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The money suburbs - Sydney

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  • The money suburbs - Sydney

    The money suburbs

    Booming ... Claire Nesbit-Hawes and partner Nari Sahukar with their dog Oliver, pose for a photograph outside their new home in Campsie. Picture: Dan Himbrechts Source: The Sunday Telegraph

    SYDNEY'S inner west is the stand-out real estate performer of the past year, spearheaded by the booming multicultural suburb of Campsie.

    Home prices in the inner west jumped by 16 per cent to a new average high of $972,500, compared with 8.6 per cent for metropolitan property.
    House values in hot-spot Campsie shot up by more than 21 per cent, to $713,500. Ashfield was close behind with prices rising by 20 per cent to $888,500, followed by Concord West, Ashbury and the inner-ring suburb of Redfern.
    The new figures, compiled by property analysts Residex, are detailed in the Spring Property Guide, inside today's The Sunday Telegraph.
    The average Sydney home is now worth $663,000 - up $52,500 in the past 12 months.
    Naremburn, on the lower north shore, was the overall best performing suburb, with prices rising 23.2 per cent to a median of $1.309 million.
    Residex managing director John Edwards said proximity to the city and lifestyle were driving demand in the inner-western ring, along with the lower north shore.
    "The buyers here are looking for lifestyle all within an easy commute as short as five to 10 minutes to the CBD," Mr Edwards said.
    "They need to be that close, too, because these people all do long hours. They're not the nine-to-fivers, they are the up-and-coming young wealthy."
    City-fringe Redfern is also on the rise, with house prices soaring by 20 per cent to record a median of $899,000.
    Willoughby, on the lower north shore, recorded the same growth, with the average home worth $1,331,500.
    The best performing region after Sydney's inner west was Canterbury-Bankstown, where home values rose by 15.95 per cent to $557,000.
    The lower north shore came in third (15.5 per cent to $1.472 million) before the list swung back to western suburbs houses, which saw a 12.7 per cent increase in median values to $658,000.
    A growing reluctance to commute was driving the sharp rise in demand over the past year in the inner-ring suburbs said Murray Wood, NSW residential property director for international real-estate firm Colliers.
    "It's finally dawning on Sydney-siders that they are land locked," Mr Wood said.
    "If there's one thing we're not making any more of, it's land, and people are over commuting."
    Apartment owners in Croydon, Redfern and Darlington saw the biggest rises in the median values of their properties, with price hikes of up to 19.5 per cent in the past 12 months.
    And, in a continuing trend which emerged last year, units to outperformed houses, beating the 8.6 per cent rise in the median value of a Sydney home with a 9.5 per cent hike in median values to $467,500.
    Likewise, apartments in rural NSW also outperformed houses, with a hike of five per cent to $299,500. Houses in regional NSW rose 4.2 per cent to $339,500 by comparison.
    The most expensive rural areas were on the coast, led by Bar Beach near Newcastle ($1.441 million median value), Hyams Beach on the south coast ($1.044 million), and Killcare on the Central Coast ($1.025 million.)
    "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx

  • #2
    The average Sydney home is now worth $663,000 - up $52,500 in the past 12 months.