Rental First
According to the latest report by Domain dated 24/07/2020, Sydney’s North-West is the sole pocket of the city that has escaped house price falls despite the pandemic taking a toll across the property market, with new infrastructure and blocks of vacant land luring homebuyers.
- House prices rose 3.4 per cent in the region – which takes in suburbs from Epping to Kellyville Ridge – to a median of $1.35 million in the three months to June 2020, Domain’s latest House Price Report
- It’s a marked contrast to price falls in the affluent inner suburbs.
- Inner-west house prices suffered the heaviest losses of 5.9 per cent to a median of $1.6 million.
- The lower north shore recorded the next steepest drop of 4.8 per cent to $2,502,500.
- Across Sydney as a whole, the median house price dropped 2 per cent to $1,143,012 in the same period.
Domain senior research analyst Nicola Powell said the North West was benefitting from being a growth corridor during the pandemic. Availability of land, $ 25,000 builder grant and big-ticket infrastructure projects add to the appeal.
But Dr Powell warned the area’s price growth may not last, as moves in inner city markets can be an indicator of what is to come.
Source: https://www.domain.com.au/news/house-prices-rise-in-sydneys-northwest-defying-broader-downturn-figures-show-971504/