Sydney Property Boom in 2014 – The 6 Hottest Suburbs

January 29th, 2015

shutterstock_10035025

2014 was a good year for the Sydney property market, with house prices skyrocketing to millions of dollars, according to Aidan Devine on The Daily Telegraph. Home auctions also reached a record 39,881, and selling a property has never been easier.

Here’s a look at the suburbs in Sydney that performed the best in 2014 according to six categories:

Mays Hill – Top performer

Mays Hill in Sydney’s west experienced a 48% price growth in the year 2014. The median house price went up from $555,000 in 2013 to $823,724 last year. Mays Hill was 2014’s fastest-growing property market in Australia.

Moreover, Western Sydney was the strongest property market in the country throughout 2014, with prices so high that it had six of Sydney’s top 10 fastest-growing apartment markets and two of the fastest-growing detached housing markets.

Burwood Heights – Best recovery since the GFC

Burwood Heights in Sydney’s inner west led the recovery in the property market last year. House values in the suburb increased by 104% over five years since the GFC in 2008-2009. The median house price rocketed from $780,000 in 2009 to a stunning $1.59 million in 2014. This was due to infrastructure improvements, more properties being built, and affordable prices.

Additionally, from the GFC to 2014, house prices in Sydney’s average suburbs went up 53% compared to only 18% for the whole country.

Mosman – Highest total sales value

Mosman is an expensive suburb in Sydney’s lower north shore, and had the highest total value of sales in 2014 at $1.1 billion. This made it Australia’s largest property market by sales value. The majority of buyers who bought a property in Mosman last year came from middle-income backgrounds. Although there are plenty of multimillion-dollar homes in the suburb, most of its 354 sales were for properties less than $1.5 million.

Balgowlah Heights – Biggest resale gains

Balgowlah Heights in Sydney’s north had an average resale gain of $904,735 last year, according to CoreLogic RP Data. This is the difference between the price sellers bought their homes for and the price they sold them for. Put simply, sellers sold their home for almost $1 million more than they bought it for.

What’s more, a tight housing supply meant 2014 was a great year for sellers in the north.

Jannali – Fastest sales

Jannali is located in Sydney’s southern shire, and the average time a property stayed on the market before it got sold was 10 days. Most properties in Australia stay on the market for three months prior to being bought, but Jannali properties took just an average of 10 days to sell in 2014, which meant that buyers needed to be quick if they wanted to purchase a property in the suburb. Real estate agents have reported that some buyers bought properties in Jannali on the day they were listed.

Haymarket – Best suburb for property investors

Haymarket in Sydney’s CBD has a lot of cheap homes for students, which often produced high rental returns of 6% or even more. This made Haymarket one of Sydney’s best suburbs to invest in property in 2014, particularly for those looking for high rents in order to make paying off their mortgage easier and simpler.