Fastest-Growing Sydney Suburbs: Where Property Values Doubled in Under 6 Years
It is a widely held belief that property prices should double every 10 years, but in some Sydney suburbs, this growth has been achieved in less than half the time.
According to Cotality, while the median house value took 10.9 years to double to $1.53 million in July, at least 20 suburbs recorded a quicker rate of increase, with four seeing prices rise 100% in under six years.
The outer south-west suburb of Menangle Park topped the list, with house values doubling to $1.15 million in just 4.4 years.
Cotality economist Kaytlin Ezzy told Domain that stronger price increases were typically seen in development-centric locations, with many fast-doubling suburbs offering house-and-land packages at more affordable price points.
“You see greater demand in these areas because they’re more affordable. It’s much easier to double off $561,996 [Menangle Park’s median house value as at February 2021] than it is to double off $5 million.”
That said, some prestige markets, including Clontarf and Bellevue Hill, also made the top 20 list, with their respective house prices doubling in 6.4 years and nine years.
About the author – Alex Veljancevski is a Sydney Mortgage Broker with Eventus Financial, which assists first home buyers, investors, upgraders and borrowers seeking to refinance to a better deal on their home loan.
