A new report spanning Bowral to the beaches has revealed Sydney’s fastest growing property suburb.
Figures collated by Di Jones revealed Sydney as a whole has a 13 per cent increase in dwelling values over the financial year to 2020.
While Sydney as a whole had strong growth, the data revealed micro-markets have been created in highly desirable suburbs, resulting in significant median price increases. Often this is seen across smaller sample sizes and not reflective of broader market movements.
For the second year in a row, Dee Why saw the largest number of sales, with 622 transactions in the beachside suburb.
Di Jones CEO Rob Ward said the report combines data from market leader CoreLogic and Domain insights, offering a report not offered by any other agency.
“Accessible to all, this digital report is easy to navigate and provides relevant data assisting consumers on their property journey,” Mr Ward said.
Strongest performing unit market
At the top of the list was Sydney’s inner suburb of Annandale, where the median unit price rose by 43 per cent to $1,144,000 based on 43 transactions over the financial year.
Apartment investors in Warrawee, Millers Point, Dover Heights, Bronte and Rushcutters Bay also enjoyed strong growth, with the blue-ribbon suburbs growing between 36 per cent and 40 per cent.
Strongest performing housing market
Not surprisingly, the report found houses that were close to Sydney City saw the largest increase in median prices.
The highest increase was seen in the suburb of Northwood in Lane Cove with a 34 per cent increase to $3,710,000.
The popular suburbs of Bondi McMahons Point and Longueville also saw increases between 25 per cent and 27 per cent.
Impact for other agents
Agents are being urged to embrace modern technology, with the use of big data helping them become more efficient.
Mr Ward previously explained how he is able to connect buyers and sellers more efficiently through the use of data.
“What we do is we get the insights from the data to see where we need to open offices to connect the dots,” Mr Ward previously told REB.
“We’ve recently opened Di Jones Pittwater, with the office based in Mona Vale, and that’s predominantly come because we’ve recognised that people move from the upper north shore to the beaches.
“So, it makes sense for our vendors in the beaches to be able to market their properties back through our database of owners in the upper north shore.”
Di Jones Real Estate’s success with big data was revealed through its accelerated expansion, with the core of their strategy and success a focus on innovation and buyer migration trends across Sydney and the Southern Highlands.
“In August alone, we saw an 83 per cent clearance rate for auction campaigns, with 44 of the 53 properties scheduled to go to auction transacting within the month. Looking forward, we have 75 auctions scheduled in the next four weekends,” Mr Ward said.
“Over the next few weekends we have another 75 auctions scheduled.
“Likewise, our investment management team has welcomed a decline in vacancies and days on market, down to the lowest levels in five months. With expats returning to
Sydney, we are seeing a strong demand for prestige lease opportunities, particularly between the $3,000 to $6,000 a week mark.”