Invest & Finance
Sydney’s Skyrocketing Suburbs, Stay Ahead
Sydney is consistently ranked as one of the top cities in the world when in comes to liveability. Boasting the pick of Aussie weather and that ideal combination of beaches and a bustling city, Sydney life is pretty sweet… until you try and get your foot in the door of the property market.
According to new data released by Domain last week, a mind-blowing 78 Sydney suburbs now boast a median house price of $2 million or more. Five years ago only six of Sydney’s most elite suburbs made the $2mill club.
The rate at which Sydney suburbs are skyrocketing has not only increased in recent years, in the past three months alone 26 Sydney suburbs have joined the ranks.
Finding value below the median
The latest data from CoreLogic has the median house price in Sydney sitting at $950,000 – a daunting figure for first home buyers. But there are opportunities to own a piece of Sydney for a lot less than the median price.
With housing prices as high as they are in metro areas, Sydney is growing and a new set of well-serviced suburbs are being born. As at the date of this article Thrive Homes have a range of house and land packages in Sydney suburbs like Camden, Austral, Spring Farm, Cobbity and Tahmoor with prices well below the Sydney median.
According to Domain, five years ago, Kingsford and Darlinghurst didn’t even have a $1 million median and are now on the $2million median list. It’s not hard to imagine that five years from now, homes in these growth areas could too be fetching 7 figures.