Sydney’s top performing suburbs for the quarter are in, with the Lower North Shore and Eastern Suburbs dominating the data compiled by CoreLogic.
With house prices increasing by as much as $242,189 over three months in one suburb and $156,506 in another, it’s predicted the upturn in the upper end of the market could be followed by stronger gains more broadly over the year.
In tightly held suburbs like Longueville and Haberfield, house prices jumped around eight times faster than the city’s 0.6% quarterly gain. Though early days, market sentiment seems to be improving, with buyers becoming more confident that interest rates won’t rise again. And should we see the cash rate move lower toward the end of the year – which most are expecting – demand will only intensify further. Whether supply can keep up is a different story.
But again, as we said, it’s early days. The continued financial stresses imposed by permanent Sydney fixture Cozzie Livs as well as rising unemployment could also put this momentary market boost in a time out. With all that in mind, let’s take a closer look at the suburbs where house and unit prices jumped the most in three months.
Longueville
Houses don’t come more tightly held than in this affluent harbourside suburb on the Lower North Shore, home to only around 700 residences. Harbour views here are so coveted they’re criminal – in November, Longueville was hit by an environmental vandalism scandal when someone chopped down almost 300 trees and plants overnight to improve their views.
Likely bolstered by strong demand from wealthy upsizers, Longueville enjoyed a 4.8% increase in its $5.3M house median, recording a quarterly change of $242,189.
Haberfield
In the inner west suburb of Haberfield, the median house price climbed 5.2% to $3.14M, an increase of $156,506 in only three months. Sandwiched between Five Dock and Leichardt and sitting south of the Iron Cove, the entire suburb of 6,500 people is a heritage conservation zone with strict development rules in place to preserve the character of its homes and buildings.
Lane Cove West
Scoring second place in 2023’s Australian Liveability Census Top 10 most liveable suburbs list, it comes as no surprise that demand is strong in Lane Cove. The Lower North Shore suburb recorded a quarterly gain of $129,778, raising its house median to $3M, a change of 4.6% in three months.
Artarmon
Another highly desirable North Shore suburb with a mix of both period style homes and high-density apartments, Artarmon came in 4th on the list of Sydney suburbs showing the most quarterly house price growth. With a median of $3.7M, prices have risen by $127,379.
Meanwhile, in the Eastern Suburbs, unit prices are climbing as more buyers seek affordable accommodations. In Clovelly, rent increases have reached astronomical levels – upwards of an extra $400 per week for units and over $600 for houses – leaving many renters unable to afford to resign their leases. Buyers are paying attention, with quarterly sales showing an increase of $78,998 to a median unit value of $1.7M.
Nearby in Kensington – named as the top NSW suburb to invest in in this year’s Little Real Estate annual report – unit prices have increased by $76K in three months, with the student and family friendly suburb reporting a 24.9% growth in rents over the past year. And it’s a similar story in Coogee, with the beachside suburb seeing $66.66K unit price growth over the quarter. Will the upswing last? Sellers hope yes, renters less so.
