House prices have soared by at least 20 per cent over the past year in a string of Sydney suburbs, including sought-after inner pockets, downsizer hotspots and more affordable locations further afield. The gains were broad-based and the majority of suburbs are more expensive than a year ago, albeit many posted more moderate growth as Sydney’s upturn loses some steam, Domain’s House Price Report for the June quarter, released on Thursday shows. House prices jumped more than 30 per cent in Burwood to a median of almost $3.
16 million, Glebe ($2.7 million) and Fairlight ($3.66 million) over the 12 months to June.
There were gains of at least 20 per cent in Collaroy Plateau, Bondi Junction, Neutral Bay and Chatswood. Further from the CBD, buyers flocked to less pricey neighbourhoods such as Bexley (up 24 per cent to $1.55 million) and North Parramatta (up 20 per cent to $1.
33 million). Domain chief of research and economics Dr Nicola Powell said in some premium suburbs, high interest rates have less of an impact on wealthy buyers compared to elsewhere. “These tightly held locations, where people – irrespective of what’s happening with the price cycle – [see] the moment in time is right for themselves, or the home is right, to make the move,” she said.
She also noted the growth in middle-of-the-road suburbs, where buyers are looking for a detached house they can afford, especially as the cash rate stays high for longer and puts pressure on borrowers. “People have be.