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Record prices set in 52 Sydney ...

Record prices set in 52 Sydney suburbs during 2016

Record high sales results were reported in 52 Sydney suburbs over the course of 2016 - a trend that is being attributed to a combination of expensive tastes among buyers and an increased willingness to compete for it. 

These new records were set all over Sydney, including in the western suburb of Minchinbury - where the first home was sold for more than $1 million - and Point Piper, with $60 million paid for the Altona trophy home, Domain reports. 

Data from Domain shows that house values grew by 2.1 per cent over the 12 month period from September 2015 to September 2016, standing at a median of $1.07 million. Over the course of the same time frame, apartment prices rose by 0.9 per cent to $685,865.

Suburbs were not the place where real estate records were set in 2016, as the single most expensive purchase to make one amalgamated property was completed when four houses on Coolong Road were sold for a combined total of $79.7 million.

The sale of a penthouse in the Opera Residences at Circular Quay for $27 million in November also saw the establishment of a new national apartment record. 

Sydney's most expensive terrace house was sold for $13 million in April - although this did not match the equivalent suburb record of $15 million, which was set by Jenner House back in 2009. 

Domain Group chief economist Dr Andrew Wilson said there is plenty of optimism in the sector - and that this is spreading throughout Australia from the east. 

"The market is heady with confidence, although it still has a mixed feel to it so that the further west you go the growth isn't as strong," he commented. 

"Because most sellers are buyers and buyers are sellers the ripple effect of that market strength shows in these records across Sydney."

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

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