The Sydney suburbs leading property price recovery in 2023 | Kanebridge News
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The Sydney suburbs leading property price recovery in 2023

Prices could be back to their peak before the end of the year, new data shows

By KANEBRIDGE NEWS
Tue, Apr 11, 2023 9:43amGrey Clock 2 min

Australian house prices are bouncing back with some areas hardest hit expected to hit their peak in the second half of 2023, leading real estate firm Ray White reports.

Chief economist for Ray White, Nerida Conisbee said figures revealed that Sydney, which experienced the largest decline over the past year, is now leading the price recovery, with growth up by 4.1 percent since December 2022. 

In Mosman, where the median price fell by $530,000 over 2022, there has already been an increase of $172,000. Manly, the northern and eastern suburbs of Sydney, Chatswood-Lane Cove, Dural and Pennant Hills-Epping have also shown strong signs of bouncing back with price increases in excess of $100,000. 

South Canberra is the only area outside NSW to record similar increases, with prices up by more than $104,000 from December 2022 to March 2023.

“While Sydney’s most expensive suburbs dominate the list of top growth suburbs, there are two outliers,” Ms Conisbee said. “South Canberra has seen an increase of $100,000 this year, while the regional NSW town of Dural is up a similar amount. Premium markets led the 2022 downturn and are now leading the way out of it in 2023.”

However, not all areas have bounced back so strongly so far. Canada Bay in the inner west and Ryde-Hunters Hill, which saw median prices fall by $367,664 and $347,505 respectively did not make it into the top 10 greatest increases.



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