We all know that record-low interest rates combined with generous government incentives fuelled soaring property prices last year.
Still, if Isaac Newtown taught us anything—apart from the laws of gravity and calculus—it’s that what goes up must come down. But judging by property data for the first half of 2021, the latter isn’t happening anytime soon.
From the Central Coast to the Hills District, here are the top 5 suburbs with the largest growth in average estimated value between December 2020 and June 2021. Unsurprisingly, due to the shift in remote working conditions, areas which have seen the biggest growth in the first half of 2021 are in low density areas outside of the CBD.
Topping the list with a 43% rise in estimated house price value is the Central Coast suburb of Phegans Bay, where the median sits at around $922,000. Perched between Brisbane Water National Park and Woy Woy Inlet, it’s a quant, clean and green suburb surrounded by natural beauty and views of the bay. Though it’s only a ten-minute drive to Woy Woy for all the essentials, locals say it still feels like a world away from the world—which sounds pretty good right about now.
Tied for the top spot is the semi-rural suburb of Arcadia in the Hornsby LGA, where value has also risen 43% and the median house price now stands at $3M. With Berowra Valley National Park on its doorstep, the north-west Sydney suburb is growing in popularity due to its spacious properties and family-friendly vibe.
Since the pandemic hit and the need to live within close proximity to the CBD vanished, Sydney-siders have fled to areas that feel disconnected from the hustle and bustle of a city. Boasting boat-only access, no commercial shops, and no running water, you can’t get much more disconnected than Scotland Island on the Northern Beaches. Estimated house value here has risen 39% in the first half of 2021, with a current median of $1.25M.
Neighbouring the top seeded suburb of Arcadia, Fiddletown has experienced 36% growth in the last six months. Interest in the north western suburb continues to swell as many compare it to other orchard-rich rural towns like Orange, minus the four hour drive. Clocking in at around a 50-minute drive from the Sydney CBD, Fiddletown feels like you’re a million miles away, despite the odometer only reading 47 km.
Perhaps the least surprising of the bunch is Willoughby East, in the always exclusive Lower North Shore region of Sydney. With a 36% projected growth, the median price for a home here has swelled to $3.4M. Family friendly with access to great schools, parks, cafes, shopping, and transport, it’s easy to see why interest continues to climb in this coveted area of Sydney.
Meanwhile, on the unit-front, Tamarama AKA Glamarama leads the pack at 58% growth with an eye-watering median unit price of $1,932,500. No, that’s not a typo. Trailing is Stanhope Gardens, close to Blacktown, with a 47% rise, followed by Palm Beach at 43%, and Hills District suburb North Rocks jumping an estimated 32% in value to a median unit price of $876K.