Sydney house prices have risen 57 per cent over the past five years, but some pockets have increased much less.
Samantha Hassan bought a house that had one less bedroom, was far older and cost $200,000 more than a nearby home that sold five years ago.
Despite two downturns in that period, including Drummoyne’s 9.3 per cent slide in the past year to March, Hassan said it made little difference to their home buying aspirations as the suburb remains 24.3 per cent higher than five years ago. Even the slowest growing suburb, Kingsford, rose 14.8 per cent to a median house price of $2,353,000. It was followed by a range of even less desirable and more far-flung suburbs that recorded steeper growth despite small declines in the past year.
“It showcases the strength in the house sector, part of that is we’ve seen weaker or slower growth in units by comparison,” Powell said. “It means that potential home buyers may move towards more affordable areas further away from the coast and the CBD for example or from areas that have good access to infrastructure and transport to relatively more affordable areas,” she said.
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