Just for fun

[Jan 2023] How Sydney Properties Performed in 2022 – Revisiting 2022’s Most Affordable & Expensive Suburbs

Photo of Vaucluse (source: Sydney.com)

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%)
  • 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 (-$395k or -6%)
SuburbMedian Value (Feb 2022)Distance to CBD (km)Median Value (Jan 2023)% Change$ Change
Point Piper$10.2m4.6km$9.9m*-2%-$250k
Darling Point$8.6m4.6km$12.0m+40%+$3.5m
Woolwich$8.4m5.6km$8.4m*0%
Tamarama$8.0m7.1km$10.9m+36%+$2.9m
Bellevue Hill$7.4m5.7km$8.4m+13%+$985k
Whale Beach$7.3m27.5km$6.6m*-10%-$710k
Vaucluse$6.8m6.9km$9.1m+34%+$2.3m
Duffys Forest$6.5m23.3km$6.1m-6%-$395k
Cremorne Point$6.5m4.0km$5.2m-20%-$1.3m
Double Bay$6.1m4.1km$6.3m+4%+$980k
Source: SmartPropertyInvestment.com.au. Data marked with * was missing and filled in with CoreLogic data as at 2 Jan 2023

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 (+$813k or +39%) saw the strongest growth, both being beachy suburbs away from the hustle and bustle of the Sydney CBD (Malabar in the south-east, Bayview in the north-east) – it looks like luxury apartments that offer quiet and retreat from the Sydney CBD and are close to beaches are on the rise
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SuburbMedian Value (Feb 2022)Distance to CBD (km)Median Value (Jan 2023)% Change$ Change
Barangaroo$12.9m0.0km$8.5m-34%-$4.4m
Point Piper$4.1m4.6km$4.3m+7%+$270k
Darling Harbour$3.4m5.1km$3.9m+16%+$540k
Dawes Point$3.4m5.1km$3.9m+16%+$540k
Tamarama$2.3m7.1km$2.1m-9%-$216k
Milsons Point$2.3m1.6km$2.2m-5%-$118k
Darling Point$2.3m4.6km$3.0m+30%+$700k
The Rocks$2.2m5.1km$2.1m-7%-$168k
Malabar$2.2m12.6km$3.5m*+56%+$1.2m
Bayview$2.1m23.3km$2.9m*+39%+$813k
Source: SmartPropertyInvestment.com.au. Data marked with * was missing and filled in with CoreLogic data as at 2 Jan 2023

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 $500k
SuburbMedian Value (Feb 2022)Distance to CBD (km)Median Value (Jan 2023)% Change$ Change
Menangle Park$404k49.6km$589k+46%+$185k
Austral$460k36.9km$910k+98%+$450k
Emerton$575k38.0km$680k+18%+$105k
Singletons Mill$575k44.5km$708k+23%+$133k
Leppington$580k36.9km$1.1m+94%+$547k
Blackett$598k38.0km$680k+14%+$83k
Lethbridge Park$600k38.0km$668k+12%+$68k
Biddwill$607k38.0km$670k+10%+$63k
Mount Druitt Village$607k38.0km$670k+10%+$63k
Willmot$609k38.0km$671k+10%+$62k
Source: SmartPropertyInvestment.com.au

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
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SuburbMedian Value (Feb 2022)Distance to CBD (km)Median Value (Jan 2023)% Change$ Change
Lakemba$380k13.5km$390k+3%+$10k
Wiley Park$390k13.5km$405k+4%+$15k
Mount Druitt$400k38.0km$425k+6%+$25k
Fairfield$415k23.5km$428k+3%+$13k
Cabramatta$420k25.4km$425k+1%+$5k
Warwick Farm$420k26.9km$419k+0%-$1k
Jamisontown$420k49.7km$458k+9%+$38k
Carramar$428k20.7km$358k-16%-$71k
Lansdowne$428k20.7km$358k-16%-$71k
Canley Vale$435k25.4km$430k-1%-$5k
Source: SmartPropertyInvestment.com.au

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.

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