Prices in many Sydney suburbs have taken a battering over the past year, but there were some areas where a jaw dropping level of money was dropped on housing in 2022.
New data from PropTrack looked at the metro suburbs across Australia that recorded the highest total value of sales in 2022, with NSW making up five of the 10 suburbs on the list.
While the property market shifted from 2021’s unprecedented conditions last year, there were still a handful of suburbs that recorded total sales worth close to a billion dollars.
As interest rates rose, Sydney home prices experienced declines over 2022, falling 6.99 per cent on average over the year.
While some blue-chip suburbs managed to grasp on to their billion-dollar status, their total sales values were well down on the year prior.
PropTrack Senior Economist Eleanor Creagh said the possibility of another rate rise could see values continue to drop.
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“If rates rise one more time, we would see values continue to fall. But if they remain steady, it would mean values are stabilising. 2022 saw the housing market rebalancing after the cash rate rose to 3.10 per cent, which impacted mortgage affordability and slowed the number of transactions on the market,” she said.
“When we talk about the total number of sales, we’re looking at the number of property transactions in a suburb. Often the value of the properties and the actual land size of the suburb impact their placement on the list.
“Nationally, we saw the total number of transactions across the market falling by 17 per cent, meaning things slowed right down.”
Mosman retained it’s gold medal position from last year, recording the highest total value of home sales across Australia, with $1.65 billion worth of property changing hands through the calendar year.
Despite selling the highest value of properties, this $1.65b figure was still down 27 per cent compared to 2021.
“The suburbs that saw the highest drops across Australia were often higher value, prestige areas,” Ms Creagh said.
Other billion-dollar suburbs in New South Wales based on total value of sales for houses and units include: Castle Hill, St Ives, Randwick, and Manly.
Port Macquarie and Orange were the only regional NSW suburbs to record sales above the value of $500,000,000.
“The regional suburbs in NSW were uneven in their sales results from 2022. While regions like the Illawarra and the Central Coast performed well, other regions – particularly around the Northern Rivers and Lismore were impacted by flooding events,” Ms Creagh said.
Port Macquarie is particularly notable as it was the only suburb in NSW to record a growth in its value year-on-year, growing by two per cent with a total sales figure of $933,448,331.
TOP FIVE METRO SUBURBS TOTAL SALES VOLUMES:
Mosman NSW – $1,647,710,425, down 27 per cent year-on-year
Castle Hill NSW – $932,117,854, down 21 per cent year-on-year
St Ives NSW – $881,609,356, down 8 per cent year-on-year
Randwick NSW – $868,554,008, down 30 per cent year-on-year
Manly NSW – $841,739,500, down 27 per cent year-on-year
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Originally published as Sydney suburbs with $1b in sales despite real estate downturn