11 Suburbs to Invest in Sydney CBD in 2024
Is this the right time to invest in Australian real estate in general and Sydney real estate in particular?
According to statistics, Australian house prices have reached record levels, with Sydney leading the way in price growth. Certain areas near Sydney also boast impressive price levels.
Data from CoreLogic shows that Sydney house prices:
- Increased by 28.2% since the beginning of COVID.
- Rose by 6.3% in the 12 months up to July 2024.
- Are currently $257,733 higher than pre-COVID levels, with the current median price at $1,170,152.
Where to invest in real estate in Sydney in 2024?
My Australian Property lists several areas that meet the following criteria:
- Within a 15km radius from Sydney CBD.
- Higher than average household income in Australia ($40,094/year or $771.03/week).
- Has a good or above-average DSR (Demand-Supply Ratio) score.
- Has a population of over 6,500.
| Suburbs | Median House Price | 1-Year Avg Growth | 10-Year Avg Growth | Avg Household Income |
|---|---|---|---|---|
| Coogee | $4.005M | 8.17% | 8.3% | $2,393/week |
| Kingsford | $2.41M | -3.60% | 3.1% | $1,370/week |
| Kensington | $3.8M | 0.00% | 1.9% | $1,653/week |
| Maroubra | $3.005M | 15.58% | 6.2% | $1,721/week |
| Neutral Bay | $3.25M | 8.73% | 6.3% | $2,273/week |
| Cammeray | $3.05M | -98.96% | 6.2% | $2,346/week |
| Balmain | $2.43M | -3.08% | 4.8% | $2,565/week |
| Rozelle | $2.25M | 15.98% | 4.4% | $2,926/week |
| Dulwich Hill | $2.21M | 16.32% | 4.6% | $1,813/week |
| Summer Hill | $2.33M | 22.63% | 5.3% | $1,948/week |
| Marrickville | $2.03M | 16.31% | 3.9% | $1,809/week |
Coogee
- Location: 8km southeast of Sydney CBD
- Total Population: 14,634
- Avg Household Income: $2,393/week
Coogee, a coastal suburb southeast of Sydney CBD, is expected to benefit from future infrastructure projects such as the $2.2 billion Southeast Light Rail project, connecting Circular Quay to Kingsford over 12km, which is expected to significantly impact property prices in the area.
Kingsford
- Location: 7km southeast of Sydney CBD
- Total Population: 13,492
- Avg Household Income: $1,370/week
Kingsford, just south of the University of New South Wales and less than 5km from Coogee Beach, will also benefit from the Southeast Light Rail, which provides direct connections to Sydney’s city center.
Kensington
- Location: 6km southeast of Sydney CBD
- Total Population: 11,927
- Avg Household Income: $1,653/week
Kensington is home to notable landmarks such as the University of New South Wales, the National Institute of Dramatic Art (NIDA), and the Australian Golf Club. Like Kingsford, it will benefit from the Southeast Light Rail project.
Maroubra
- Location: 10km southeast of Sydney CBD
- Total Population: 30,722
- Avg Household Income: $1,721/week
Maroubra, the largest suburb in terms of size and population within Randwick City Council, is a coastal suburb southeast of Sydney.
Neutral Bay
- Location: 1.5km north of Sydney CBD
- Total Population: 10,090
- Avg Household Income: $2,273/week
Located on the north shore of Sydney, Neutral Bay is managed by North Sydney Council and borders areas like Cammeray and Cremorne.
Cammeray
- Location: 5km north of Sydney CBD
- Total Population: 7,088
- Avg Household Income: $2,346/week
Cammeray, located on Sydney’s North Shore, is surrounded by extensive green areas and predominantly features detached houses and townhouses.
Balmain
- Location: 5km west of Sydney CBD
- Total Population: 10,494
- Avg Household Income: $2,565/week
Balmain, a wealthy suburb west of Sydney, is home to luxurious buildings and restaurants, and is a popular residential area for artists and celebrities.
Rozelle
- Location: 4km west of Sydney CBD
- Total Population: 8,533
- Avg Household Income: $2,926/week
Rozelle, located 4km west of Sydney CBD, is a vibrant area known for its variety of shops and eateries.
Dulwich Hill
- Location: 7.5km southwest of Sydney CBD
- Total Population: 14,046
- Avg Household Income: $1,813/week
Dulwich Hill, located southwest of Sydney, extends to the banks of the Cooks River.
Summer Hill
- Location: 7km west of Sydney CBD
- Total Population: 7,288
- Avg Household Income: $1,948/week
Summer Hill, located west of Sydney CBD, is known for its historical and cultural landmarks and is bordered by suburbs like Lewisham, Haberfield, and Ashfield.
Marrickville
- Location: 7km southwest of Sydney CBD
- Total Population: 25,570
- Avg Household Income: $1,809/week
Marrickville, part of Sydney’s Inner West, is a center for light industry and commercial activity, and is home to one of the largest Vietnamese communities in Sydney.
Investing in Sydney real estate in 2024 promises many opportunities but requires careful consideration and flexibility. This article provides an overview of market data to help investors make more informed decisions.
Source of data: CoreLogic
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