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Homeowners have emerged from the past year with both staggering wins and losses depending on their area as unprecedented forces turned the city market into a roulette wheel of mixed fortunes.
PropTrack valuations data revealed homeowners became more than $200,000 wealthier in many suburbs over 2024 – notably in pockets of the southwest, Greater Parramatta area, northwest and some coastal pockets.
The rises coincided with a downturn taking root in other areas, with home values falling in 170 Sydney suburbs over the past year. The falls ranged from 11 per cent down to about 0.5 per cent.
The biggest drops – which trimmed more than $30,000 off the average value of homes – were in parts of The Central Coast and suburbs around the Sydney CBD
PropTrack economist Anne Flaherty said there was a general trend of more affordable suburbs within popular city regions outperforming the rest of the market over the past year.
Markets where home values dropped tended to be pricier areas or they had an abundance of units up for sale, she added.
SEE THE FULL LIST OF SUBURBS BY HOME VALUE CHANGES
“Buyers are being priced out of a lot of suburbs so they are buying where they can afford,” she said. “Ironically, that often increases competition and the prices in that area will go up.”
Old Guildford, one of the cheaper suburbs in the Parramatta area, had one of the biggest rises in percentage terms, with house values increasing an average of 16.2 per cent annually – or about $166,000.
There was a similar trend in Fairfield East, where homeowners got an average equity boost of 15 per cent, or $122,000.