Taylor Troeth, Property Journalist
First published 23 Feb 2024, 1:10pm
AI machine learning has produced a list of the 25 suburbs predicted to have the biggest surge in home values within the next six months.
Shore Financial has used machine learning and Suburbtrends data to shortlist Sydney’s hundreds of suburbs down to the top 25 forecast to see the fastest house price growth.
The Shore Financial report divides Sydney’s suburbs into five groups, based on their current median listed asking price for houses and picked the top five in each section.
Shore Financial has tipped Springwood as a suburb that will grow five per cent in the next six months.
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The report ranked suburbs based on expected growth in asking prices over the next six months.
Shore Financial CEO Theo Chambers said Sydney’s property market changed significantly in the last year.
“From the research that’s been conducted for the Shore Financial State of Sydney Report, we believe Sydney’s median house price will be higher at the end of 2024 than (at) the start,” he said.
“The vast majority of Sydney suburbs experienced growth in 2023, there’s likely to be more deviation in 2024. Most suburbs should grow, but some will stagnate and a few will go backwards.”
CEO of Shore Financial Theo Chambers.
Suburbs expected to outperform the market included parts of Sydney’s west, southwest and Blue Mountains including Springwood, Minto, Winmalee, Liverpool and Mount Pritchard.
The report forecast these suburbs’ prices would grow by about five per cent in the next six months.
“The more affordable end of the market, in the western suburbs, southwestern suburbs and
Blue Mountains, is likely to experience stronger price growth than some of the more affluent
suburbs, in the north and east of the city,” Mr Chambers said.
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In what Shore Financial have named the ‘suburban Sydney’ quintile, the suburbs set to outperform were Bossley Park, Green Valley, Bass Hill, Georges Hall and Warrimoo – all forecast to grow over five per cent in the next six months.
Bossley Park prices were predicted to increase 5 per cent in the next six months.
Mr Chambers said 2024 auction results were providing strong supporting evidence for anyone who expected Sydney prices to increase throughout the year.
“Buyers are confident about the future of the Sydney market, so sellers are confident about listing their home for sale,” he said.
Another suburb that was expected to do well was Middle Dural in the Hills, forecast to grow 5 per cent in the next six months.
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Other promising suburbs included Collaroy Plateau, Allambie Heights and Forestville.
Mr Chambers said that whatever happened with market activity and prices over the next six to 12 months, it would probably be better for buyers to take a long-term view.
“If you’re an owner-occupier, it makes more sense to focus on where you want to live and
what you can afford, rather than short-term price movements.”
TOP 25 – SUBURBS FOR EACH QUINTILE AND FORECAST PERCENTAGE GROWTH
‘HEARTLAND SYDNEY’
Springwood – over 5%
Minto – over 5%
Winmalee – over 5%
Liverpool – over 5%
Mount Pritchard – over 5%
‘SUBURBAN SYDNEY’
Bossley Park – over 5%
Green Valley – over 5%
Bass Hill – over 5%
Georges Hall – over 5%
Warrimoo – over 5%
‘RISING SYDNEY’
Cecil Hills – over 5%
Bankstown – over 5%
Picnic Point – over 5%
Gymea – 2%
Kurnell – 2%
‘PROFESSIONAL SYDNEY’
Collaroy Plateau – 4%
Allambie Heights – 4%
Forestville – 4%
Killarney Heights – 4%
Belrose – 4%
‘AFFLUENT SYDNEY’
Middle Dural – Over 5%
Curl Curl – 4%
North Manly – 4 %
Manly Vale – 4%
Narrabeen – 4%
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