The year 2021 saw a surge in house prices across many suburbs in Australia. With lockdowns, restrictions, and faltering economies many sought to move away from the city and to the suburbs. In this article, we explore NSW house prices and the suburbs that saw the most growth.
NSW House Prices
Properties in New South Wales witnessed a surge in prices during the year 2021. With many wanting to move away from bustling cities to scenic suburbs while still being in close proximity to cosmopolitan areas. NSW provides residents in its suburbs with relative proximity to Sydney as well as scenic settings.
The suburbs of Australia saw an increase of 50% in house prices in 2021. New South Wales suburban areas saw an influx of buyers with the most demanding detached housing. Moreover, most buyers searched for affordable neighborhoods that could provide them with a luxurious and comfortable lifestyle.
During the pandemic, property sales could be owed to the increasing need for space for families confined at home together. Additionally, money saved during lockdowns and extremely low interest rates may be reasons for the increase in property sales during the year.
Listed here are a few of the suburbs with the highest growth and house prices in NSW:
Kurnell NSW, Sydney, Sutherlands
Coming in at top position is Kurnell, NSW. It secured the second spot on CoreLogics Top 10 houses that rose in value nationally. Kurnell witnessed an annual change of 54.5% making it the suburb with the second-highest growth after St. Andrews, Victoria. With a median value per property of $1.9 million, Kurnell easily beats most suburbs for the fastest growth rate in 2021.
Situated at the southern headland of Kamay Botany Bay National Park, Kurnell is a small suburb in Sydney. The small town is only 21.4 kilometers south of Sydney’s business district. This makes it an attractive area for busy families that want to escape the city without disrupting their work lives.
South Turramurra, NSW
In second position is NSW suburb, South Turramurra. It also holds the third position in Corelogics Best of the Best report. With an annual change in growth rate of 52.5%, the suburb ranks right after Kurnell as one of the best suburbs in NSW. The property prices in South Turramurra possess a media value of a whopping $2.6 million, the highest on the list.
Located at the Upper North Shore of Sydney, South Turramurra lies 18 kilometers away from Sydney’s central business district. With its lush greenery and variety in dining and retail options, South Turramurra easily takes the spot of one of the most luxurious suburbs in NSW.
Gerringong, Illawarra
Taking the final position is Gerringong, Illawarra. This small suburb rose in ranks to secure the number one spot in Corelogics top ten regional housing markets. With an annual change in growth rate of 56.4% during 2021, the suburb lists a median value per property of almost $1.7 million.
A small town with a population of only 4000, Gerringong is merely a two-hour drive from Sydney. A peaceful seaside town with rolling hills and year-round greenery, it easily appeals to individuals seeking a natural landscape not too far from the city.
NSW also had some stand out performers. See here for the top performing suburbs in NSW.
