Inner West Market Update – April 2024

Exploring the Thriving Real Estate Landscape of the City of Canada Bay

As the Principal and Founder of Horwood Nolan, I am thrilled to offer valuable insights into the evolving real estate landscape of the City of Canada Bay. With picturesque waterfront foreshores, expansive parklands, and a flourishing café and restaurant culture, the City of Canada Bay has firmly established itself as a highly desirable luxury lifestyle destination, particularly for affluent families. Leading the charge in this upscale transformation are the suburbs of Rodd Point, Concord, and Abbotsford, boasting notable 11% and 10% increases in property prices, respectively.

In particular, Concord stands out as a beacon of sophistication and convenience, attracting buyers seeking an unparalleled blend of opulence and amenities. Throughout 2023, Concord has witnessed an extraordinary surge in property values, with prices soaring by an impressive 10%. This surge continues into 2024, underscoring the enduring appeal of the Canada Bay area, characterised by its natural beauty, cultural richness, and educational excellence.

With the median house price reaching $2,908,000 and properties spending an average of just 32 days on the market, Concord’s real estate market reflects a robust demand for premium properties within the inner west. This surge in property values coincides with a renewed sense of confidence among buyers, buoyed by the assumption that interest rates have stabilised, with many financial experts predicting earlier-than-expected cuts.

The inner west, including Concord and its neighbouring areas, has emerged as one of Sydney’s most prestigious real estate markets. We’re witnessing high-end property sales that rival even the most esteemed enclaves in Sydney’s East and North, reaffirming the City of Canada Bay’s status as a premier luxury lifestyle destination.

A notable trend we’re observing is the steep increase in the number of tightly held properties entering this market. Many of these properties have been owned by the same family for at least 30 years, with some even up to 50. The majority of these properties have had minimal updates, with some having none at all, and they are situated on large blocks, attracting the next generation of families moving into the area. We’ve experienced significant interest from siblings or parents and their sons and daughters purchasing together to build a duplex or triplex and live next door to each other.

Here are the key areas of growth in the City of Canada Bay over the past 12 months:

  • Rodd Point: +11%, Median Estimated Value: $3,203,000
  • Concord: +10%, Median Estimated Value: $2,908,000
  • Abbotsford: +10%, Median Estimated Value: $3,095,000
  • Russell Lea: +9%, Median Estimated Value: $2,946,000
  • Drummoyne: +8%, Median Estimated Value: $2,830,000
  • Concord West: +7%, Median Estimated Value: $2,595,000
  • Five Dock: +7%, Median Estimated Value: $2,436,000

In conclusion, the City of Canada Bay continues to thrive as a sought-after destination for luxury living, with Rodd Point, Concord, and Abbotsford leading the way in property price appreciation. As the market evolves, we look forward to assisting clients in navigating these exciting opportunities and securing their dream homes in this vibrant community.