Which Sydney suburbs are experts tipping for a big 2024? – Savings.com.au

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Home News Sydney housing forecast: Suburbs to watch in 2024
Sydney may be Australia’s most expensive city, but there are still plenty of suburbs experts say could be on for strong growth in 2024.
By Harry O’Sullivan
on 19 Dec 2023
Fact Checked
Australia’s most expensive property market encapsulated how the overall nation performed in 2023. After bottoming out in January, with most analysts predicting rising interest rates would keep pushing prices down, property in Sydney instead started to climb.
The median property price rose 10.2% through the year, reaching near peaks of $1,397,366 for houses and $836,220 for units.
With most forecasts for 2023 well wide of the mark, it’s perhaps unsurprising there is little consensus about what Sydneysiders can expect in 2024.
Dr Nicola Powell, Chief of Research at Domain, expects low supply levels to translate to 7-9% gains in the Sydney market next year.
“We expect Sydney to lead the pack next year,” she told the Savings Tip Jar podcast.
Conversely, Tim Lawless of CoreLogic says advertised stock levels in Sydney have now risen above the previous five year average, which has already slowed the pace of growth.
“Market conditions are now in favour of buyers as higher stock levels provide more choice, less urgency and greater opportunities to negotiate,” he said.
Whatever happens to the average, Sydney is a huge city, so there’s likely to be plenty of variance throughout, as was the case this year.
Take Bayview for example, where house prices rose 25.3% over the 12 months to September ’23, and compare it with Bundeena, where houses dropped 5.9% through the year (according to CoreLogic).
With that in mind, here are our picks, in consultation with experts including research analysts and buyers agents, for Sydney suburbs that could be set to overperform next year.
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Median price and rent data from Realestate.com.au, correct as of December 2023.
Median price: $1,915,000 for houses, $840,000 for units
Median rent: $895 for houses, $580 for units
About 7.5km south-west of the Sydney CBD, Marrickville property saw strong growth throughout the second half of 2023, for both units and houses. The SA3 of Marrickville/Petersham/Sydenham saw the biggest annual increase for dwelling prices in all of Greater Sydney, up 14.4% through the year according to CoreLogic.
Lloyd Edge, Founder and Director of Aus Property Professionals, highlighted Marrickville units in particular for growth potential.
“With its affordable units, [Marrickville] is a desirable option for those seeking proximity to the CBD and value for money in Sydney’s competitive market,” Mr Edge told Savings.com.au.
At $840,000, Marrickville units are around the median property price for units in Greater Sydney, comparatively more affordable than many other inner city suburbs.
Median price: $1,340,000 for houses, $500,000 for units
Median rent: $700 for houses, $500 for units
Tim Graham, General Manager at Property Researcher Hotspotting, says their analysis shows the Canterbury-Bankstown LGA boasts among the strongest property markets in Greater Sydney.
“[Canterbury-Bankstown] has 22 suburbs in our analysis and all of them have positive classifications,” Mr Graham said.
Bankstown itself featured in the PRD research ‘Affordable and Liveable Guide to Sydney’ for the second half of 2023.
Vacancy rates in Bankstown are low, about 0.4%, which shows it’s an in-demand spot, as well as a good indicator of rental returns for investors.
There’s also plenty of development in the pipeline, including a $100 million investment in the Sydenham-Bankstown Urban Renewal corridor. All going to plan, this will add infrastructure to the area, as well as create around 8,700 new jobs over the next few years.
Median price: $1,930,500 for houses, $645,000 for units
Median rent: $800 for houses, $495 for units
Croydon Park is another Canterbury-Bankstown suburb that might be on the radar of both home buyers and investors.
It’s on the north-western border of the LGA, only about 10 kilometres from the Sydney CBD, so property tends to be more expensive than the likes of Bankstown itself.
As Brendan Clark (pictured below), buyers agent from the Property Curator, points out though, Croydon Park is still reasonably priced compared to other suburbs similarly close to the heart of Sydney.
“[Croydon Park] is more affordable than nearby inner city suburbs such as Ashbury,” Mr Clark told Savings.com.au.
He said savvy buyers could get involved in the gentrification currently taking place in Croydon Park.
“There are opportunities for value adds via renovations, particularly for older style character homes on larger blocks,” he said.

