Happy 2023!
Last year in February 2022 I presented tables with the 10 most affordable & expensive suburbs in Sydney at the time. I thought it’d be interesting to follow up on how these suburbs price points have all performed about one year later (beginning of January 2023).
As a refresher, I’ve looked at all suburbs within 50km of the Sydney CBD here in New South Wales, Australia and I sourced my data from SmartPropertyInvestment.com.au.
I found this extremely interesting – read more below.
You can find the previous post here.
Performance of the Most Expensive Houses in 2022
- Owners of houses within the top 10 most expensive suburbs at the beginning of 2022 have made +$720k in equity (average median value went from $7.6m to $8.3m! About a 10% increase)
- The eastern suburbs had phenomenal growth being the strongest performing as the top 3 performing were Darling Point (+$3.5m or +40%), Tamarama (+$2.9m or +36%) and Vaucluse (+$2.3m or +34%)
- Vaucluse does boast Sydney’s most jaw-dropping views according to Domain
- Interestingly, we saw the biggest declines just over the Sydney Harbour Bridge over at Cremorne Point (-$1.3m or -20%), then further up north at Whale Beach (-$710k or -10%) and Duffys Forest (-$395k or -6%)
| Suburb | Median Value (Feb 2022) | Distance to CBD (km) | Median Value (Jan 2023) | % Change | $ Change |
| Point Piper | $10.2m | 4.6km | $9.9m* | -2% | -$250k |
| Darling Point | $8.6m | 4.6km | $12.0m | +40% | +$3.5m |
| Woolwich | $8.4m | 5.6km | $8.4m* | 0% | – |
| Tamarama | $8.0m | 7.1km | $10.9m | +36% | +$2.9m |
| Bellevue Hill | $7.4m | 5.7km | $8.4m | +13% | +$985k |
| Whale Beach | $7.3m | 27.5km | $6.6m* | -10% | -$710k |
| Vaucluse | $6.8m | 6.9km | $9.1m | +34% | +$2.3m |
| Duffys Forest | $6.5m | 23.3km | $6.1m | -6% | -$395k |
| Cremorne Point | $6.5m | 4.0km | $5.2m | -20% | -$1.3m |
| Double Bay | $6.1m | 4.1km | $6.3m | +4% | +$980k |
Performance of the Most Expensive Units in 2022
- Owners of units within the top 10 most expensive suburbs at the beginning of 2022 have made little to no equity in the year to Jan 2023 with the average median value remaining flat
- Barangaroo, right at the heart of the Sydney CBD, saw a massive 34% decline in unit value so the median owner lost $4.4m in equity
- Malabar (+$1.2m or +56%) and Bayview (+$813k or +39%) saw the strongest growth, both being beachy suburbs away from the hustle and bustle of the Sydney CBD (Malabar in the south-east, Bayview in the north-east) – it looks like luxury apartments that offer quiet and retreat from the Sydney CBD and are close to beaches are on the rise
| Suburb | Median Value (Feb 2022) | Distance to CBD (km) | Median Value (Jan 2023) | % Change | $ Change |
| Barangaroo | $12.9m | 0.0km | $8.5m | -34% | -$4.4m |
| Point Piper | $4.1m | 4.6km | $4.3m | +7% | +$270k |
| Darling Harbour | $3.4m | 5.1km | $3.9m | +16% | +$540k |
| Dawes Point | $3.4m | 5.1km | $3.9m | +16% | +$540k |
| Tamarama | $2.3m | 7.1km | $2.1m | -9% | -$216k |
| Milsons Point | $2.3m | 1.6km | $2.2m | -5% | -$118k |
| Darling Point | $2.3m | 4.6km | $3.0m | +30% | +$700k |
| The Rocks | $2.2m | 5.1km | $2.1m | -7% | -$168k |
| Malabar | $2.2m | 12.6km | $3.5m* | +56% | +$1.2m |
| Bayview | $2.1m | 23.3km | $2.9m* | +39% | +$813k |
Performance of the Most Affordable Houses in 2022
- The 10 most affordable suburbs back in 2022 saw all 10 suburbs see significant increases in the value in the year to January 2023, with the average median value increasing by +31% or the average owner gaining +$180k in equity
- Leppington and Austral saw the best performance with median propery values nearly doubling and owners seeing nearly +$500k increase in the value of their homes
- There are now virtually no suburbs within 50km of the Sydney CBD where the price is under $500k
| Suburb | Median Value (Feb 2022) | Distance to CBD (km) | Median Value (Jan 2023) | % Change | $ Change |
| Menangle Park | $404k | 49.6km | $589k | +46% | +$185k |
| Austral | $460k | 36.9km | $910k | +98% | +$450k |
| Emerton | $575k | 38.0km | $680k | +18% | +$105k |
| Singletons Mill | $575k | 44.5km | $708k | +23% | +$133k |
| Leppington | $580k | 36.9km | $1.1m | +94% | +$547k |
| Blackett | $598k | 38.0km | $680k | +14% | +$83k |
| Lethbridge Park | $600k | 38.0km | $668k | +12% | +$68k |
| Biddwill | $607k | 38.0km | $670k | +10% | +$63k |
| Mount Druitt Village | $607k | 38.0km | $670k | +10% | +$63k |
| Willmot | $609k | 38.0km | $671k | +10% | +$62k |
Performance of the Most Affordable Units in 2022
- This performed similarly to the most expensive units in 2022, where the overall average median unit value remained flat in the year to January 2023
- There was modest growth in unit values in the south, west & south-west of NSW such as in Lakemba, Wiley Park and Mount Druitt with these suburbs seeing between +3-6% growth in the year to January 2023
- Biggest decreases in value were in Carramar and Lansdowne both seeing -16% decrease in value in the year to January 2023
| Suburb | Median Value (Feb 2022) | Distance to CBD (km) | Median Value (Jan 2023) | % Change | $ Change |
| Lakemba | $380k | 13.5km | $390k | +3% | +$10k |
| Wiley Park | $390k | 13.5km | $405k | +4% | +$15k |
| Mount Druitt | $400k | 38.0km | $425k | +6% | +$25k |
| Fairfield | $415k | 23.5km | $428k | +3% | +$13k |
| Cabramatta | $420k | 25.4km | $425k | +1% | +$5k |
| Warwick Farm | $420k | 26.9km | $419k | +0% | -$1k |
| Jamisontown | $420k | 49.7km | $458k | +9% | +$38k |
| Carramar | $428k | 20.7km | $358k | -16% | -$71k |
| Lansdowne | $428k | 20.7km | $358k | -16% | -$71k |
| Canley Vale | $435k | 25.4km | $430k | -1% | -$5k |
Conclusion
At both extremes of the property market, specifically for houses, we see that property values are still increasing – bucking the trend of the overall Sydney market that saw a -12.1% fall in property values in the year up to the end of December 2022.
The suburbs with the most expensive houses in the Sydney eastern suburbs continue to grow strongly offering secluded, quiet luxury. The suburbs with the most affordable houses within 50km to Sydney CBD have all shown at least +10% growth in the past year.
Interestingly, on average, units at both extremes of the value scale both have not shown much movement.
