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Property prices in Sydney’s Ryde surge by double-digit figures in six months despite COVID-19

Property prices in a handful of Sydney suburbs have surged by double-digit figures in just six months despite the coronavirus lockdowns and bans on public auctions.

The story was different in the Sutherland Shire, where real estate values in Prime Minister Scott Morrison’s electorate suffered the sharpest falls. 

The Ryde area in the city’s north is now Australia’s best performing real estate market – a remarkable turnaround from early 2019 when it was the nation’s sickest place for price falls.

Suburbs west of the Lane Cove River took out 13 spots in Sydney’s list of the 20 best performing housing markets, despite earlier this year being the epicentre of coronavirus cases. 

East Ryde’s median house and apartment prices (five-bedroom home for auction pictured) surged by 11.5 per cent between January and June 2020, CoreLogic data has revealed. Suburbs west of the Lane Cove River took out 13 spots in Sydney’s list of the 20 best performing housing markets, despite earlier this year being the epicentre of coronavirus cases

Nearby Denistone (house for auction pictured) saw an 11.2 per cent increase in prices with neighbouring Denistone East enjoying a 10.8 per cent rise

Nearby Denistone (house for auction pictured) saw an 11.2 per cent increase in prices with neighbouring Denistone East enjoying a 10.8 per cent rise

East Ryde’s median house and apartment prices surged by 11.5 per cent between January and June 2020, CoreLogic data has revealed.

Nearby Denistone saw an 11.2 per cent increase in prices with neighbouring Denistone East enjoying a 10.8 per cent rise.

Ryde’s Labor mayor Jerome Laxale, whose West Ward covers these affluent suburbs, said families seeking houses with a backyard had pushed up prices.

‘Young families in particular are attracted to the traditional block of land and house stock that we have,’ he told Daily Mail Australia.

‘In Ryde, you get easy access to great parks and playgrounds, public transport and local public schools.’  

A series of neighbouring suburbs near the M2 motorway and Macquarie University also enjoyed strong price increases even though they are streets away from the Dorothy Henderson Lodge, where six Macquarie Park nursing home residents this year died from COVID-19. 

Prices rose at North Ryde (up 9.9 per cent), North Epping (9.3 per cent), Marsfield (up 8.9 per cent) and Eastwood (up 8.7 per cent).

Bondi Beach in Sydney’s eastern suburbs recorded a 7.1 per cent increase in property values in six months, even though it was a coronavirus epicentre in April.

Warriewood, on the Northern Beaches, saw a 7.4 per cent rise making it the only other Sydney suburb with ocean views to make the top 20.

Bondi Beach in Sydney's eastern suburbs recorded a 7.1 per cent increase in property values in six months, even though it was a coronavirus epicentre in April. Pictured is the main beach area on June 6, 2020

Bondi Beach in Sydney’s eastern suburbs recorded a 7.1 per cent increase in property values in six months, even though it was a coronavirus epicentre in April. Pictured is the main beach area on June 6, 2020

Upmarket suburbs on the Parramatta River also saw increases including Gladesville (up 7.8 per cent) and Putney (up seven per cent).

Water views aren’t everything, however, with suburbs on the Hacking River in southern Sydney’s Sutherland Shire suffering the city’s worst price falls.

Values at Grays Point dropped by 5.6 per cent between January and June.

Neighbouring suburbs in Prime Minister Scott Morrison’s Cook electorate also suffered with values falling at Yowie Bay (down 3.9 per cent) and Gymea Bay (down 3.6 per cent). 

Sydney’s affluent north shore, between the Lane Cove River and Middle Harbour, had no suburbs in the top 20 for price increases.

Killara’s median property price fell by 2.6 per cent to $2.5million – a level still two-and-a-half times Sydney’s median house price.

Sydney’s south-west suffered from some of the steepest price falls with values tumbling by 4.5 per cent in Cabramatta, 3.8 per cent in neighbouring Canley Vale and by 3.3 per cent at Canley Heights.

Water views aren't everything, however, with suburbs on the Hacking River in southern Sydney's Sutherland Shire suffering the city's worst price falls. Values at Grays Point (pictured) dropped by 5.6 per cent between January and June

Water views aren’t everything, however, with suburbs on the Hacking River in southern Sydney’s Sutherland Shire suffering the city’s worst price falls. Values at Grays Point (pictured) dropped by 5.6 per cent between January and June

Property prices in a handful of Sydney suburbs have surged by double-digit figures in just six months despite the coronavirus lockdowns and bans on public auctions

Property prices in a handful of Sydney suburbs have surged by double-digit figures in just six months despite the coronavirus lockdowns and bans on public auctions

The story was different in the Sutherland Shire, where real estate values in Prime Minister Scott Morrison's electorate suffered the sharpest falls

The story was different in the Sutherland Shire, where real estate values in Prime Minister Scott Morrison’s electorate suffered the sharpest falls

Read more at DailyMail.co.uk


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