Sydney’s “pandemic-proof” home prices, now slowing, are attracting would-be buyers and investors seeking to capitalize on its suburbs as rental demand accelerates.

Sydney’s Home Prices Being Buoyed by Rental Demand

Few housing markets have been as perpetually flush as Sydney’s throughout the pandemic.  According to CoreLogic, real estate prices in Australia’s harbor city rose +29.6% over 2021, adding nearly A$1,000/day to the value of an average home.  Over 25% of Sydney’s suburbs have a median home price of A$2M or US$1.44M, according to

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Even though industry experts are indicating that price growth is waning a bit, those same experts are suggesting that rental demand across Sydney, especially in its beachside suburbs, is ramping up.  Would-be buyers and investors are apparently stumbling over each other to “get in” to houses under the A$2M price point.

Steady Rental Demand

Cameron Kusher, director of economic research with‘s research arm PropTrack and author of the latest PropTrack report, said, “While the annual growth in rents in Sydney (and Melbourne) remains slow compared to other parts of the country, these cities are starting to see shortages and prices are beginning to rise, given lockdowns have ended, borders have reopened and migration is returning.”

PropTrack’s latest report indicated that the demand per listing metric (how many would-be tenants are “watching properties” on has seen an increase of +52.2% y/y, the site’s steepest year-on-year increase ever.

10 Sydney Suburbs on Cusp of A$2M Median Price

According to PropTrack, 60 suburbs within Sydney’s greater region had a median home value over A$1.75M.  Here are the top ten among those 60 suburbs with home prices on the threshold of A$2M that could be considered Sydney’s “hotspots” in the short- and mid-term future.

Suburb     Med. Home Price  Y/Y Change   Q/Q Change    

Pennant Hills   A$1.991M          +21%           +2%

East Kurrajong A$1986M           +39%           +13%

Dulwich Hill      A$1.98M            +11%           -1%

Petersham        A$1.980M          +12%           +1%

Oatlands          A$1.976M           +14%           +3%

Denistone         A$1.973M          +4%              +1%

Redfern            A$1.970M          +25%             +0%

Ashbury           A$1.961M           +12%             +3%

Leichhardt        A$1.958M           +20%             +0%

Lewisham          A$1.945M           +22%            +4%

Nothing For Certain

Cautioning would-be buyers and investors, Kusher said, “The suburbs listed  (above) are those closest to breaching the A$2M median value mark.  While they are currently close, it isn’t a given due to the broader housing market slowdown in Sydney, as highlighted by …Sydney’s recording value falling from a peak of 9.3% during mid-May 2021 to just .3% in Q1 2022 and the prospect of higher interest rates shortly.”

Other Outskirt Areas to Explore in Australia

Mark Cadry with BuyEast Buyers Agency suggested that New South Wales’ Central Coast, a semi-urban region north of Sydney, is gaining momentum from commuters.  “In suburbs like Umina we’re seeing average sale prices still below the A$1M mark and it’s only a 1 hour and 15-minute drive to Sydney’s center.  It’s family-friendly, has access to the beach and with cafes and exclusive beaches like Patonga and Peal Beach as neighbors, it’ll surely grow in demand as urban sprawl continues”

Other suburbs to consider include Bondi Beach, Hillside, Beaconsfield, Little Bay and Malabar (once Long Bay prison is relocated).

Veronica Morgan, co-founder of and principal with Good Deeds Property Advisors, advises investors considering residential properties in Australia to keep an eye on potential price growth via future rental and sales returns and on emotional appeal.

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