Hot spots revealed: where house prices soared $500k+ in past three months

PHOTO: Sydney

Sydney homeowners in these suburbs earned almost 10 times the average Aussie salary in just three months before the real estate boom cooled.

A report has revealed just how much house prices in some Sydney suburbs went up before signs of a slowdown appeared.

The property boom closed with a bang in the Northern Beaches and Eastern Suburbs, with house prices in many suburbs surging more than half a million dollars in the three months to Christmas.

Hotspotting’s Price Predictor Index for Autumn listed 10 suburbs where values surged more than $300,000 in the last quarter of 2021.

This represented an increase of up to 23.6 per cent, meaning it would take a considerable downturn to erode the gains of even the final three months of Sydney’s golden year of property.

House prices went up $645,000 in the final three months of 2021.

Bellevue Hill in the Eastern Suburbs had a staggering $650,000 increase in its median house price from $6.7m to $7.35m, despite having the lowest percentage based increase of 9.7 per cent.

Collaroy on the Northern Beaches was close behind with a $645,000 increase from $2.735m to $3.38m.

This 23.6 per cent jump was the highest percentage-based increase recorded.

Bronte’s median house price swelled $620,000 from $4.43m to $5.05m while values in Fairlight, Freshwater and North Bondi all went up more than $500,000.

Redfern was the only inner city suburb to make the list after its median went up $300,000 from $1.55m to $1.85m.

Strong demand led to impressive price growth in 2021.

According to report author and property expert Terry Ryder, this quarterly growth closed a year of exceptional performance across Sydney.

“Recent uplift in house prices has been extraordinary in many parts of the Sydney market,” he said.

“Suburbs which have grown by more than $100,000 in one quarter are common.”

Only three suburbs failed to record growth in the final quarter of 2021 with about 60 per cent of Sydney experiencing house price growth above 5 per cent.

Hotspotting’s Terry Ryder.

This was the last chapter in a year of standout performance. Mr Ryder said the vast majority of Sydney suburbs recorded double digit growth annually, with house prices in 44 per cent of suburbs exceeding 20 per cent.

The report listed Manly as having the highest annual growth rate after the median house price soared 51 per cent to almost $4.5m.