The latest Domain House Price Report, which covers the December 2020 quarter, shows that Alexandria recorded the largest median house price increase over 2020.
The median house price in Alexandria rose by 30.6% to hit $1.9 million over the 12 months to December 2020 - showing once again the resilience of the property market here in the inner city and inner west.
Domain’s economists argue that much of this gain was the result of popular suburbs clawing back losses made during the worst of the downturn. They argue that our housing rebound has been driven by upsizers, competing for the few properties available. Low stock levels, low-interest rates, and rising consumer confidence have combined to create strong competition in the property market.
What is the median Sydney house price?
According to Domain, Sydney’s median house price increased 4.8% in the December quarter to hit a record high of $1,211,488 at the end of 2020. This was a 6.7% year-on-year gain and represented great news during the uncertainty of a pandemic.
Apartment values have been a different story. They rose 0.2% over the December quarter, hitting a Median Price across Sydney of $729,840. But overall, Sydney units lost $20,000 over the year, the largest drop of all the capitals.
What is notable, is the increasing gap between unit and house prices across the city. While this gap is most pronounced in prestige suburbs like Bellevue Hill, where it hit a whopping $4.4 million difference, it’s also visible in suburbs as varied as Randwick, Collaroy, Lindfield and Strathfield.
Across the city, the median house price is 66% higher than the median unit price. But according to data from realestate.com.au, in Alexandria, the difference between units and houses is 122%.
That’s down in part to the scarcity of houses and strong buyer demand keeping prices high.
Why is Alexandria so popular?
Alexandria has changed enormously over the past decades. And there’s more change to come, from the new metro rail to arts and entertainment precincts. It offers lifestyle, location, and a great range of property.
While house prices are rising rapidly, units still represent good value for the inner city. According to realestate.com.au, the median unit price sits at $786,250, just slightly higher than the city-wide median reported by Domain.
If you’re looking to buy in the area, read our advice on buying property in 2021.
Based on the great start to 2021 we’ve seen in the inner city and inner west, we’re feeling very confident about the year ahead and are happy to help you with your property plans.
Looking to make Alexandria your home in 2021?
There are some excellent properties on the market right now including:
62 Alexander Street. A two-bedroom home in the coveted golden triangle area of Alexandria.
9/18-20 Newton Street, Alexandria. A fabulous two-bedroom townhouse in a security complex.
3 Copeland Street, Alexandria. Opposite Erskineville Park, this Victorian cottage is an oasis, bathed in Northerly light.
96 Henderson Road, Alexandria. A fantastic location, walkable to Erskineville village and Redfern station, this original character cottage has had a stylish makeover.