{"id":37954,"date":"2022-04-09T09:17:24","date_gmt":"2022-04-08T21:17:24","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=37954"},"modified":"2022-04-09T09:17:24","modified_gmt":"2022-04-08T21:17:24","slug":"sydneys-newest-million-dollar-suburbs-revealed","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/sydneys-newest-million-dollar-suburbs-revealed\/","title":{"rendered":"Sydney\u2019s newest million-dollar suburbs revealed"},"content":{"rendered":"

PHOTO: Theo and Claudine Katsiroubas with their children Johnny and James. Photo: Jessica Hromas<\/strong><\/p>\n

It was always known as a solid working-class suburb, a cheaper area that could make eager home buyers\u2019 dreams come true and the first stop for migrants from Europe, then from Asia and the Middle East, looking to find their feet.<\/p>\n

But today, Bankstown in Sydney<\/a>\u2019s south-west is one of our newest million-dollar suburbs \u2013 a prospect once considered unthinkable.<\/p>\n

\u201cIt\u2019s unbelievable,\u201d says real estate agent George Kapos, principal of McGrath Bankstown. \u201cIt\u2019s always been regarded as more affordable, and people have seen the value in what they can buy in the area, and that demand has been pushing the price up and up.<\/p>\n

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\u201cThat gentrification is now happening too, with people are moving in and changing the landscape of Bankstown. They realise it\u2019s such a good area with so many amenities and a lot of new infrastructure and a strong multicultural community, and that will continue to keep the price growing.\u201d<\/p>\n

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B<\/strong>ankstown\u2019s new median house price of $1.1 million was once considered unthinkable. Photo: Ray White Bankstown<\/strong><\/em><\/figcaption><\/figure>\n

Of the clutch of suburbs newly entering the million-dollar club, according to Domain\u2019s latest\u00a0Home Price Report,<\/em>\u00a0Bankstown has enjoyed the strongest price jump of all \u2013 28.5 per cent last year alone, to a new median house price of $1.1 million.<\/p>\n

The Canterbury-Bankstown staple tops the list of the other fastest-moving entrants, outdoing Leura in the Blue Mountains, which had a 26.9 per cent rise in the median price to $1.11 million, nearby Georges Hall up 23.9 per cent to $1,127,500, neighbour Greenacre with 23.5 per cent to $1,147,500 and Schofields in the west with 23.3 per cent growth to $1,023,750.<\/p>\n

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\u201cThat million-dollar median was always a significant milestone for a suburb and used to indicate it was a significantly premium location,\u201d says Domain chief of research and economics Dr Nicola Powell. \u201cBut when you think the overall Sydney median is now $1.6 million, it makes, ironically, those new million-dollar suburbs look affordable.<\/p>\n

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\u201cSydney passed the million-dollar median in June 2015, so we\u2019ve had a number of suburbs that once would have been considered very affordable now hitting that too. Over the past two years, prices have risen substantially, and they\u2019ve dragged prices up with them in all areas.\u201d<\/p>\n

While that\u2019s excellent news for home owners in these newly minted suburbs, it\u2019s not such a significant landmark for those hoping to buy. Theo Katsiroubas, for instance, has lived in Bankstown for 34 years and loves the place, but he just hopes the dramatic price growth won\u2019t scupper his chances of one day buying his own house there.<\/p>\n

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\u201cWe are saving and want to buy something soon, but prices are going up and up and up,\u201d says builder Theo, 48, who lives with his wife Claudine, 47, and their children Johnny, seven, and James, five. \u201cIt\u2019s crazy to think the median price is now over a million dollars!<\/p>\n

\u201cWe\u2019re hoping to find something a bit cheaper that\u2019s rundown and fix it up with a new kitchen and bathroom. It\u2019s such a great place. You\u2019ve got everything here you\u2019d ever need \u2013 except, perhaps, the beach \u2013 but the kids walk to school, and there\u2019s shops, transport and a great lifestyle.\u201d<\/p>\n

Theo was aged 14 when his family moved to Bankstown from Randwick, and he admits, at first, it was a shock. \u201cWe had been two minutes to the beach, and I\u2019d assumed everywhere had a beach,\u201d he said.<\/p>\n

\u201cThen I discovered Bankstown didn\u2019t have one. But later I found out I didn\u2019t miss it. I just liked the vibe here. Everyone is very friendly, and it\u2019s a great community.\u201d<\/p>\n

Kapos seconds that. These days, the suburb has residents from over 160 countries, he reports, so it\u2019s a lively and diverse place that\u2019s welcoming to all. It has the train station, from which it\u2019s a ride of only 30 minutes into the Sydney CBD, the line between Bankstown and Sydenham is being upgraded to metro rail standards, and the new $340 million, 18-storey Western Sydney University Bankstown CBD campus building is under construction.<\/p>\n

\u201cGeographically, it\u2019s the centre of Sydney too,\u201d says Kapos. \u201cWe have great schools, clubs and multiple restaurants, some of them very high quality. We offer a very cosmopolitan lifestyle in probably what\u2019s one of the world\u2019s most successful multicultural communities.\u201d<\/p>\n

The second strongest growth area of the new million-dollar list is Leura. A picturesque suburb with tree-lined streets, quaint cottages and big blocks, it\u2019s been an enormous beneficiary of COVID-19 with everyone\u2019s new focus on the quality of living.<\/p>\n

\u201cPeople are now investing in lifestyle, and Leura certainly promises that,\u201d says Jack Johnston of Belle Property Blue Mountains. \u201cIt\u2019s on the train line to the city and, with flexible working, and people working much more from home, it\u2019s pretty convenient. There are also some lovely cafes, boutique clothing stores and great restaurants.\u201d<\/p>\n

Back in Canterbury-Bankstown, the next suburb west of Bankstown is Georges Hall, and that\u2019s been undervalued for a long time, believes Matthew Everingham of Richard Matthews Real Estate. \u201cBut people are now discovering it,\u201d he says.<\/p>\n

\u201cIt\u2019s fairly central, reasonably accessible to the M5, and offers big blocks of land yet is still affordable and a great family area, with schools and a lot of young families moving in. I\u2019ve seen a real change in the last few years as it\u2019s becoming better known.\u201d<\/p>\n

Some perhaps even more unlikely suburbs have just scraped into the million-dollar list, too, like Merrylands in the west that\u2019s just snared a median of exactly $1 million after a 14.9 per cent rise in price over 2021. \u201cIf you can\u2019t afford Parramatta, then you come to Merrylands, and if you can\u2019t afford that, you go to Guildford,\u201d says George Lattouf, principal of Laing + Simmons Merrylands.<\/p>\n

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The Parramatta area\u2019s multicultural community and abundance of amenities can be attributed to the recent rise in house prices. Photo: Peter Rae<\/strong><\/em><\/figcaption><\/figure>\n

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