Add Category![Sydney buyers with larger budgets will take advantage of falling property prices.](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720"%3E%3C/svg%3E)
Sydney buyers with larger budgets will take advantage of falling property prices.
Sydney’s north shore is slated to be the top area for potential growth in values next year, with many suburbs seeing increased attention from buyers.
A new report from PropTrack has identified the suburbs with the most potential buyers per listing, rising prices, and strong demand across the country’s major cities.
Seven of the ten suburbs listed were located in the North Sydney and Hornsby area, with many doubling the median 56 potential buyers per listing.
Prices are expected to grow in a number of areas in Sydney in 2023. Picture: NCA NewsWire/Bianca De Marchi
For homes, the suburb of Abbotsbury topped the list with the highest number of potential buyers per listing with 179.
Situated 39 kilometres west of the Sydney CBD, the south western suburb is the furthest away from the city compared to the other areas on the list.
Over the past 12 months, prices have jumped up by 15 per cent in Abbotsbury – with the median home costing $1.5m to buy.
LJ Hooker sales director Darko Horvat said he wasn’t surprised by the suburb being pegged as the most likely to perform well in 2023.
Abbotsbury topped the list with above average sized lots and appeal to family buyers.
“Abbotsbury is consistently an area that attracts a lot of attention from buyers. A majority of homes in this area are built on above average sized lots (compared to that of other areas under Fairfield City Council), homes tend to be larger and of a better quality build, with all the inclusions and lifestyle options that a family is looking for,” Mr Horvat said.
“There’s a lack of listings in the area with demand still high for property. Some prominant sales of homes in the area have been for those that are turnkey, properties ‘move right in’ or the scenario that if it’s set on a big block, the buyers are happy to undertake extensive renovation. Currently it is a steady market in Abbotsbury, but unique properties are still attracting above average enquiries and price points.”
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Abbotsbury was the furthest suburb away from the CBD to make the list of most watched suburbs for 2023. Pictures is 2 Gouda Close Abbotsbury which sold for $2.004m in December.
PropTrack senior economist Paul Ryan said the housing market is going into 2023 with an expectation of rising interest rates and continued suburban growth.
“The list shows how potential buyers are engaging with listings, with many suburbs in high demand due to their location or their price,” Mr Ryan said.
“Abbotsbury topping the list is interesting as south west Sydney is expected to perform quite well next year, with a 0.9 per cent growth over the past three months.”
Abbotsbury topped the list of suburbs expected to do well next year, with a potential 179 buyers per listing.
“Data from PropTrack shows that many of the suburbs with the most interested buyers per listing are in metro, not regional, areas.”
Also appearing on the overall list were north shore suburbs Roseville Chase, with an average of 159 buyers per listing and 144 in North Wahroonga.
LJ Hooker Gordon agent Jing Peng said that despite being smaller than its neighbouring suburbs, homes in the area have been favoured by young families due to its parks and amenities.
This property in North Wahroonga, one of the suburbs on the list, sold for $1.85m in February 2022.
“This is one of the more tightly held areas on Sydney’s upper north shore, a lot of buyers admire its proximity to the CBD and the lifestyle offerings in the area,” Ms Peng said.
“I think the key thing we’ll be looking at in 2023 is the impact of interest rate hikes on active buyers. Those with bigger budgets will be fine, but it may be more difficult for out of area buyers to move in.”
“Homes in the higher price range also tend to sell better, but there may be challenges on the horizon if buyers break the bank.”
Roseville Chase was the second suburb on the list, seeing a 1 per cent growth over the last three months and 159 potential buyers per listing.
Recent findings from Hotspotting’s Price Predictor Index for 2022/23 also found a number of property growth suburbs, contradicting the negative sentiment over recent months.
Surveying the biggest national market trends over the past year, the company found the popularity of units to be a major boost to several suburbs across Sydney.
Hotspotting Director Terry Ryder said the demand for property near the city was high as units were offered at comparitvely discounted prices when compared to homes in the same suburb.
“Sydney has been declining since mid-2021 but the Inner West and Canterbury-Bankstown remain busy markets,” Mr Ryder said.
The Canterbury-Bankstown area was also predicted to perform strongly in 2023, with a number of developments (including the Bankstown City Centure pictured) underway.
“With borders open and overseas migrants and students returning, demand from renters and buyers of units has risen – and vacancies have dropped markedly.”
The index specifically highlighted the Canterbury-Bankstown area as one for potential growth next year, with a number of suburbs seeing demand for houses priced from $900,000 to $1.5m.
PropTrack’s data also earmarked significant growth for units over the past few months, with a 2.4 per cent growth in average views for Kurraba Point, and a 0.9 per cent growth for Naremburn and Wollstonecraft.
The median price for units in Kurraba Point has experienced a major drop off over the past year, falling 31 per cent to a new median price of $1m.
Despite median prices falling in Kurraba Point over the past year, an increasing number of buyers have registered their interest in the area.
Ray White Upper North Shore agent David Walker said some of the suburbs on the list also enjoyed a proximity to the best private schools in Sydney.
“For suburbs like North Wahroonga, a lot of the best homes have a bigger space and come with a pool,” Mr Walker said.
“North Wahroonga is especially a conservative market with buyers not needing to borrow money, instead taking the option to purchase their second or third home.”
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