Source: Shore Financial’s State of Sydney Report, June 2023.
| Rank | Suburb | Postcode | Current median house price | Forecast house price growth for next 6 months | |||
| 1 | Kogarah Bay | 2217 | $2,720,000 | 3% | |||
| 2 | North Bondi | 2026 | $3,900,000 | 3% | |||
| 3 | Paddington | 2021 | $2,800,000 | 3% | |||
| 4 | Concord West | 2138 | $2,718,000 | 1% | |||
| 5 | Gladesville | 2111 | $2,570,000 | 1% | |||
Source: Shore Financial’s State of Sydney Report, June 2023.
Among the latest top picks, Sydney cultural melting pots such as Enmore, and coastal destinations such as North Bondi made the list. In a beautiful pocket south of the CBD, the top Affluent Sydney pick was Kogarah.
Shore Financial CEO Theo Chambers said the latest Shore Financial State of Sydney Report is very timely, considering there’s so much uncertainty about what will happen to the Sydney property market over the rest of the year.
“Prices are rising again in many suburbs, after falling for most of 2022 and the start of 2023. However, it’s too early to tell whether this is a dead-cat bounce or the start of another growth cycle,” he said.
“You could make the argument that this price growth is a false positive because the low level of housing supply is propping up prices. If and when more stock comes onto the market this will have an impact on prices but we don’t know exactly how much.
“Conversely, you could argue that this demand is very real – due to a surge in migration and people coming to terms with rate rises – and that therefore the Sydney market has turned a corner. In that case, prices might continue rising in the city as a whole.
“Focusing on the 25 suburbs in the Shore Financial State of Sydney Report, what stands out is how they’re placed in terms of supply.
“Inventory levels are low in all these suburbs, which means buyers are being forced to compete hard to secure a property, putting upward pressure on prices.
“Furthermore, leading indicators suggest these suburbs have a very low likelihood of a surge in listings in the foreseeable future. They have strong market conditions that are likely to keep upward pressure on prices in the next six months.”
Methodology
Shore Financial’s report separates Sydney’s over 600 suburbs into five different categories or quintiles, based on the median asking price for houses. The report then takes the top five suburbs in each quintile and is displayed above.
The report excludes suburbs that don’t meet some criteria relating to asking prices, days on market, inventory levels, and sales volumes over the past three months.
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Disclaimer: This article contains general information and should at no time be considered advice to the reader. The reader should always verify their situation with the relevant certified professionals before taking any further steps.