The dream of buying a home in Sydney is still alive and well, according to real estate insiders – but you have to know where to look.
ns have dealing with soaring cost of living pressures in recent years and despite 13 cash rate hikes 18 months, Sydney house prices are mostly still rising.
But experts have revealed there is still value to found in the Harbour city with suburbs in the Hills district and the south-west, all presenting great value for money in 2024.
Other top buys include Dee Why on the northern beaches, Glenmore Park in western Sydney and Coogee, Kingsford and Kensington in the eastern suburbs.
The beachside suburb of Coogee (pictured) is on the verge of major growth due to projects such as the $2.2billion South-East Light Rail connecting the area to Sydney CBD
Nerida Conisbee (pictured), chief economist at the Ray White real estate agency, said established homes in the Hills District and south-western Sydney are her top picks for 2024
Nerida Conisbee, the chief economist at the Ray White real estate agency, said established homes in the Hills District and south-western Sydney are her top picks for the coming year.
‘It is now a lot more expensive to build a new home so buying a home a couple of years old in these areas is a smart purchase,’ she told realestate.com.au.
Mathew Tiller, the head of research at the LJ Hooker Group said the early months of the year will see more listings and a wider range of choice.
The hotspots, in his eyes, will be suburbs where values have steadied or fallen in the past year, making them more affordable.
Dee Why on the northern beaches, where apartment prices fell 8.4 per cent in 2023, is a good example, Mr Tiller said.
‘Glenmore Park is offering good value for families with its median house price falling 2.4 per cent to $1million; while Raby in Sydney’s south-west saw its median drop 1.8 per cent to $865,000,’ he added.
Buyers agent and author Lloyd Edge said getting the right property at the right price is what makes a good investment, naming Coogee, Kingsford and Kensington as his picks for this year.
Mr Edge said the beachside suburb of Coogee is on the verge of major growth due to infrastructure projects such as the $2.2billion South-East Light Rail connecting the area to the city centre.
Kingsford and Kensington, which are both located close to Coogee, will also benefit from the light rail project, providing a direct link to the CBD and Sydney Harbour.
Leanne Pilkington, the CEO of Laing and Simmons said many investors are selling out of Sydney and others are selling their second homes as mortgages go up.
ns have dealing with soaring cost of living pressures in recent years and despite 13 cash rate hikes 18 months, Sydney house prices are mostly still rising. A house for sale in Kellyville is pictured
Inflation is still high at 4.9 per cent with the RBA not expecting the consumer price index to return to the top of its 2 to 3 per cent target until late 2025 (stock image)
‘These trends are creating potential for first homebuyers if they can get their finances in order,’ she said.
The main factor for investors should be infrastructure such as public transport links, as well as rental yield and vacancy rates in an area.
‘However, when buying a home, you need to buy what is going to meet the needs of your family in a location that’s important for you,’ she said.
Elsewhere in , the Reserve Bank’s 13 interest rate rises in 18 months, taking the cash rate to a 12-year high of 4.35 per cent, are expected to slow the market in 2024.
Inflation is still high at 4.9 per cent with the RBA not expecting the consumer price index to return to the top of its 2 to 3 per cent target until late 2025.
But Stephen Halmarick, the chief economist at the Commonwealth Bank, ‘s biggest home lender, is expecting inflation to ease back within the target range by late 2024, with rate cuts to begin from September.
‘Inflation is decelerating in as well, but at a slower pace than some other nations,’ he said.
The beachside suburb of Coogee is on the verge of major growth due to infrastructure projects such as the $2.2billion South-East Light Rail. The line in nearby Randwick is pictured
CoreLogic’s Best of the Best report forecast the housing market would slow down in early 2024 but regain momentum as interest rates were cut again.
‘Combined with an expectation that interest rates could hold higher for longer, households are likely to see their budgets further stretched, and more households may fall into acute financial stress,’ it said.
‘Market conditions could once again strengthen towards the end of the year however, if there is a loosening in monetary policy.’
Last year, a flower wholesaler bought ‘s most expensive house for $76million – which came with panoramic views of Sydney Harbour Bridge and the Opera House, and eight bedrooms, eight bathrooms and six car spaces.
‘s cheapest house in 2023 went for just $8,000 in the remote Western n town of Kambalda East – a price unlikely to be beaten in 2024.
A flower wholesaler bought ‘s most expensive house (pictured) in 2023 for $76million – which came with panoramic views of Sydney Harbour Bridge and the Opera House
A three-bedroom house on George Cowcill Street at Kambalda East in Western sold in June 2023 for just $8,000, making it ‘s cheapest house