Sydney’s sizzling property market is smashing suburb sale records across the state. Here are the top ten records:
2021 has been an unprecedented year of growth and an array of outstanding results for the Australian residential housing market, many of which were record-breaking sales in Sydney.
New data released by realestate.com.au collected the ten highest record breaking suburb sales for houses in Sydney.
It showed that home buyers have spent an unprecedented amount of money all across Sydney to buy a home, resulting in real estate records crumbling throughout the year.
In some cases, homes sold at record prices as values rose $1100 per day in “never before seen” conditions.
This is due to the “perfect storm” of low interest rates and a shortage of available housing. Families also had more money to spend than in previous years as they weren’t able to spend on international travel and social outings.
CoreLogic’s Head of Research Eliza Owen said the estimated value of Australia’s residential real estate had gone from $7.2 trillion at the end of November 2020, to reach a record high of $9.4 trillion in just 12 months.
“This phenomenon may also just reflect market dynamics that have been observed in the housing market cycle over about a decade, where more expensive markets (particularly in Sydney and Melbourne) tend to show more volatility,” Ms Owen said.
“This means during the upswing phase of the housing market cycle, expensive property markets in these cities will generally see higher growth rates.”
Topping the national list was 27 Buckingham Road in Baulkham Hills which was sold in November this year for an undisclosed price. It had been off the market for over 37 years and was primed for redevelopment when it sold. The previous record for the suburb was $3,060,000 set by 18 Daniel Ave in June 2021 – a unique home completely decked out in black and white with a large ‘18’ on the front lawn.
#7: 2 & 2A River Street, Birchgrove – Dec 21 – $14,620,000
2 & 2A River Street, Birchgrove NSW real estate
Inspired by the original 1880s sandstone cottage that remains as the spine of the building, this property indulges in intimate water views and direct access to the waterfront.
by Sam Murden The Daily Telegraph
December 29, 2021 – 10:03AM