Weak market conditions have not stopped one inner west suburb from bucking the trend and recording growth.
New REA research has named Summer Hill one of its top 10 boom suburbs across Sydney, after recording a nine per cent increase in its median sale price to $1.675 million in the past 12 months
The data looked at Sydney suburbs that have seen the biggest median sale price increases in the past 12 months, with Summer Hill being the only inner west suburb to make the top 10.
Palm Beach was the best performing suburb with a 24 per cent median sale price increase to $3.4 million, followed by Neutral Bay on 20 per cent and Collaroy with 19 per cent growth.
Summer Hill’s performance is supported by a number of strong sales this year including 17 Hurlstone Ave securing the suburb’s top sale after selling for $2.908 million in February.
A few week ago, 70 Smith St, Summer Hill, had a strong result at auction after selling for $1.61 million and smashing the reserve.
The Agency — Inner West’s Shad Hassen said despite having 135 groups and strong interest, the result was more than what anyone was expecting.
Mr Hassen said Summer Hill is always popular with buyers, with properties for sale always getting strong interest.
“It is a suburb that once people buy in to, they don’t really want to leave, which means demand outstrips the supply,” he said.
Raine and Horne — Ashfield general manager Tony Andreacchio said Summer Hill ticks all the boxes for buyers.
“Everyone loves the village environment Summer Hill offers,” he said.
“The people have great family values, there is good schools, light rail and you’re only 15 minutes from the centre of Sydney.”
Mr Andreacchio said the market has picked up lately following last month’s decision by the Reserve Bank of Australia to cut interest rates to 1.25 per cent.