Suburb defies market condition recording price growth

Suburb defies market condition recording price growth

ANALYSTS will be watching to see which suburbs along the Sydney Metro North West will benefit the most from the upcoming $8.3 billion train line.

While some claim any gains have already been factored into the market, others believe there will be potential growth in some pockets.

Rouse Hill is one of the few suburbs in The Hills region to record growth in the past year, according to latest figures from CoreLogic RP Data. There were 140 sales recorded in the 12 months ending in October pushing its median house price to $1.16m — an increase of 5.5 per cent.

CoreLogic research analyst Cameron Kusher said it is difficult to explain why Rouse Hill has bucked current market trends but suggests it could be because of new housing which is more expensive than existing properties.

“The whole region (The Hills) is the weakest performing market in Sydney over the past year and while I expect weakness to continue in 2019, it probably won’t be the weakest again,” he said.

Agent Mechlenne Douaihy from Merc Real Estate said Rouse Hill has become the hub for Sydney’s growing northwest corridor. Sales recorded in Rouse Hill at the end of 2018 show prices ranging from $870,000 to $1.25m offering a range of opportunities for buyers. It is also popular for rental properties because of its central location.

“We have new estates coming in and the median house price is still increasing in current conditions which just shows it is a strong area for growth,” Ms Douaihy said.

“The affordability is still very achievable for families, they can buy a decent sized house and there is a great shopping centre.”

Agent Corie Sciberras from The Avenue agrees there is more potential in Rouse Hill as it is further along the transport route and could prosper more than areas closer to Epping. Other suburbs with train stations have seen a fall in value over the same 12-month period. Norwest recorded the highest drop with its median house price falling 27 per cent while suburbs such as Bella Vista, Castle Hill and Kellyville recorded falls of around 10 per cent. Cherrybrook was more stable recording a three per cent drop.

“Rouse Hill doesn’t get as many buyers as there is still the stigma that it is too far out but I am sure that will change once the train line opens,” Mr Sciberras said.

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