Research group PropTrack have revealed the suburbs to watch where popularity is booming but prices haven’t seen as much growth – and 2024 could be the year these suburbs’ prices take off.
The region that dominated the top 10 list of “suburbs to watch” was the Sutherland Shire.
With inquiry levels shooting up, it is expected that these suburbs could have significant price hikes due to their growing demand in the new year.
Woronora is one of the top 10 “suburbs to watch” in 2024. This four bedroom Woronora home sold in December for $1.473m.
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Nick Gleeson from Sanders Property Agents has worked in real estate in the Shire for 20 years and said he has noticed a big change over the last 12 months.
“For the first 10 to 15 years, 80 per cent of buyers were already from the Shire, and it’s totally changing now,” he said.
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The Shire suburbs of Woronora, Kareela and Yowie Bay are suburbs to watch in the new year according to PropTrack.
The Shire suburbs that made the watch list were Woronora, Kareela, Yowie Bay, Illawong and Sylvania Waters.
The PropTrack data shows they have had significant interest with high numbers of inquiry, but haven’t had as much price growth compared to surrounding suburbs in the area..
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“Particularly in those suburbs of Kareela and Woronora we are seeing a lot of people moving from the Eastern suburbs and Inner West because they can get a lot more value for money here,” Mr Gleeson said.
This four bedroom Kareela home is on the market with a price guide of $1.75m-$1.85m.
The median price in Kareela is currently $1.605m and has experienced a 7.2 per cent year on year price growth, according to PropTrack data.
Close to beaches and amenity, the location and lower price point is increasing the interest with prospective buyers, according to Mr Gleeson.
“I think people have realised it’s not as far from the city as they originally thought, from Jannali train station is only 35 minutes to the city,” he said.
Other suburbs that made the list were Kenthurst in the Hills, which has seen a 7.3 per cent price drop in 2023, and Killara and Gordon in the Upper North Shore.
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Kenthurst was listed as the top suburb to watch, which has seen a year on year 7.3 drop in house prices with an median house price of $3.29m
Mr Gleeson said he expects the trend in the Shire to continue in 2024 and for price points to move with the growing demand.
“People will continue to move out of those city areas and move out this way for the lifestyle,” he said.
TOP SUBURBS TO WATCH IN 2024
HOUSES
1. Kenthurst
2. Woronora
3. Killara
4. Monterey
5. Wamberal
6. Gordon
7. Kareela
8. Yowie Bay
9. Illawong
10. Sylvania Waters
UNITS
1. Enfield
2. Caringbah South
3. Huntleys Cove
4. Woollahra
5. Turramurra
6. Carlingford
7. Holroyd
8. Condell Park
9. Sans Souci
10. Roseville
