Sydney's Property Evolution
A NEW video analysis of historical house price data has revealed just how high Sydney’s property prices have soared in the last 35 years, pinpointing the suburbs that have seen the most median value growth since 1980.
The Onthehouse.com.au research revealed that eastern suburb Bellevue Hill was the most expensive postcode region back in 1980 and that it has come full-circle to reclaim that title today, however the difference in value is staggering.
The median house value in Bellevue Hill was just over $200,000 in 1980. Today, the median value is $4.2 million.
The data also revealed that the Sydney CBD was the first postcode region to reach the million dollar mark, which occured in 1989. However, the median value dropped to $980,000 one year later and then fell dramatically in the year 2000 to $800,000.
In 2000, Darling Point - which includes the suburb of Point Piper – became the most expensive postcode region with a median value of $1.6 million. A decade later, Darling Point houses had more than doubled in value and was once again named the most expensive postcode region with a median value of $3.6 million.
Onthehouse.com.au Market Analys Eliza Owen said that the north shore suburbs of Gordon and Killara have led each historical upswing, while suburbs west of the CBD tended to lag behind.
Ms Owen commented “You can see from 1980 to today that there is now a significantly higher range of values across Sydney. What may come as the biggest surprise to people looking back at the last 35 years is the reoccurring trend of the inner west areas being the last regions near the city to pick up in value. This is partly due to being under the flight path, because you have the airport just to the south of the inner west, and historically it is a low socio-economic area relative to the north shore and eastern suburbs.”
By 2011, most of North Sydney, the eastern suburbs and the north shore were worth well over $1 million. The median values in these areas contrasted starkly against so many other regions, particularly in the south west where house values were still under $400,000. It wasn’t until Australia’s largest housing boom in 2013 that Southwest Sydney almost doubled in value.
“You can see that since 2011, south west Sydney nearly doubles in value as a result of spill-over from the inner west, and spill-over from Badgerys Creek on the other side of Sydney,” Ms Owen commented.
Ms Owen continued: “On this note, it is interesting to see Badgerys Creek as another separate growth centre, which is seeing higher values in surrounding postcodes as well. The reason for the higher values can most likely be put down to properties sitting on acreage or really large plots of under-developed land.”
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Published: 27 October, 2015