Research group PropTrack has uncovered notable suburbs that are soaring in popularity but where prices aren't growing as much. And 2024 could be the year that prices in these suburbs really take off.
Sutherland Shire dominated the top 10 list of suburbs to watch.
With inquiry levels surging, these suburbs are expected to see significant price increases due to increased demand in the new year.
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Woronora is one of the Top 10 Suburbs to Watch in 2024. This four-bedroom Woronora home was sold in December for $1.473 billion.
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Nick Gleeson of Sanders Property Agents has worked in the shire property industry for 20 years and said he had noticed a huge change over the past 12 months.
“In the first 10 to 15 years, 80 per cent of our buyers were already from the shire, but now that's completely changing,” he says.
The Shire suburbs of Woronora, Carrilla and Yowie Bay are among the suburbs to keep an eye on in the new year, according to Prop Track.
The shire suburbs on the watch list were Woronora, Carrilla, Yowie Bay, Illawong and Sylvania Waters.
PropTrack data shows that while there is a lot of inquiry and a lot of interest, price increases are not as large compared to other suburbs in the area.
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“Particularly in the suburbs of Kareira and Woronora, we are seeing a lot of people moving in from the eastern suburbs and the western hinterland because you can get more value here,” Gleeson said. he said.
This four-bedroom Kalila home is for sale with an estimated price tag of $1.75 million to $1.85 million.
According to PropTrack data, Kareira's median price is now $1.605 billion, experiencing a 7.2 percent year-over-year price increase.
Gleason said the property's proximity to the beach and amenities, location and low price point are driving interest from prospective buyers.
“I think people have realized that it's not as far from the city as they originally thought. It's only 35 minutes from Janari station to the city,” he says.
Other suburbs on the list included Kenthurst in the Hills, which saw a 7.3% price decline in 2023, and Killara and Gordon on the Upper North Shore.
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Kenthurst was named the top suburb to watch, with home prices down 7.3 year-over-year, with a median home price of $3.29 million.
Mr Gleeson said he expected Shire's trends to continue into 2024, with price ranges changing as demand grows.
“People will continue to leave these urban areas and move to these areas for the lifestyle,” he says.
Top suburbs to watch in 2024
housing
1. Kenthurst
2. Woronora
3. Kirara
4. Monterey
5. Wamberal
6. Gordon
7. Karila
8. Yowie Bay
9. Illawong
10. Sylvania Waters
unit
1. Enfield
2. Kalimba South
3. Huntley's Cove
4. Urara
5. Turramurra
6. Carlingford
7. Holroid
8. Condell Park
9. Sans Souci
10. Roseville
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