Sydney’s inner-west units lead growth
Sydney's inner-west apartment market has outstripped all other areas for price growth over the past five years, according to PRDnationwide research. The leading suburb is Concord, with an average annual price increase of 20.3 per cent over five years. Burwood recorded strong growth also, with average rises of 16.3 per cent, and Strathfield also performed well with average rises of 12.3 per cent. The boost in values is due to the release of former industrial land on or near the Parramatta River and Upper Harbour, leading to new residential developments. New high-rise developments in the inner-west are also expected to boost the value of established homes, as was seen in Cabarita near Concord, where the average price rose from $366,000 in 1997 to $802,000.
Eastern suburb apartments have also seen healthy price rises over the past five years, with properties in the Randwick council areas averaging increase of 10.5 per cent a year. Entry prices in these suburbs are the highest in Sydney. Median prices are $399,000 in Randwick, $415,000 in Waverley and $480,000 in Woollahra.
On the North Shore, there was an average 11 per cent rise in apartment prices in North Sydney, Ryde and Willoughby since 1997, with new residential developments at nearby suburbs such as Chatswood and St Leonards fuelling the rises.
In the south of Sydney, values have also risen significantly. Botany values rose an average of 17.8 per cent from 1997, due to the rezoning of former industrial areas around Botany and Mascot.
Price growth has been strong in the Warringah area but weak in Manly, where median prices were already high. Strong growth in values were seen in Dee Why.