Shire dominates suburbs forecast for biggest growth in home prices

Family friendly
Family friendly": Illawong residents Tarni Witts with Zoe, three weeks, Lohkie, 6, and Hudson, 5, and Denise Loreggian, who has bought at Alfords Point. Picture: John Veage

Sutherland Shire suburbs dominate a list of areas in Sydney where house prices are forecast to shrug off the effects of coronavirus and rise most over the next two years.

Illawong, Kareela, Como and Grays Point are in the Top 10 in the demand and supply analysis by investment research company Select Residential Property.

Median prices in these suburbs - all of which are noticeably quiet, secluded, leafy and free of big developments - are projected to rise by up to $158,000 by 2022.

Two St George suburbs - Beverly Park and Peakhurst Heights are also in the Top 10.

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Tarni Witts, who moved to Illawong - third highest on the list - three years ago, was not surprised.

"It's just a great lifestyle for families - the parks, sporting teams, the quietness, little traffic," she said.

"The kids can go to the park, ride their bikes in the street. It's family friendly and you feel safe."

Ms Witts and her husband Alex paid $1.187 million for their five bedroom house. Early this year, after a swimming pool was added, it was valued at $1.28 million.

They have been watching the market closely, because Ms Witt's mother Denise Loreggian recently bought a house at Alfords Point, and don't believe prices have dropped much, if at all, this year.

Sales success at Como, which is on the Top 10 list. Picture: John Veage

Sales success at Como, which is on the Top 10 list. Picture: John Veage

Forecast median prices by 2022 include:

  • Illawong to rise from $1.25M to $1.41M.
  • Kareela to rise from $1.20M to $1.35M.
  • Como to rise from $1.25M to $1.40M.
  • Grays Point to rise from $1.26M to $1.42M.

Gavin Ottaway, director of Ray White Sutherland Shire, said the entire shire had performed "exceptionally well" during Covid and was proving to be "a mecca" for home buyers choosing to steer clear of busy parts of Sydney.

"When Covid hit, there was a dip in the market, but I believe in most instances it has recovered and often gone higher," he said.

"This month, we auctioned a property in Sylvan Ridge Drive, Illawong, with 10 registered bidders.

"It sold for $1.551 million, which was $151,000 above the reserve.

"The previous weekend, we had a property at Miranda go for $121,000 above the reserve, with nine registered bidders."

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