Sydney’s west is now home to 53 suburbs with houses typically in the million-dollar price range – even if some of them are more than 50km from the city.
They include Mulgoa and Glenbrook, which are both more than 60km from the central business district.
Glenwood near Blacktown and Northmead near Parramatta have median prices above $1million and while suburbs near Cabramatta like Canley Vale and Moorebank are set to climb into the seven-figure range within a year as house prices keep surging.
The Covid recovery has seen Sydney become the latest city to break new price records with weekend auction clearance rates surging to 87.5 per cent.
Sydney’s west is now home to 53 suburbs with houses typically in the million-dollar price range – even if some of them are more than 50km from the city. Glenwood, near Blacktown, has a median price of $1million despite being almost 40km from the city centre
With interest rates at a record-low of just 0.1 per cent, families are upsizing to bigger houses and are prepared to a long way from the city centre.
This has seen 53 suburbs in Sydney’s west join the club with a median house price in the seven figures.
Sydney is already the world’s third least affordable property market after Hong Kong and Vancouver, when income was compared with prices in US think tank Demographia’s 2021 global housing affordability report unveiled this month.
Sydney’s median house price stood at $1.061million in February, with prices soaring by 3 per cent in just one month as Australian home values posted the biggest monthly increase since 2003, CoreLogic data showed.
This new elite list includes Northmead, near Parramatta, which has a mid-point price of $1.08million while Winston Hills, on the M2 motorway, is at $1.1million
Since then, Australia’s most populated city has become even more unaffordable.
The REA Group, the company behind the popular realestate.com.au website, has revealed 53 suburbs in Sydney’s west and the Blue Mountains which now have a median above $1million.
This new elite list includes Northmead, near Parramatta, which has a mid-point price of $1.08million while Winston Hills, on the M2 motorway, is at $1.1million.
Glenwood, near Blacktown, has a median price of $1million despite being almost 40km from the city centre.
Closer to Penrith, Mulgoa has a median price of $1.12million even though it is 60km from Sydney’s CBD.
Glenbrook in the lower Blue Mountains has a mid-point price of $1million.
Should that prediction materialise, another 11 suburbs in Sydney’s west could join the ranks of the $1million median price by the end of this year. This would include burbs in the outer south west near Liverpool and Cabramatta, including Canley Vale where $900,000 is the median
The Westpac bank is predicting Australian house prices will rise by 20 per cent, or 10 per cent a year, over 2021 and 2022.
The Commonwealth Bank, Australia’s biggest home lender, is predicting 8 per cent property price growth in 2021 followed by 6 per cent in 2022 – or 14 per cent over two years.
Should that prediction materialise, another 11 suburbs in Sydney’s west could join the ranks of the $1million median price by the end of this year.
This would see Auburn ($920,000) and Parklea ($930,000) climb over the one million median mark along with suburbs in the outer south west near Liverpool and Cabramatta, including Canley Vale ($900,000), Bossley Park ($895,000) and Moorebank ($935,000).
So would Auburn where $920,000 is now the median. The Commonwealth Bank, Australia’s biggest home lender, is predicting 8 per cent property price growth in 2021 followed by 6 per cent in 2022 – or 14 per cent over two years
Wilberforce, near Windsor on the flooded Hawkesbury River, has a median price of $920,000.
The Reserve Bank of Australia in November cut interest rates to a record-low of 0.1 per cent and three of Australia’s big four banks are offering fixed rates under 2 per cent.
The REA Group data is based on sales through realestate.com.au and figures from the NSW Valuer-General, while CoreLogic calculates the value of all homes in a suburb.