It’s that time of year when everyone starts compiling their best and worst of 2021 lists.
Going to go out on a limb here and assume that for most of us, the latter list is longer—unless cutting your own hair while watching House reruns 72 days into lockdown is your idea of fun, in which case, you do you.
While some industries were hit hard by the second year of Covid-19 restrictions, others soared—namely the real estate sector. House prices in Sydney grew an astounding $6,700 a week over 2021, with CoreLogic’s latest Housing Market Update recording Sydney dwelling values up +5.2% for the most recent quarter and 25.2% for the year. As we all witnessed with mouths agape last month, Sydney’s median house price hit a record high of almost $1.5 million. Though almost every suburb saw growth, some performed better than others. Here are five of the highest achievers.
Bronte
It’s no surprise that a beachside enclave in Sydney’s exclusive Eastern Suburbs took out the top spot. In Bronte, house prices rose 54.5% to a median of $5.4 million— an increase of about $5200 per day. In October, the suburb’s record high was reached with a $23.3 million property sale on Bronte Marine Drive equating to more than $48,000 a square metre. Not bad considering the home was last sold five years ago for $8.05 million. The neighbouring suburb of Tamarama followed similar suit with a 47.5% rise in median house prices.
Dover Heights
It’s likely no surprise that the affluent seaside suburb of Dover Heights—where the average household income in the area is $174,491 per year—also saw a steep property price increase. Neighboured by Vaucluse, North Bondi and Rose Bay, the cliff-lined suburb saw a 35.8% rise in median house prices to $4.8M, an increase of around $1.26 million this year.
Narrabeen
It was on everyone’s ‘Suburbs to Watch’ lists at the end of last year, and the premonitions proved accurate. After a twenty-year pattern of predictability, the Northern Beaches property market exploded as a mass exodus of city-dwellers sought refuge over the bridge. After median house prices rising 11.3% in 2020, prices in Narrabeen skyrocketed over 40% in 2021 to a median of $3.77M, while unit prices also rose 25%. Neighbouring northern beaches suburbs like Fairlight and Mona Vale also saw significant increases at 39% and 37% respectively.
West Pymble
On the upper north shore in West Pymble, where an estimated 89% of residents are homeowners, prices rose to $2.4M this year, up just over 40%. Experiencing extremely high demand, the reasonably affluent suburb bordering Lane Cove National Park saw increased interest by buyers looking for spacious family homes within sought-after school zones.
Belmore
11km south-west of the CBD in the city of Canterbury-Bankstown, the culturally rich community of Belmore experienced unprecedented property growth. Here, house prices climbed close to 39% to a median of $1,384,000. Most likely causing the increased demand were house hunters priced out of the inner west, and those looking to upsize within a reasonable proximity to the CBD. The nearby suburb of Strathfield also saw significant growth, with median house prices hitting $3.1M, up 22%.
Want to know what your property is worth?
Get a free personalised property report with estimated property value and local area insights today here.
