A recent report reveals that while property prices have declined throughout Sydney as a whole during the past year, certain suburbs have experienced growth at a rate of over 10%.
The Shore Financial State of Sydney Report conducts a quarterly analysis of Sydney's 600-plus suburbs and identifies the top five suburbs in each quintile based on their median house price changes over the previous 12 months.
The quintiles are:
- Quintile 1 = Heartland Sydney
- Quintile 2 = Suburban Sydney
- Quintile 3 = Rising Sydney
- Quintile 4 = Professional Sydney
- Quintile 5 = Affluent Sydney
In order to maintain a rigorous analysis, suburbs are excluded if they fail to meet specific benchmarks and exhibit trends related to asking prices, days on the market, inventory levels, and sales volumes over the preceding three months.
Heartland Sydney and Suburban Sydney suburbs tend to be in the outer ring, while Rising Sydney, Professional Sydney and Affluent Sydney suburbs tend to be in the middle and inner rings.
Top 5 suburbs for Heartland Sydney (quintile 1)
The top-ranked suburb in Heartland Sydney was Mount Druitt, where the median house price jumped 10.1% in the year to August.
| Rank | Suburb | Postcode | Median price for Feb 2023 | Growth in median price for year to Feb 2023 |
| 1 | Mount Druitt | 2770 | $930,000 | 10.1% |
| 2 | Plumpton | 2761 | $890,000 | 9.9% |
| 3 | Lethbridge Park | 2770 | $670,000 | 8.9% |
| 4 | Hebersham | 2770 | $750,000 | 7.1% |
| 5 | Ropes Crossing | 2760 | $865,000 | 7.1% |
Top 5 suburbs for Suburban Sydney (quintile 2)
Suburban Sydney’s leading suburb was East Hills, where house prices rose 13.2%.
| Rank | Suburb | Postcode | Median price for Feb 2023 | Growth in median price for year to Feb 2023 |
| 1 | East Hills | 2213 | $1,330,000 | 13.2% |
| 2 | Greenacre | 2190 | $1,343,000 | 11.9% |
| 3 | Bass Hill | 2197 | $1,111,000 | 8.4% |
| 4 | Milperra | 2214 | $1,265,000 | 8.1% |
| 5 | Bankstown | 2200 | $1,275,000 | 8.1% |
Top 5 suburbs for Rising Sydney (quintile 3)
In the Rising Sydney quintile, Pendle Hill led the way with a 10.4% house price growth.
| Rank | Suburb | Postcode | Median price for Feb 2023 | Growth in median price for year to Feb 2023 |
| 1 | Pendle Hill | 2145 | $1,215,000 | 10.4% |
| 2 | Canterbury | 2193 | $1,550,000 | 6.2% |
| 3 | Roselands | 2196 | $1,350,000 | 5.5% |
| 4 | Wentworthville | 2145 | $1,301,500 | 3.7% |
| 5 | Northmead | 2152 | $1,420,000 | 2.9% |
Top 5 suburbs for Professional Sydney (quintile 4)
The number one suburb in Professional Sydney was Petersham, which enjoyed 10.6% house price growth in the year to August.
| Rank | Suburb | Postcode | Median price for Feb 2023 | Growth in median price for year to Feb 2023 |
| 1 | Petersham | 2049 | $1,996,000 | 10.6% |
| 2 | Dundas Valley | 2117 | $1,650,000 | 8.6% |
| 3 | Dundas | 2117 | $1,610,000 | 1.9% |
| 4 | Rydalmere | 2116 | $1,510,000 | 0.7% |
| 5 | Alexandria | 2015 | $1,950,000 | -0.5% |
Top 5 suburbs for Affluent Sydney (quintile 5)
Affluent Sydney’s standout performer was Wareemba, where the median house price climbed 16.4%.
| Rank | Suburb | Postcode | Median price for Feb 2023 | Growth in median price for year to Feb 2023 |
| 1 | Wareemba | 2046 | $3,200,000 | 16.4% |
| 2 | Five Dock | 2046 | $2,892,000 | 13.4% |
| 3 | West Ryde | 2114 | $2,150,000 | 11.4% |
| 4 | East Ryde | 2113 | $2,377,500 | 10.1% |
| 5 | Willoughby | 2068 | $3,400,000 | 9.3% |
Final note...
According to Theo Chambers, the CEO of Shore Financial, this report emphasizes that the Sydney property market is not a singular entity, but rather a collection of various markets within it.
He commented further:
“While prices have fallen in most Sydney suburbs over the past year, there have been some suburbs that have bucked the trend and even recorded double-digit price growth.
To understand why to look at inventory levels and days on market.
These suburbs have very low inventory levels, which tells you buyers are being forced to compete for a limited amount of stock.
They also have low days on market, which tells you that buyers are moving fast and making strong offers, based on a fear of missing out.
Most parts of Sydney are buyers’ markets right now, but there are some places that are sellers’ markets.”
Mr Chambers noted that it is fascinating to observe the extent of transformation that the Sydney property market has undergone since the publication of the previous yearly review in September 2022.
He said:
"Back then, the market was definitely in a downturn – and prices have fallen further in the subsequent six months.
However, it now feels as though the worst of the downturn has passed for large parts of Sydney, whereas back then we couldn't quite see when the end would occur.
The feedback I've been getting from my team of brokers and our large network of real estate referral partners is that the Sydney market is bottoming out, even if we're not quite at the bottom yet.
That's based on what we're seeing and hearing on the ground in terms of buyer enquiries, open home traffic and auction clearance rates.”
For those considering investment or homeownership in these diverse Sydney markets, Get a Better Rate, one of the top mortgage brokers in Sydney CBD, offers expert guidance to navigate the complexities of mortgage options and financing strategies.
