Cromer House Prices Surge to $1.9 Million

Cromer, located 20 kilometres north-east of the Sydney CBD, is one of 10 suburbs with a significant property price increase in the first quarter of 2021, pushing its house median price to just under $2 million.

Data from CoreLogic showed that Sydney’s average price for a home with a backyard rose to 11.2 percent from January to April 2021. Whilst the pace of sales has cooled in March, house prices in some suburbs from the Upper North Shore, Northern Beaches and Sutherland Shire doubled in the same period. 

In the Northern Beaches, Terry Hills, Clareville and Cromer were the top-performing markets with house prices up by 18 to 20 percent. 


Highlights

  • Cromer is in the top 10 suburbs with a significant property price increase from January to April 2021.
  • The suburb is one of three better-performing suburbs in the Northern Beaches, alongside Terry Hills, Clareville.
  • Upsizing families from the city are drifting to the Northern Beaches to invest in properties.

According to real estate agents from these local areas, upsizing families have been seeking and spending big in these markets, selling their apartment units and townhouses in the city, inner west, or the eastern suburbs to invest or at least put a downpayment on houses with backyards in the Northern Beaches. 

Upsizing families want to live in leafy and quiet areas with access to parks and good schools, as opposed to the convenience of the city. 

Here are the figures for Sydney suburbs with impressive property price increases between January to April 2021: 

NORTHER BEACHES 
Terrey Hills20.8 per cent to $2,483,300
Clareville 18.9 per cent to $3,155,207
Cromer 18.1 per cent to $1,938,976
UPPER NORTH SHORE
South Turramurra22.8 per cent to $2,101,118
Turramurra 16.2 per cent to $2,240,409
North Turramurra16.8 per cent to $2,227,529
SUTHERLAND SHIRE
Kurnell 19 per cent to $1,429,800
Grays Point 15.4 per cent to $1,584,099 
Yowie Bay15.9 per cent to  $1,842,591
EASTERN SUBURBS
Point Piper 15.9 per cent to $2,695,872

Meanwhile, amid the COVID-19 lockdowns, house prices in Sydney’s markets continue their upward trend although CoreLogic said stocks are falling down with few sellers. 



On the other hand, major banks in the country have launched programs for a three-month deferral for mortgage payments, prompting experts to predict that the lockdowns will not derail the property market in this region.