It’s no secret that the property market in Sydney’s east defied all the worst predictions experts were making at the start of the pandemic.
But it’s interesting to dig a bit deeper into the data, to see which suburbs have become the real property hotspots over the past 12 months.
The bigger picture: property in 2021
We’ve started 2021 on a high. CoreLogic’s national home value index was up 0.9% in January to a record high, growing one per cent on pre-COVID levels. This now places national average property values 0.7% higher than the last peak in September 2017. And Sydney, which experts believed would receive some of the worst fallout at the start of the pandemic, experienced 0.4% growth.
Many commentators now think we’re at the start of a new surge in house prices. Depending on what you read, economists are forecasting that Sydney property prices will increase by anywhere from four per cent (NAB) to 14% (Westpac) over 2021.
And given the positive start to the year, we’re just as optimistic about property values.
How prices fared in Sydney’s east over 2020
Looking at 2020, Waverley and Woollahra Council areas were the only two Eastern Suburbs council areas to see an overall positive change in dwelling values over 2020. However, the great news is that price growth – and significant growth too – was recorded in many of the individual suburbs we sell property in.
In fact, according to Domain’s third-quarter house price report for 2020, several suburbs in Sydney’s east experienced some pretty impressive price growth. And suburbs that offer great lifestyle appeal, like the beaches, were some of the areas that benefited most.
Highlights in the top 10 suburbs in Sydney’s east for price growth included South Coogee (13.4%), North Bondi (12.4%) and Coogee (11.7%), The inner city was also represented with Surry Hills coming in 10th on the list, growing 9.5% – an interesting statistic given the emphasis the media is placing on people looking for more space outside of our city centres.
Perhaps even more impressive are the five-year growth figures for some of our suburbs. Coogee has really boomed with growth of 41.7% over five years. North Bondi grew 36%, and South Coogee 30.7% over the same period. Meanwhile, Surry Hills has increased by 30.5%.
Median Property Price
If we look at a different set of data from realestate.com.au, the median property price rose, or at worst remained stable, in all areas we cover over 2020. As of December 2020, the median prices were:
- Potts Point units $790,000
- Elizabeth Bay units $888,000
- Woolloomooloo units $1,200,000
- Rushcutters Bay units $905,000
- Darlinghurst units $1,085,000 and houses $1,900,000
- Bronte units $1,257,500 and houses $3,400,000
- Bondi Beach units $1,100,000 and houses $2,767,500
- Darling Point units $1,800,000
Looking to make the Eastern beaches your home in 2021?
Despite property values rising, there are some very good buys out there right now in Sydney’s east.
This three-bedroom family home at 22 Narelle Street, North Bondi has miles of potential and is up for auction on 20 February.
This fantastic two bed apartment at 14/54-56 Beach Avenue, Bondi Beach, which has a beautiful Northerly aspect, district views and two balconies, is up for auction on 27 February.
Looking to make the Inner-city your home in 2021?
Or, check out this amazing three-bedroom penthouse apartment at D2303/780 Bourke Street, Redfern, offers architect-designed resort-style living with panoramic city views. It goes to auction on 25 February.
If you’re looking to buy or sell in Potts Point or Sydney’s east contact my team today.