In some Sydney suburbs, house prices just rose $200,000 in three months
A handful of Sydney's inner-west suburbs have recorded the strongest house price growth over the past three months, data shows.
North Strathfield topped a list of 10 suburbs by rising 8.9 per cent, or $211,255, to a median house price of $2,583,539 on Cotality (formerly CoreLogic) data for the three months to the end of May.
It was followed by Rodd Point, up 7 per cent ($203,121); Abbotsford, up 6.9 per cent to $220,147; and Concord West, up 6.3 per cent to $168,158.
The top 10 list included pockets of North Sydney and Hornsby, the inner city, the south-west, the eastern suburbs and the Central Coast.
Experts attributed the price rises to a limited supply in tightly held suburbs, as well as new infrastructure and rezoning plans by the NSW government that intend to speed up construction and increase density around transport hubs.
Transport-oriented developments (TODs) will deliver up to 31,855 new homes – including 3348 for affordable housing – on the north shore and in the city's inner west and south-west.
The Homebush TOD precinct includes about 200 hectares between the Sydney and Parramatta CBDs. Rezoning will allow residential, commercial and recreational land use near four railway stations – Homebush, North Strathfield, Strathfield and Concord West – and a future metro station at North Strathfield.
Cotality head of Australian research Eliza Owen said North Strathfield, Rodd Point, Abbotsford and Concord West were in the higher price bracket for the inner west and were marked for significant development.
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