{"id":24610,"date":"2021-08-02T10:31:45","date_gmt":"2021-08-02T03:31:45","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=24610"},"modified":"2021-08-05T11:57:04","modified_gmt":"2021-08-05T04:57:04","slug":"house-prices-in-sydney-suburbs-increased-by-at-least-20-percent-in-a-year","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/house-prices-in-sydney-suburbs-increased-by-at-least-20-percent-in-a-year\/","title":{"rendered":"Home prices in Sydney suburbs surge by at least 20% in a year"},"content":{"rendered":"

Demand for houses and lifestyle locations had continued to be strong off the back of lockdowns and increased remote working<\/span><\/p>\n

\"\"
Greater Sydney\u2019s median house price hit a record of AUD1,410,133 last quarter, with prices up 24 percent over the past year. HarleyKingston\/Shutterstock\u00a0<\/span><\/figcaption><\/figure>\n

New data shows that house prices across over 50 Sydney suburbs have jumped\u00a0at least\u00a020 percent in a year, with\u00a0the median in some pockets increasing by\u00a0more than\u00a0AUD1 million, reported Domain<\/a>.\u00a0<\/span>\u00a0<\/span><\/p>\n

The latest Domain House Price Report indicates that Greater Sydney\u2019s median house price hit a record of AUD1,410,133 last quarter, with prices up 24 percent over the past year.\u00a0<\/span>\u00a0<\/span><\/p>\n

The strongest suburb gains include the northern beaches, eastern suburbs, north shore, and the Central Coast. The steepest spike was seen\u00a0at\u00a0Seaforth, where the median house price increased by 39.3 percent to AUD3.28 million.\u00a0<\/span>\u00a0<\/span><\/p>\n

Nicola Powell, Domain\u2019s chief of research and economics, said that Sydney saw its strongest annual house price growth, surpassing the peak gains in 2015 and 2002.\u00a0<\/span>\u00a0<\/span><\/p>\n

Premium suburbs had seen extreme rates of growth over the year.\u00a0<\/span>The median house price in Dover Heights, Bronte, and Northbridge, jumped by more than AUD1 million, while Seaforth was among 13 other suburbs \u2013 including Manly,\u00a0Mosman, and Gordon \u2013 where the median increased by more than AUD500,000.\u00a0<\/span>\u00a0<\/span><\/p>\n

Michael Pallier of Sydney Sotheby\u2019s International Realty, said, \u201cIt\u2019s easy for vendors to get carried away with these figures \u2026 [but prices have really] probably gone up 10 to 15 percent, which is still a significant increase.\u201d\u00a0<\/span>\u00a0<\/span><\/p>\n

McGrath Lower North Shore agent John McManus also observes strong demand for families looking to upsize from units and townhouses to free-standing homes.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201cSome buyers I have come across have been looking for six to 12 months; some have taken short-term rentals \u2026 because they couldn\u2019t find anything in time after selling,\u201d he said.<\/span>\u00a0<\/span><\/p>\n

More: Australian developers continue to build as they see an end to COVID woes<\/strong><\/a><\/p>\n

Demand for houses and lifestyle locations had remained strong due to lockdowns and the rise of remote working.<\/span>\u00a0<\/span><\/p>\n

Shane Oliver, AMP Capital chief economist, said, \u201cThe desire for a better lifestyle has seen suburban areas with houses pick up and those areas that offer a good lifestyle.\u201d\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201cPeople want to move away from the inner city, and to some degree, these areas may also be playing catch up after many years of being overlooked,\u201d he added.\u00a0<\/span>\u00a0<\/span><\/p>\n

\n

The Property Report editors wrote this article. For more information, email:\u00a0propertyreport@propertyguru.com<\/a>.<\/span><\/i>\u00a0<\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Demand for houses and lifestyle locations had continued to be strong off the back of lockdowns and increased remote working\u00a0<\/p>\n","protected":false},"author":12,"featured_media":24611,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[149,1104,2161,217],"class_list":["post-24610","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-australia","tag-house-prices","tag-suburban-lifestyle","tag-sydney","news_country-australia","news_author-property-report"],"acf":[],"yoast_head":"\nHome prices in Sydney suburbs surge by at least 20% in a year | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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