Brendan Clark, Buyers Agent and Qualified Property Investment Adviser at The Property Curator
Median price: $1,290,000 for houses, $718,750 for units
Median rent: $780 for houses, $550 for units.
Engadine is about 33 kilometres south of the CBD in the Sutherland Shire, 15km inland from Cronulla. For those looking to enjoy some of the natural beauty NSW has to offer, Engadine backs on to the Heathcote and Royal National Parks.
At the same time, it’s on the Illawarra train line, so could strike an ideal balance between the countryside and access to the Sydney CBD.
Mr Clark says Engadine is more affordable than many other parts of the Shire, with plenty of opportunity to add value to properties.
“Options include 3-4 bedroom houses on flat blocks which would suit families, with the scope to modernise,” he told Savings.com.au.
“[Engadine is] also an attractive suburb for renters, with vacancy rates extremely low.”
Median price: $2,388,000 for houses, $1,010,000 for units
Median rent: $900 for houses, $680 for units
The median price for two bedroom units in Five Dock is more than $1,000,000, so it’s not exactly what you’d call an entry level suburb. However, Mr Clark says for those who can afford it, the growth fundamentals in the inner-west suburb are still strong.
“The introduction of the Metro West station will improve accessibility to the suburb and therefore appeal to more owners and tenants alike,” he told Savings.com.au.
“The slightly higher vacancy rates also mean rents aren’t as likely to increase as much as the other suburbs, however the introduction of the new train line is expected to enhance the prospects of Five Dock over the long-term.”
Median price: $880,000 for houses, $700,000 for units
Median rent: $550 for houses, $525 for units
Some readers will doubtless be scoffing at how often the word ‘affordable’ has appeared so far. When it comes to Sydney property, traditionally among the world’s most expensive, affordability tends to be relative.
Those looking for property that’s reasonably priced compared to the rest of Australia could do worse than exploring Sydney’s West.
Despite Parramatta being Australia’s second oldest city (founded just 10 months after Sydney) and the sixth largest central business district in the country, Western Sydney property is still often attractively priced compared to the rest of the city.
Lloyd Edge pointed in particular to Rooty Hill, east of Mount Druitt.
“Rooty Hill’s consistent long-term growth and low vacancy rates, combined with the benefits of Western Sydney parklands and employment zones, make it an attractive choice for strategic property investments,” he told Savings.com.au.
Median price (houses only): $842,750 for Oakhurst, $863,000 for Glendenning
Staying in Western Sydney, Oakhurst and Glendenning are two suburbs in the Blacktown LGA, closer to Parramatta.
Samuel Powell, lead analyst at Hello Haus Australia, says the area has performed consistently well since 2018, despite challenges like the post boom period in Sydney and Covid.
“[Blacktown’s] popularity is attributed to Western Sydney’s robust economy, fuelled by significant investments in commercial-industrial infrastructure, with the Western Sydney International Airport and ongoing projects contributing to economic strength,” he told Savings.com.au.
“The area boasts an average long-term capital growth of 5-6% per year, and most local postcodes maintain vacancy rates at or below 1%.”
Median price: $905,000 for houses, $692,500 for units
Median rent: $580 for houses, $422 for units
Distance from CBD: 72 kilometres west
For those happy living a while from the hustle and bustle of the city centre, Mr Clark says Springwood, in the Blue Mountains, is worthy of your attention.
“[Springwood has] strong underlying fundamentals, including affordability drivers [with] tightening inventory and very low rental vacancy rates,” he said.
“There’s relatively easy access to Penrith, but with local town amenities and a mountain lifestyle.”
Image by Belle Co via Pexels

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Harry joined Savings in November 2022. With a degree in economics from the University of Queensland, Harry is interested in topics such as inflation and GDP, and is passionate about keeping Australians informed on the external factors that impact their personal finances.
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