How true is the old adage that Sydney property prices double every 10 years? In some cases they have done a whole lot better!
A recent article from realestate.com.au has highlighted the incredible growth suburbs around Sydney, NSW and throughout Australia have seen over the past 10 years. If you were lucky (or insightful) enough to buy in Byron Bay in 2013 then you could reap the benefit of a 361.5% growth in median house prices! Whilst not enjoying the same level of increase as Byron, the Upper North Shore has performed very well with median house prices in Lindfield growing 181.2%, Pymble 161.5% and Wahroonga 160.1%. These figures suggest that house over the last 10 years have well and truly outperformed the old rule of thumb. Apartments haven’t seen the same level of growth with the median price increasing only 44.9% in Lindfield, 66.7% in Pymble and 78.3% in Wahroonga. Some of this is likely a result of the increasing supply of apartments in the area over this period and growth in apartment values may ‘catch-up’ as rents increase and supply and demand becomes more balanced.
Want to find out how your suburb performed?