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Over the past six months, Sydney’s property market has witnessed a slight easing in housing supply – but according to Shore Financial CEO Theo Chambers, the increase in listings has done little to stem the tide of growth.
“Over the year to July, Sydney’s median house price jumped 11.6 per cent,” said Chambers.
“Even though listings have marginally increased in recent months, most of this is in unit markets whereas the house market remains as tight as ever.”
“Across Greater Sydney, we count strong seller’s markets for 40 per cent of suburbs for units and an astounding 90 per cent of suburbs for houses,” he revealed.
As median home values continue to rise steeply, the CEO observed that investor activity has been on the up.
In June 2024, 42.9 per cent of all loan commitments in NSW were for investor finance, according to the Australian Bureau of Statistics.
“There’s been a sharp increase in investor activity, potentially because investors are trying to front-run expected rate cuts from the Reserve Bank, which would potentially increase buyer competition and push up prices,” Chambers speculated.
In the wake of these market changes, Shore Financial revealed five standout suburbs in Sydney to suit buyers from different price ranges.
Each suburb is predicted to outperform the market and see substantial growth over the next six months.
1. Emu Plains
For buyers who want bang for their buck, Sydney’s western fringes remain one of the strongest options.
Located at the foothills of the Blue Mountains, Emu Plains is one of the few suburbs in Sydney where the median house price is below $1 million, with the current median house price resting at $999,999.
With less than two months’ inventory, Emu Plains is projected to see over 5 per cent growth over the next six months – following on from impressive growth of 8.6 per cent over the past 12 months.
2. Liverpool
Moving closer towards Sydney, Liverpool is only a fraction more expensive than Emu Plains, with a median house price of $1,000,000.
The suburb is a particularly strong choice for investors, with over 60 per cent of the area’s residents renting their home.
Over the past 12 months, house prices in Liverpool have grown a massive 18.4 per cent, and with ongoing low housing supply, the growth trajectory does not appear to be ending anytime soon.
3. Camperdown
Home to the University of Sydney, the inner west suburb of Camperdown has a median house price of $2,050,000.
Just 39 per cent of residents in the suburb are owner-occupiers, and for those who do want to buy into the area, listings are highly competitive, with current inventory currently sitting below one month.
This is medium-density territory, with over 96 per cent of homes either apartments or terraced houses. However, with over 5 per cent price growth expected in the coming six months, it does not seem to be a deterrent for newcomers to the suburb.
4. Manly Vale
A few minutes’ drive from the famous beach and ferry stop is Manly Vale, a family-friendly Northern Beaches suburb which has seen an astonishing 11.4 per cent growth over the past 12 months.
Going forward, the $3,000,000 median house price is expected to soar higher, with over 5 per cent growth forecast in the coming six months.
In this market, buyers need to act fast – the median time to sell is just 24 days.
5. Concord West
Located in the north-west of Sydney near Strathfield and Burwood, Concord West is an affluent suburb that benefits from strong rail links to the CBD.
Over 75 per cent of homes are occupied by owner-occupiers, and almost 80 per cent of properties are freestanding houses.
With a current median house price of just over $2.8 million, strong growth is projected to continue in the area over the rest of 2024.
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