Following a record year of growth, home prices across a number of suburbs within Sydney’s west and south are joining Sydney’s booming property market. The term “Millionaire’s Row” can now be applied to not just the most prestigious postcodes like Mosman, Vaucluse and Palm Beach but also to suburbs more than 50 kilometres from the CBD.
Regional areas within commuting distance to central business districts are expected to have a strong house price growth soon as buyers seek out cheaper housing options and take advantage of the hybrid working arrangements.
Furthermore, suburbs located up to 200 kilometres from the Sydney CBD, which offer desirable lifestyles, could also offer better rental returns amid tight rental supply and strong demand from tenants. Suburbs such as Lake Macquarie, Newcastle, the Blue Mountains and the Hawkesbury region are among those predicted to gain strong returns as their neighbouring regions become too expensive for homebuyers.
Regional house price growth in NSW is shooting ahead of Sydney with prices in some towns rising by as much as $7591 a week, new figures reveal.
Furthermore, outside of the capital, there is a long list of towns that have grown substantially more. For example, the Kiama Council area, which takes in the towns of Kiama, Gerringong and Gerroa, house prices have skyrocketed 40.9% to a median of $1.36 million
The latest figures from Domain indicate that Sydney’s house price growth has reached record levels with the latest figures indicating a median house price of nearly $1.5 million. This is a massive 30.4% growth from the start of the year to September.