburbs experience strong capital growth, realestate.com.au suggests.

The 16,000 people living in Lakemba could own million dollar homes by the end of October, with the 11,000 in Condell Park following suit in December.

Lakemba, Colebee, Auburn, Condell Park and Chipping Norton homeowners could all be sitting on a gold mine by the beginning of next year as the suburbs experience strong capital growth (stock image)

At present the median house price in Lakemba is $988,500, Chipping Norton is $970,500, Condell Park is $970,000, Auburn is $950,000 and Colebee is $941,500.

People who call Colebee home can expect to see six zeroes at the end of their house price come January and for Condell Park and Auburn it will be February.

‘Somewhere like Colebee is a new estate area which is usually popular among first home buyers but it’s just getting too expensive,’ realestate.com.au Chief Economist Nerida Conisbee said.

‘Sydney is the second most expensive city in the world to live in after Hong Kong. It’s an extremely expensive city to live in but the rate of growth seems to be slowing down as investors are pulling back.’

At present the median house price in Lakemba is $988,500 (pictured)

At present the median house price in Lakemba is $988,500 (pictured)

The median house price in Chipping Norton is $970,500 (pictured)

The median house price in Chipping Norton is $970,500 (pictured)

While some may view Sydney’s western suburbs as crime-ridden and unsafe, this contradicts Domain’s fact and figures on the subject.

The Liveability study they completed found similar crime rankings in unlikely areas, such as Mount Druitt and Newtown, Blacktown and Bondi Beach, and Doonside and Millers Point. 

These areas are usually seen as chalk and cheese from a safety perspective. 

The media house price in Condell Park is $970,000 (pictured)

The media house price in Condell Park is $970,000 (pictured)

'Somewhere like Colebee (pictured) is a new estate area which is usually popular among first home buyers but it's just getting too expensive,' realestate.com.au Chief Economist Nerida Conisbee said

‘Somewhere like Colebee (pictured) is a new estate area which is usually popular among first home buyers but it’s just getting too expensive,’ realestate.com.au Chief Economist Nerida Conisbee said

The news comes just weeks after Sydney house prices fell for the first time in a year. 

CoreLogic’s head of research Tim Lawless says the decline in the Australia’s most expensive housing market was due to the detached housing sector.

For the Sydney housing market, concerns around unit oversupply is less evident compared with the Brisbane unit sector, or to a lesser extent with Melbourne, he said. 

‘Potentially the affordability challenges facing Sydney buyers within the detached housing sector are pushing more demand towards the medium to high density sector, where, based on median values, houses are almost $290,000 more expensive than units,’ he said. 

While some may view Sydney's western suburbs as crime-ridden and unsafe, this contradicts Domain's fact and figures on the subject (pictured is Auburn)

While some may view Sydney’s western suburbs as crime-ridden and unsafe, this contradicts Domain’s fact and figures on the subject (pictured is Auburn)

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