According to the latest study from Realestate.com.au, prices are skyrocketing in Sydney's suburbs, revealing the hotspots of real estate ownership.
The suburbs such as Palm Beach, Pymble, Collaroy, Cabramatta and Vaucluse recorded price growth of 4% to 24% over the previous year.
Cabramatta, one of the relatively affordable suburbs of the city, announced a 4% increase in the median selling price, which stood at 849,000 USD, making it the largest city in the world. one of the strongest suburbs in the city in terms of price growth.
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"Cabramatta is getting expensive, it is going through a transition period but, because it's pretty cheap, I think it attracts a lot of young people," said the chief economist Nerida Conisbee.
Cabramatta is the only suburb of the top 10 with a median value of less than $ 1 million.
"It seems to be one of those suburbs that is undergoing a slight change to determine who lives there and who wants to be there," said Conisbee.
Vaucluse recorded the highest growth with 24%, bringing its median selling price to $ 6.5 million. Collaroy followed, recording a 15% increase to $ 2.75 million
The table below shows the 10 suburbs of Sydney that recorded the best price growth throughout the year up to August:
Sydney Property Hotspots
Suburbs
Change
Median Value of Sales
Vaucluse
24%
6.5 million dollars
Collaroy
15%
2.75 million dollars
Summer Hill
14%
$ 1.65 million
Rose Bay
11%
$ 4.22 million
Palm Beach
11%
3.4 million dollars
Balgowlah
9%
2.2 million dollars
Bondi Junction
8%
$ 2.12 million
Cammeray
5%
2.27 million dollars
Pymble
4%
2.42 million dollars
Cabramatta
4%
$ 849,000
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