2021 HAS proven to be an incredible year for the Upper North Shore and Hornsby district property market, with not even the ultimate stress test – a prolonged fourth-month lockdown – able to halt rising prices.
In fact, across the country property prices rose at their fastest pace since 1989, according to CoreLogic. Sydney-wide, the median lifted an incredible 25.8% between 1 January 2021 and 30 November 2021.
But even this unprecedented growth was mild compared to the gains in certain sectors of the Upper North Shore property market.
Realestate.com.au data shows that Killara’s median house price rose from $3.1 million to $4.2 million over the course of this year – a gain of 35.5%; Pymble’s median house price rose 35.8% from $2.21 million to $3 million; and Roseville’s median house price rose 36.6% from $2,805,000 to $3,830,500.
Further north, house prices in Hornsby (up 28.9%), Hornsby Heights (up 30.0%) and Mount Colah (up 25.2%) also performed strongly.
It hasn’t only been increased demand that has been driving the local property market. Since the pandemic hit, the Sydney property market has been suffering from a chronic lack of supply.
This began to change towards the end of lockdown. In August 2021, SQM Research reported Sydney had fewer listings than any month, since it started collecting data in January 2021 (save for the traditional ‘off season’ of December/January).
Chadwick’s CEO Benjamin Goben believes that houses will continue to outperform the average and that the Upper North Shore will be one of the parts of Sydney in most demand.
After all, COVID-19 has made many people reassess the lifestyle they want to live and the property they need to facilitate it. Our area should continue to be one of the main beneficiaries of this trend.
You can read the full report here.
Benjamin Gobin is the CEO of Chadwick Real Estate
Chadwick have offices in Turramurra, Killara, St Ives and Hornsby
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