Sydney’s Inner West has a limited supply of homes and a very strong demand which has led to a solid price growth on houses in the area.
Eight suburbs in the area recorded a median house price growth of more than 30% in the last 12 months with Mortlake rising a massive 47.7 per cent.
Mortlake took the crown showing the best property growth with the median house price rising to $1.67 million over the past year. The area was once an industrial, working-class area and now is made up of new apartments and mansions boasting water and city views.
Next in line was Liberty Grove which saw its median house price growing 41.9 per cent to a price of $1.215 million. The area is relatively young and sits snugly between Rhodes and Concord West and attracts a mix of buyers who all desire the fantastic facilities and lifestyle.
Coming in at Number 3 is Homebush which has proved very popular with young families and couples with the median house price growth rising 36.7 per cent in the past year. Joe Campisi from Devine Real Estate Strathfield said, “It’s the infrastructure and proximity to the city, and proximity to the lifestyle. There are a lot of new restaurants and cafes that are attracting people.”
Taking in fourth place is the waterfront suburb of Abbortsford which sits 10km from the city and saw a house price growth of 36.2% for the year. The suburb is highly prized with median price of a house totalling $1.955 million with the average holding period being about 13 years.
Enmore clocked in fifth place which saw a growth of 34.3 per cent over the last year with the house price coming in at $1.25 million. Duncan Gordon from Raine & Horne Newtown said the rise in popularity is due to the escalating prices in Newtown, “Enmore has become a genuine competitor to the Newtown market and a genuine option for Newtown buyers.”
Other suburbs with notable rising median house prices in the last year were Cabarita, Rhodes, Lewisham, Camperdown and Concord West.
With house prices ever on the increase in Sydney’s inner west, home buyers and investors alike want to be certain that they are aware of any structural defects or pest issues that may be present in a house before making the purchase. Inspect My Home has a dedicated team of building inspectors with 25 years of experience inspecting properties
Photo by Jason Baker