Valley Heights has topped a list, by Fairfax Media’s Domain, of affordable suburbs in greater Sydney that posted the highest median price growth for the 12 months to April, 2015.
Putting the spotlight on properties in the $550,000 to $600,000 median price bracket, Domain placed Valley Heights in number one spot last month with a one-year median price growth of 32.6 per cent, ahead of western Sydney suburbs including Windsor, Lalor Park, Lurnea, Claremont Meadows and Emu Plains.
The top 10 list ended with Dean Park, Blacktown, Glenfield and St Clair.
Of these 10 suburbs, on the median property price count, Valley Heights came in seventh place on $570,000, demonstrating there is still good value around for first home buyers and investors.
Domain Group’s senior economist Dr Andrew Wilson said suburbs on this list are continuing to grow strongly “because of their affordability advantages,” particularly with the median house price in Sydney reaching $914,000 for the March quarter.
“The challenging statistic is how much longer will we be able to find a house to buy in greater Sydney under $500,000?”
“With these kind of rates of growth, I wouldn’t think it’d be for much longer.”
Jonathan Crisp from Chapman Real Estate’s Springwood office agrees.
Asked to comment on Domain’s findings, he noted while nobody has a crystal ball, “the strong property price growth experienced in Valley Heights and across the Blue Mountains in the last 12 months should continue”.
“It’s a matter of supply and demand, particularly in Valley Heights where there are only so many homes for sale — usually just an average of eight to 10 sales each year.
“And you have a convenient location there with good road and rail links to Springwood, Penrith and Parramatta, which is just 45 minutes away.”
Mr Crisp said he sold a three bedroom, two bathroom Valley Heights home with a double carport at 4 Currawong Road for $610,255 on April 10 and a dual occupancy property at 16 Tusculum Road for $578,650 on April 20.
“Glenbrook still has the highest property prices in the Blue Mountains but there have been some properties recently sold in Springwood for over $1 million.
“Compared to property prices in Sydney that’s still relatively affordable and young couples and families with small children are continuing to look to buy in the Blue Mountains.”
— with Sydney Morning Herald
