Sydney has seen the median house price in another 15 suburbs surpass $1 million. John Feder/The Australian
Fifteen suburbs across Sydney have crossed the $1 million median price barrier for the first time.
The suburbs, located predominantly in Hornsby Shire, The Hills and Sutherland Shire, saw their median house price surge in the 12 months to June, thanks to record-low interest rates fuelling the market.
It brings the number of suburbs in Sydney with home values above $1 million to 209, following house prices growing by 13.3 per cent over the corresponding period.
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No. 17 Westbourne St sold last month in Bexley for $1.96 million.
Realestate.com.au data showed Bexley in the city’s south had the strongest growth of the new entrants, with prices growing $266,000 to $1.251 million. Neighbouring Bayside suburb Arncliffe also surpassed $1 million.
Raine and Horne Bexley director Sam Epsimos said buyers from the inner west and eastern suburbs have been the driving force behind the 21.26 per cent annual price growth seen in Bexley.
“These buyers are pushing the prices up, as they are finding the suburb offers far better value than what they would get in their area,” he said.
REA chief economist Nerida Conisbee.
“Bexley is also in a great location with not only the city on its doorstep, but the M5 and the new M8 pretty much connects this area to the rest of Sydney.”
Hornsby Shire had three suburbs surpass $1 million with Asquith, Mount Colah and Berowra Heights. The Hills had Glenwood, Winston Hills and The Ponds make the cut, while Wamberal on the Central Coast saw home values increase 7.89 per cent to $1.01 million.
Northmead was the sole Parramatta suburb to break $1 million, with the median house price now $1.01 million. Jannali, Menai and Yarrawarrah from Sutherland Shire along with Belmore and Picnic Point from the Canterbury-Bankstown area also saw house values surpass $1 million.
Strong demand from buyers has propelled the market in the past year.
REA chief economist Nerida Conisbee said suburbs with prices over $1 million have remained stable during the coronavirus pandemic due to the strong momentum of the past year.
“The property market is currently being supported by high levels of stimulus, a stable banking system, mortgage payment freezes and relative confidence among buyers,” she said.
Ms Conisbee said 15 new entrants in the million-dollar club highlighted how extreme some of Sydney’s house prices were, particularly near the city centre.
“With 15 new suburbs bringing the million-dollar club total to 209 million-dollar suburbs, it is becoming more difficult to find an inner or middle ring suburb for under $1 million,” she said.
Despite Sydney experiencing some of the best market conditions since the prolonged housing boom of 2014 to 2017, four suburbs were booted out of the million-dollar club.
Campsie in the inner west suffered the biggest fall with its median price dropping from $1.19 million to $985,000. Lidcombe, North Avoca and Sutherland also saw prices dip below $1 million.
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