By Rich Harvey, CEO & Founder, propertybuyer.com.au
It can be tempting to look at the soaring price of real estate in Sydney and assume that the market is tapped out, with little-to-no room for further growth.
The latest data from CoreLogic shows Sydney’s median home price surged by a whopping 11.1 per cent across 2023, hitting a record high of $1.12 million.
That growth eclipsed the national increase of 8.1 per cent and was the third-highest of all the capital cities, behind powerhouse Perth (15.2 per cent) and booming Brisbane (13.1 per cent).
It’s clear that whether buying a home or investing in bricks and mortar, Sydney is still the preferred destination for many.
And a broad range of economists from major research houses and the big four banks are all tipping continued strong growth in the Harbour City of at least five per cent in the year ahead.
So, it’s not maxed out after all, the experts agree.
But not all suburbs are created equal and there are pockets of Sydney where you’re wiser to park your cash.
These are my five picks for suburbs for homebuyers to watch in 2024.
Matraville
This peaceful seaside pocket is the best-kept secret in the eastern suburbs, often flying under the radar and overshadowed by its flashy and boisterous nearby cousins Maroubra and Coogee.
But Matraville has a lot to offer, especially for those wanting to live close to the coast without paying quite as much, as well as families who favour parks and green open spaces.
Located about nine kilometres from the Sydney CBD, good roads and a solid bus network keep the area well-connected.
But the vibe here is idyllic and laidback, despite being a stone’s throw from the hustle and bustle.
Interest in Matraville has been on the rise, and as a result there’s been a flurry of small-scale development, with daggy old cottages making way for stunning freestanding homes with generous yards and space for a pool, as well as designer duplexes and townhouses.
Those exact types of dwellings are drawing in young families who want an idyllic, safe and welcoming community by the beach for a reasonable price.
As it stands now, the median house price is $2.4 million and has nudged upwards by one per cent over the past year.
The median unit price is $865,000, which has grown by 4.8 per cent year-on-year.
Sure, that’s a fair amount to pay for a house, but compare it to the eye-watering cost of a standalone dwelling up the road in Coogee ($3.44 million), Maroubra ($2.8 million), Bronte ($5.8 million) or Bondi ($3.7 million).
And Matraville has access to plenty of spectacular stretches of sand, from Malabar Beach to Little Bay and even Congwong at La Perouse.
Mount Colah
In the outer northern suburbs of Sydney where the gum trees stretch high and the streets run wide, you’ll find the picturesque pocket of Mount Colah.
It’s known for its affordable housing, extremely friendly family atmosphere, convenient location and host of amenities.
Compared to some of its ritzier Upper North Shore counterparts, Mount Colah offers good bang for buck, with a median house price of $1.53 million and a median unit price of $636,000.
While it’s about 23 kilometres from the Sydney CBD, the suburb is situated alongside the Pacific Highway and is serviced by a local train station providing a direct rail link into the city.
The range of dwellings here is broad, so there’s just about something for every buyer type and budget.
You can get sprawling family houses on big blocks, contemporary townhouses with a bit of grass, or cleverly designed apartments offering good bank for buck.
In recent times, families have been flocking here, drawn by the array of quality schools throughout the area and an abundance of parks and recreational areas.
But it’s the chance to enter the sought-after northern suburbs without absolutely breaking the bank.
Unlike some fringe suburbs, you don’t need to travel far to get what you need or want, with Mount Colah residents spoilt by a host of amenities, be it shopping, dining or lifestyle.
St Clair and Erskine Park
For this hotspot pick, you get two for the price of one with St Clair and neighbouring Erskine Park about 44 kilometres west of the Sydney CBD in Penrith.
St Clair was developed as a new housing state in the mid-1980s, so as you’d expect, the dwellings are of a high quality, built with families in mind, and sit on enormous blocks of land.
Erskine Park’s birth was in the early to mid-1990s so it boasts similar characteristics.
This is a pocket that really prides itself on its community feel – the kind of Aussie suburbia you might typically find in television shows or films.
Neighbours know and mingle with each other, streets are safe for kids, and there’s a welcoming and warm vibe to the place.
