Recent real estate reports have shown that housing prices in Western Sydney are rising sharply, in direct contrast to housing prices in Sydney’s CBD.
Reports show that real estate prices in the CBD have fallen an average of 6.3% in the last 12 months. A local woman managed to snap up a four bedroom penthouse in Sydney’s newest development in Circular Quay for $26 million, a comparative bargain to previous prices.
Despite falling CBD prices , housing prices in Western Sydney have risen by 2.2%. In Parramatta, buyers are smashing records, with two properties selling for $3 million and $3.2 million respectively in November. One of these is an up and coming Philip Street property with panoramic views to rival the city.
Parramatta is being lauded as Sydney’s next CBD, with an estimated $8 million worth of construction being pumped into the area. Infrastructure is the main recipient, with upgrades to the train station, plans for a light rail network, and a new University of Western Sydney campus.
Further west, in the suburb of Pemulwuy, young families looking to upgrade to bigger homes are spending up to $1.73 million on houses. On auction day, over 60 spectators and an opening bid of $1.2 million turned quickly into a bidding war, resulting in the $1.36 million sale of the 4 bedroom home.
The median price for detached houses in Pemulwuy is now $913,500, which represents a jump of 10.06% in the past 12 months, and shows no signs of slowing anytime soon.
This rise illustrates the moving focus of Sydney inhabitants from the centre of Sydney to suburban areas where a buyer can purchase more room for less.