Due to soaring prices in recent years, some of Sydney's formerly affordable areas have now become out of reach.
According to PRD data, over the past 10 years, the 16 boroughs that have performed prominently in the PRD Guide to Affordable and Liveable Property report have now surpassed Sydney's median house price ($1,421,413).
(Image source: The Sydney Morning Herald)
Concord last appeared in the report in 2015, when house prices were lower than the Sydney median and living conditions were comfortable. But since then, Concord house prices have risen by 109 per cent, with a median price of $2.8 million.
Hornsby has seen home prices rise 50.3% since it was last reported in 2019. Today, the median home price in this leafy area is $1.61 million.
Croydon Park was last on the list in 2019 and since then house prices have risen 46% to $1.75 million, while other areas that are out of reach include Caringbah (now $1.67 million), Miranda (now $1.66 million), Como (now $1.618 million) and St Peters (now $1.6005 million).
For units, Dee Why's median home price is $879,000, outpacing the city's median unit price of $844,659.
Dee Why was last seen in the report in 2018.
PRD Real Estate Chief Economist Diaswati Mardiasmo said they had assessed the liveability of 353 Sydney precincts and then ranked them based on affordability.
Basic livability takes into account schools, health centres, shops and green spaces within 5 km, as well as accessibility to public transport, employment and low crime.
Mr Mardiasmo said the Sydney market was in a strong recovery phase.
The data shows that detached homes are more unaffordable than units, and first-time buyers have a greater chance of buying a unit in a livable area than buying a detached home.
(Image source: The Sydney Morning Herald)
"One of the good things about Sydney is that when it comes to affordable and liveable areas, they're not concentrated in one area. ”
Agent Ben Horwood is not surprised that Concord's median home price has risen 109% since 2015.
"I've always referred to Concord as the Double Bay of the Inner West," he said. "It's the heart of Sydney in terms of lifestyle, you can get anywhere in a very short amount of time, and you can also easily reach Strathfield's private schools."
Concord was once considered Strathfield's poor relative or little brother, but now they're more like twins, Horwood said.
"You're going to see a lot of people wandering between the two markets."
Mathew Tiller, head of research at LJ Hooker, said that the more gentrified an area is, the greater the demand over time. Many districts beyond people's affordability are on rail lines. Tiller noted that commute times are a clear indicator of the area's popularity.
Ray White's Alex Iannuzzelli said buyers who are intimidated by Upper North Shore prices are likely to choose Hornsby and the surrounding areas, which are not only close to the city but also have good private schools nearby.
The Westfield shopping centre and train station are also major attractions. In addition, Iannuzzelli pointed out that as long as prices continue to rise on the Upper North Shore, prices will also continue to rise in marginal areas such as Hornsby.