Finally, a percentage hike that doesn’t correlate with a deep sigh. In May, Sydney home values rose 1.8%, marking our highest monthly gain since September 2021.
Up 4.5% over three months, house and unit prices in some areas have climbed by six figures in that same period. Despite the consistent percentage increases that do correlate with a deep sigh, these results suggest a sharp property market rebound.
Many of the Sydney suburbs experiencing growth have long been dubbed ‘Bridesmaid suburbs’, popular with first homebuyers looking to get into the market and buy in up-and-coming areas before they’re priced out.
In 2010, Lakemba’s median house value was just $394,504. Today, the south-west suburb of Sydney boasts a median of about $1,133,000, topping the list of Sydney suburbs experiencing the most house value growth. Rising 13% over the three months to May, this ‘bridesmaid’ suburb might finally get a chance to walk down the aisle.
Nearby suburbs Hurlstone Park and Earlwood also recorded strong house value growth over three months, up more than 12% to a median price of $1,898,751 and $1,794,097 respectively. Neighbouring Canterbury also clocked 12% growth with average values at $1,555,979.
Similarly, on the Northern Beaches, the relaxed waterfront suburb of Bayview has experienced a jump of 12.1%, with a median house price of $2,807,684. Prices rise as high as $15 million on the Bayview ridgeline and $16 million for waterfront properties.
North Sydney suburb Clontarf came in close behind with 11.9% growth, also adding a feather in its cap with the sale of a 7-bedroom beachfront home for $32.18 million last month. The home, though extensively renovated, went for three times what it last sold for in 2016 when it set a suburb record of $11 million.
Unsurprisingly, in Sydney’s exclusive Eastern Suburbs, Waverly also appears in the top 10 Sydney suburbs leading the market rebound. Here, with a median house value of $3,606,589, prices have risen 11.5% over three months.
In terms of unit value growth driving a turnaround, the Eastern Suburbs reigns supreme. Rising 12.1% to a median of $876,800, units in Centennial Park take out the top spot, with North Bondi and Bondi Junction trailing closely behind at 9.6% and 9%. Meanwhile, in Little Bay, unit price growth has jumped 8.8%, hitting a record median of $1,329,907 in May—no thanks to ex-Rabbitoh Sam Burgess, who has twice cancelled the auction of his Little Bay investment pad this year before lowering the asking price.
Whether the latest sigh-adjacent hike could take some bounce out of the rebounding market is yet to be seen, but if sales continue to trend in the same direction, Domain currently lists seven houses in Lakemba for sale that might be worth your time.
