Sydney's property market rebounds with a big boom in the west

ABC NEWS (Australia)

Sydney's property market jumped more than 11% in 2023 almost making up for a 12% loss of value in 2022. Prices in some suburbs more than doubled compared to the national growth rate, with one western Sydney suburb topping the list.

Transcript

00:00 It's a new year but the same old story in Sydney's tight property market.

00:07 At this display village in Western Sydney's Marston Park, families are looking for value

00:12 for money.

00:13 It's probably the more affordable way to go to be able to build.

00:15 Very tricky.

00:16 I think it's very tough.

00:19 We saved the whole of last year just for stamp duty.

00:22 CoreLogic has released a list of Sydney suburbs that have seen the biggest growth in value

00:27 in the past 12 months.

00:29 Parktown tops the list where prices have jumped 15.8% in a year, bringing the median house

00:36 price to just under $970,000.

00:40 The centre of Sydney is being pushed out further west.

00:42 We're in a great position with easy access to a lot of other areas, motorways.

00:46 The next biggest jump was in Hornsby in the north and Marrickville and Petersham in the

00:51 inner west where the average property is now about $1.74 million.

00:57 Prices in Strathfield and Burwood rose 14.9% to an average $917,000.

01:05 Rents are also expected to go up again this year.

01:08 An average family home in Blackdown was about $400 a week 18 months ago.

01:13 It's now about $600.

01:16 The state government will soon begin forcing councils to approve duplexes and unit blocks

01:21 near transport hubs in an attempt to improve housing supply.

01:25 A supply response is probably not something that we're going to see ease housing cost

01:31 pressures in the short term.

01:33 It's going to be more a demand driven shift.

01:35 So things like the regrouping of share houses or people just moving to more affordable areas.

01:42 Buyers looking for something more affordable could look to regional NSW where property

01:46 prices grew 2.4% last year.

01:49 [BLANK_AUDIO]

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