Outer Sydney suburbs lead price growth as buyers chase affordability
Increased demand for property on Sydney’s outer fringe has seen prices surge significantly over the past two decades, with some suburbs recording growth above 320%.
While a handful of affluent suburbs made the top 10, Cotality data shows that the three with the highest price growth in the 20 years to April were all in the outer south-west. Leppington, with an increase of 457.6%, led the way, followed by Catherine Field (395.9%) and Austral (323.0%).
Cotality research director Tim Lawless said Sydney’s housing affordability challenge had reached an all-time high, with buyers willing to sacrifice shorter commutes to own a house with at least some land.
“We’ve seen this real trend in Sydney where a lot of mainstream demand is being deflected towards those outer fringe markets, simply because that’s what people can afford to buy and where they can service their loan,” he told Domain.
While many outer fringe markets were probably more synonymous with first home buyers or lower income households 10 or 20 years ago, Lawless said the demand was “much more mainstream now”.
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.
