Super suburb – 21 Ward St, Willoughby.
Three upper north shore suburbs have made it onto the top 10 list of Sydney suburbs with the strongest median house price growth in the 12 months to June.
North Willoughby came in equal third with a growth rate of 28 per cent, while Lindfield and Willoughby shared fifth position with growth of 25 per cent.
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Property market recovering faster than expected
The suburbs’s median house prices are now $2,742,500, $2,930,000 and $2,449,500 respectively, according to data from realestate.com.au.
The group’s chief economist Nerida Conisbee, said there was still no shortage of demand for properties at higher price points in Sydney.
“We are in recession, unemployment is rising and we should be in a situation where house prices catastrophically fall,” she said.
“It continues to surprise me how resilient they are.
“Prices have softened a little bit since March in most markets but year on year, Sydney is still leading the pack.
“A lot of this has to do with how hot the market was leading up to March but the surprising resilience from there is also driven by the stable banking sector, the flexibility in which the banks are dealing with people impacted by COVID-19 and of course by the fact that if you are employed, you are likely to be saving a lot because there is pretty much nothing to do even if you aren’t locked down.”
REA Chief economist Nerida Conisbee.
She said the strongest markets continued to be those priced well above the current house price median of $969,500.
“The most expensive suburb on the top growth list is the north shore suburb of Lindfield which is now getting close to a $3 million median,” Ms Conisbee said.
Donna Fischer, of Stone Real Estate Lindfield, said low interest rates, low stock levels and a steady level of demand, particularly from families looking to upsize in Lindfield were keeping the market steady.
“People recognise that good properties in good areas will hold their own,” she said.
45 Grosvenor Rd, Lindfield.
Ms Fischer is currently marketing a three-bedrooom house at 45 Grosvenor Rd, Lindfield, which has a price guide of $2.1 million to $2.3 million, and she said there was strong interest.
John McManus, of McGrath Willoughby, said he was not surprised to see these areas were doing well despite COVID-19 and the current national economic conditions.
“Prices are holding up okay, but stock levels are still really low,” he said. “Last Saturday was the busiest Saturday we’ve had in a long time (for open homes).”
21 Ward St, Willoughby.
Mr McManus is currently marketing 21 Ward St, Willoughby, a classic Californian bungalow that has undergone a quality renovation and has an auction guide of $3.35 million.
Further up the road in North Willoughby, there is only one property on the market in the entire suburb, according to realestate.com.au.
No. 11 Chaleyer St is a two-bedroom full brick semi on a due-north-facing 408sqm block. It is due to go to auction on Saturday with a guide of $1.4 million.
11 Chaleyer St, North Willoughby NSW REAL ESTATE
Roz Reynolds, of Di Jones Northern Suburbs – Beecroft, said there had been strong interest in the property, which has masses of potential.
“There hasn’t been much available in North Willoughby,” she said.
“It’s a popular area, with lovely streets, and it’s so family orientated.”
The auction will be held on-site at 12.45pm.
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The post Lindfield, Willoughby and North Willoughby post strong house price growth appeared first on realestate.com.au.