The suburbs defying the property downturn: The neighbourhoods that are making a comeback with double-digit price growth in the last 12 months
- Sydney suburbs are showing a strong growth in a boost for housing market
- The strongest results were in Vaucluse which experienced a 19.9 per cent rise
- House price crisis is slowing with the smallest quarterly fall in June, 2019
Several neighbourhoods are defying the two-year property downturn with many seeing a double-figure growth over the past 12 months.
Suburbs in Sydney are showing strong growth results in some areas.
Vaucluse in the city’s east experienced an increase of 19.9 per cent in the 12 months to June, with median house prices rising to $6million.
The citywide median price was down just 0.4 per cent in three months ending in June, the smallest quarterly fall since prices started falling in December 2018.
In the suburbs of Pymble, Hunters Hill and Gordon, house prices rose between 1.6 and 3.6 per cent in the past year (pictured a home in the suburb of Gordon)
Though the vast majority of houses on the market continue to tumble, prices have slowly increased in suburbs within the inner west and lower and upper north shores.
House prices in the Central Coast suburb of Avoca Beach rose 14.1 per cent to $1.05million and the western suburb of Box Hill rose 11.7 per cent to $807,500.
In the suburbs of Pymble, Hunters Hill and Gordon, house prices rose between 1.6 and 3.6 per cent in the past year.
The suburbs of Copacabana, Saratoga, Budgewoi and Lisarow in the Central Coast consistently ranked high on the list of top price gains.
Domain economist Trent Wiltshire said the property market has been a mixed bag over the past year.
‘One of the best leading indicators of price movements is auction clearance rates, and over July they’ve been particularly strong in some high-priced areas that suggest that the recovery may be starting in the more expensive suburbs,’ he said.
The citywide median price was down just 0.4 per cent in three months ending in June, the smallest quarterly fall since prices started falling in December 2018 (pictured the suburb of Box Hill)
Though some suburbs are seeing an upswing in house prices, the unit market has continued to vary in each suburb over the past year.
The eastern suburb of Rose Bay had a massive 20.3 per cent fall in unit prices while its neighbouring suburb, Elizabeth Bay, saw a major increase of 17 per cent.
This pricing pattern continued in the inner west with Erskineville growing 1.7 per cent to $1.135million while the suburb of Rozelle dropped 16.1 per cent to $1.175million.
ANZ senior economist Felicity Emmet said the major price difference between Sydney suburbs could be to where supply was added in the city.
‘The new supply coming on stream in Sydney is concentrated much less geographically than in Melbourne,’ Ms Emmett said.
‘There are a lot more units in [Melbourne’s] CBD whereas in Sydney the supply is much more spread in the middle ring, it’s more evenly spread.’
House prices in the Central Coast suburb of Avoca Beach (pictured) rose 14.1 per cent to $1.05million and the western suburb of Box Hill rose 11.7 per cent to $807,500