03.09.2022 Local News

The Eastern Suburbs Leading Sydney’s House Price Growth

The Eastern Suburbs Leading Sydney’s House Price Growth

Sydney’s historic property price growth over the last year has been beyond anyone’s expectations.

And new data shows that house prices in certain eastern suburbs have risen more than any other suburbs in the state.

House prices in Sydney have seen staggering growth over the last year. It’s been virtually unprecedented, with the median house price rising by an incredible 29.8 per cent over the twelve months to the end of January. And new data released by realestate.com.au shows that houses in some eastern suburbs have been leading the charge.

Eastern suburbs house price increases leading the state

Anecdotally, we know that house prices here in the eastern suburbs have risen sharply over the last year, but now new data has emerged demonstrating just how strongly our house market has been performing. Realestate.com.au has released a list of the top 10 suburbs in New South Wales where the median house value increased the most over the year to 31 January 2022, and suburbs in the east have taken out eight of the ten places.

Topping the list is Double Bay, where the median price jumped by $1,506,000 to reach $5,757,000. That represents a gain of 35.4 per cent, well above the Sydney average of 29.8 per cent. Bronte is in second place, with a new median price of $4,799,000 after a rise of $1,212,000, or 33.8 per cent. Dover Heights takes out third place, with a rise of $1,119,000, bringing its median house price to $5,431,000. In fourth position is Bondi, which has a new median house price of $3,790,000 after recording a $1,087,000 rise. North Bondi is not far behind, with a $1,080,000 lift seeing its median reach $4,260,000. South Coogee comes in at number six after a $1,041,000 increase takes its median house price to $3,755,000. Bondi Beach and Queens Park round out the list in positions nine and ten after their median house prices gained $994,000 and $963,000, respectively.

How have eastern suburbs units fared?

What about units in the eastern suburbs? Have they been performing similarly well? While Sydney unit prices have also experienced double-digit growth over the last twelve months (15.4% in the year ending January), it hasn’t been at the same astronomical rate as houses. Nevertheless, units in the eastern suburbs were amongst the strongest performers in the country in 2021.

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Data from CoreLogic shows that Point Piper units recorded Sydney’s highest change in median unit value in 2021, with a 38 per cent increase leading to a new median of $3,216,796. Darling Point units took out second place, with a 35.5 per cent increase resulting in a new median price of $2,405,957.

What’s next for the eastern suburbs property market?

Property experts are forecasting further growth for Sydney housing prices in 2022, with estimates ranging between 1.2 per cent (NAB) to 5 per cent (ANZ). With ample buyer demand and low stock levels so far this year, we expect eastern suburbs property to perform well again in 2022.

In fact, Bronte has been featured in a list of NSW suburbs to watch in 2022 compiled by realestate.com.au. To make the cut, suburbs had to have experienced high demand from buyers as well as price growth in recent months, with these metrics indicating scope for both owner-occupiers and investors looking to buy into rising markets.

If you’re thinking of buying or selling in the eastern suburbs in 2022, get in touch with our team today.