We know that the Sydney property market has gone gangbusters over the last year.
But we also know that there isn’t one “Sydney property market” – some areas have considerably outperformed others.
The latest Domain House Price Report shows that there is one region in Sydney where the cost of buying a house has jumped by a stupendous $867,500 over the past year.
If you do the sums that equates to a cool $417 an hour based on a typical 40-hour working week.
And that region is Sydney’s Northern Beaches.
Domain explains that prior to the pandemic, the median house price in the region was $1.9 million, but a rising tide of cashed-up buyers from across Sydney looking for land and lifestyle has seen both people and prices push north.
Long periods of working and studying remotely scrapped the daily commute and freed many families from the need to live near their office, while prompting a desire for a home office and a backyard.
At the same time, the importance of neighbourhood has become critical for those who can afford to choose where they want to live. And clearly, more Sydneysiders are happy to trade a commute into the city once or twice a week for the amenity of being close to the coast, harbour, bush and beaches.
Median house prices across Northern Beaches suburbs
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What about apartments?
Clearly, this type of growth can’t continue moving forward and with the disparity in the price of units on the Northern Beaches compared to houses, more people are starting to look at family-friendly apartments which have also exhibited significant growth. As a result, the unit market has picked up, with the median price in the Northern Beaches rising 34.2 per cent to $1.25 million in the year ending September.
Median unit prices across Northern Beaches suburbs