Sydney’s best-performing areas at various price points

The company’s Shore Financial State of Sydney Report split Sydney’s 600-plus suburbs into five groups based on the current median asking price: working class Sydney, suburban Sydney, rising Sydney, professional Sydney, and elite Sydney.

Then they picked the top five suburbs in each group.

To make the cut, suburbs that do not fulfil certain benchmarks and trends linked to asking prices, days on market, inventory levels, and sales volumes over the past three months were excluded.

The remaining suburbs were then ranked based on the increase in median house selling prices over the previous 12 months.

The quarterly Shore Financial State of Sydney Report, according to Shore Financial chief executive Theo Chambers, is an excellent overview of how the Sydney market has boomed in the last year.

“The past 12 months have been extraordinary, with prices going through the roof in most Sydney suburbs. That’s reflected in the home loans data we’ve been seeing, with borrowers regularly increasing their loan amounts to keep up with surging prices,” he said.

“For most of the suburbs in the report, inventory levels are under two months and days on market are under 30 days. In other words, supply is low and demand is high.

“The numbers might look very different this time next year, because the evidence suggests the Sydney market is softening. But for the past 12 months and also right now, Sydney has been a seller’s market.”

Here are the Sydney suburbs that made it on top of the five categories based on median house price growth:

Mr Chambers, however, flagged that buyers need to practise due diligence and have their finances in order before making any decision.