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“These areas tend not to be blue chip, but they are not cheap either, with most having a median house price above Sydney’s median,” he said. “These suburbs are also dominated by detached houses, so they appeal to families more than singles or couples, with families with children staying the longest.
“They may be away from the hustle and bustle of the city but still have access to amenities such as shops and transport, and these opportunities are more attractive to owner-occupiers rather than young renters.”
In McGrath Castle Cove, agent Craig Ireson said it was easy to see why the area topped the list with a median house price of $3,922,891.
“It’s an absolutely idyllic location, very family friendly and with very, very little traffic,” said Ireson, who is now selling the four-bedroom, three-bathroom home in Griffiths for No. 105, Nilin Roadoverlooking China Harbor, was auctioned for approximately $5 million.
“It’s also a great community because everyone knows everyone and there aren’t many outsiders as there aren’t many rental properties. It’s also great that there’s no train station or major shopping centre. Instead, there are buses that take you to the city in 13 minutes and it’s close to the Chatswood CBD but still has a great village feel. It’s like a little sanctuary.”
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Sydney’s second most popular area is a small suburb in Werrington County, 50 kilometres west of the city centre, which is cheaper with a median of $860,287 and equally sought after. Bianca Rossetto lived in her family home there for 33 years before having to sell up.
“But it’s one of those suburbs where people stay for the long term,” says Rossetto, who is now an agent at Ray White Diamantidis Group. “It’s close to everything, with the local shopping centre, a 10-minute drive to the M4 motorway and about the same to Penrith.
“The median house price here should probably also be a bit higher than it is because there are a lot of older detached houses with very little renovations. It doesn’t surprise me that most people have lived here so long.”
However, as an area where people like to live long-term, this seems to have had little impact on the growth of median house prices. For example, Castle Cove has increased by 144% over the past 20 years, while Sydney’s median price has increased by 163%.
Wellington County, on the other hand, saw a 190 percent increase.
“It may not seem like much of an impact,” Mr Lawless said. “In the long term the ups and downs of the market will even out so it won’t be that much different to the Sydney median.”
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