Some suburbs in Sydney have seen increases of over 34 per cent in the past 12 months.
The lack of supply, low interest rates and the unaffected buyer who was looking to upsize had fuelled price gains, according to Domain senior research analyst Nicola Powell.
Belfield, 12 kilometres from the CBD, is up a whopping 34.4 per cent to a median of $1,202,500 in the year to September, new Domain figures show.
In the south, Bexley house prices jumped 32 per cent to a median of $1.13 million while the northern beaches suburb of notched an eye-watering increase of 31.6 per cent to a median house price of $2,237,500.
The city’s real estate market has continued to defy the worst forecasts from when the COVID-19 pandemic hit, with Sydney’s median house prices increasing 1.2 per cent to $1,154,406 over the September quarter, in the latest Domain House Price Report.
“We’re seeing the upper end of the market recoup much greater value and it’s the opposite for the lower end of the market,” she said. “At the suburb level, there aren’t many suburbs that are falling.”
House prices have not escaped declines altogether, with a handful of suburbs recording falls. Austral lost 7.2 per cent to a median $649,000, the biggest decline across all suburbs, followed closely by prestigious Vaucluse, which fell 6.3 per cent to $5,327,500.
But those drops pale in comparison to the double-digit falls in unit prices, with the steepest drop recorded in Little Bay, down 19.9 per cent to a median of $782,500, and a similarly steep fall in Rozelle, down 17.6 per cent to $985,000.