For those with little ones, there are plenty of parks and recreation spaces to let them burn off some steam.
Throughout the area you’ll also find a number of walking and cycling tracks through generously proportioned nature reserves.
Ample bushland is also a haven for mountain-bikers, bushwalkers and four-wheel drive enthusiasts.
There’s no denying that this part of Greater Sydney is a bit of a hike from the big smoke to the east.
But St Clair and Erskine Park are close to both the M4 and the M7, making commuting to either Parramatta or further east to the Sydney CBD relatively easy.
There are plenty of schools throughout, both public and private, and a range of convenient amenities from shopping to health and recreation.
The median house price in St Clair is $925,000 and this area is overwhelmingly dominated by detached dwellings, so there’s no unit data available.
In Erskine Park, the median house price is $1.01 million, and once again, you won’t find units or townhouses here.
Cromer
If you had to pick a suburb that epitomised the notion of ‘best of both worlds’ it might just be Cromer on Sydney’s popular Northern Beaches.
Want lush bushy surrounds? Check. After a safe, inviting and family friendly neighbourhood? Check. Dream of living moments from some of the best beaches in the world? Check.
Once upon a time, Cromer was looked down upon by those who lived in more exclusive Northern Beaches postcodes.
It was lower in the socio-economic rankings and the homes were more modest, and so it flew under the radar for a long time.
Cromer has been something of a sleeper suburb for a while now, offering all of the delights of the Northern Beaches without quite as sky high a price tag.
The secret is out and this burgeoning lifestyle suburb that offers quality schools, excellent proximity to every amenity you could ask for, great transport links, and plenty of parks, sporting fields and recreation spaces.
It’s home to the prestigious Comer Golf Course and locals are an enticingly short drive from the beach. It truly offers the best of both worlds.
And just as exciting is the median house price of $2.12 million.
Yes, that’s no small sum, but compare it to neighbouring Dee Why ($2.4 million), Narrabeen ($3.13 million), Collaroy ($3.67 million) or North Curl Curl ($2.9 million) and you’ll start to see the potential.
Young families and upgraders see Comer as an up-and-comer, and for good reason. There are big things on the horizon for this little slice of heaven.
Ermington
About 19 kilometres west of the Sydney CBD on either side of the Parramatta River, you’ll find a pocket that’s barely recognisable to what it was a decade or so ago.
Incredible levels of development in several suburbs have sparked major change, with tens of thousands of new residents coming in and bringing with them demand for all of the modern conveniences you expect in a world city.
In the heart of it all you’ll find leafy Ermington, which is not as developed as nearby Meadowbank or Wentworth Point and so has retained its slower and quieter pace.
Families will find parks and playgrounds dotted along the Parramatta River, while those who like to keep active can explore a host of nature reserves, walking tracks and cycle paths.
The neighbourhoods are diverse, friendly and safe, and a mix of older and more modern homes sit on generously proportioned blocks.
Naturally, those with kids are increasingly flocking to Ermington, but so too are young professionals in search of more home for their money.
The median house price here is $1.76 million while the median unit price is $722,500. That offers considerably good value for this part of town.
Getting to the CBD is a breeze thanks to excellent bus services, or a few minutes up the road you’ll find Meadowbank and West Ryde train stations.
Stage two of the Parramatta Light Rail infrastructure project will also connect Ermington to Olympic Park and Parramatta, making access to the second CBD of Greater Sydney even easier.
And major developments in neighbouring Melrose Park will spark further gentrification and usher in a new era that can be enjoyed from a short distance.
Amenities locally are solid, with a Woolworths and a selection of cafes, while there’s a whole range of shops and restaurants a stone’s throw away in West Ryde.
While these suburbs represent some of the excellent options available in Sydney, there are locations to suit all types of buyers and budgets. The key is not just determining where to buy, but also what to buy – and that will depend on each purchaser’s specific requirements. As such, having an expert buyers’ agent on hand delivers a huge advantage in your home hunt. We have the experience, skills and networks to ensure you secure the ideal home in an excellent location without the challenges of doing the heavy lifting yourself. Simply call our team and we’ll show you exactly what can be accomplished on your behalf by a specialist buyers’ agent.
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