Some of Sydney’s strongest house price growth over the past year hasn’t been where you’d expect, as demand outpaces the supply of homes.
Glebe posted the strongest increase of 28.6 per cent in the year to March, reaching a median of $2.79 million.Some of Sydney’s strongest house price growth has been in deep suburbia, as home buyers chase affordability in the face of surging values and high mortgage rates.
They all sit well below the citywide median house price, which cracked $1.6 million, up 2.1 per cent in the March quarter and 11.1 per cent in the year to March.But they were eclipsed by the growth in inner-city Glebe, which posted the strongest increase of 28.6 per cent in the year to March, reaching a high median price of $2.79 million. The market also shot up in pricey Neutral Bay and Chatswood.
Even then, much of Sydney’s price growth has been driven by the well-heeled who have equity in their existing home and can either upgrade, downsize or help family members, Powell said.“It’s that cashed-up buyer, they’ve got stake in the game, they’ve seen substantial equity growth, less sensitive to interest rates. That is definitely the type of buyer that is supporting price growth, it’s not the only type of buyer.
“What I was quite concerned about when we were coming up to selling was that the prices of the same kind of units seem to have gone up,” Zussa said. “Although we got more than we expected, we might not get something much smaller than a house ,” Zussa said. St George chief economist Besa Deda said Sydney house price growth would only slow at best despite stretched affordability, because the city had a persistent shortage of homes.
“What we’re seeing in terms of dwelling prices is that increasingly there is this widening of wealth inequality between generations and across generations.
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