The Reserve Bank’s rate cuts combined with the election results and changes to bank lending saw around one in five suburbs return positive price gains over the year to December, according to the latest Domain House Price Report.
The Sydney property market rebound was led last year with a 24% gain in the median price in the developing suburb of Norwest to $1.274 million.
In a positive end to the year, Sydney recorded its first annual price growth since 2017. House prices were up by 6.8 per cent in a year to a median of $1,142,212 and unit prices increased 3 per cent to $735,387.
The Great Western Sydney suburbs Norwest, Marsfield and Paramatta recorded the largest price gains across Sydney, all above 15 per cent, no doubt helped by the billions of dollars in committed infrastructure projects flowing into the area.
Greater Western Sydney infrastructure projects include Paramatta Light Rail, Sydney Metro West and Sydney Metro north west rail links along with West Connex all designed to link Paramattas CBD with the Greater Western Sydney region as well as the Sydney CBD.
Suburbs With The Largest Price Gains
|Suburb||Median Price||YOY||Suburb||Median Price||YOY|
|North Balgowlah||$2,095,001||10.3%||St Leonards||$1,100,000||9.1%|
Source: Domain. Note: Medians are based on a minimum of 50 sales over the year.