PHOTO: Sydney
The national housing market finished on a high note last year, with every capital city bar Darwin and Adelaide recording positive property value growth in 2019.
But there’s one city that looks like it’s well and truly blossoming again, and it’s Sydney.
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According to Select Residential Property Research director of research Jeremy Sheppard, there are a handful of regions that will see eye-watering house price growth this year – but the Harbour City is home to all the areas that will see growth of more than $100,000.
Why are Sydney house prices growing again?
There are two reasons why Sydney’s property market is strengthening, Sheppard said: demand is still exceeding supply, and the prices are coming back from where they were during the downturn.
“With a drop in interest rates, all of a sudden buyers priced out of these markets are back in with a chance,” he said.
However, he cautioned that these figures did not mean that ‘boom-type conditions’ in Sydney are back.
“The top growth rate isn’t even above 8 per cent,” Sheppard said, “But pretty good nonetheless.”
Here’s a look at the Sydney suburbs where house prices will jump by more than $100,000:
- Bronte, Sydney NSW: +$219,000
- Paddington, Sydney NSW: +$145,000
- Collaroy Plateau, Sydney NSW: +$107,000
- Davidson, Sydney NSW: +$103,000
Runners-up
- Allambie Heights, Sydney NSW: +$98,000
- Narraweena, Sydney NSW: +$93,000
Where else are house prices expected to grow?
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