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31 August 2018

Pockets of the Inner West still recording solid growth

Pockets of the inner west still recording solid growth

POPULAR pockets throughout the inner west are defying the crumbling market, recording solid growth over the past year.

New data from CoreLogic revealed Abbotsford as the fastest growing suburb in the region, with the median house price rising by 20.3 per cent in the past year to May.

Inner city suburb Enfield came second with growth of 17.8 per cent, followed by Rodd Point (11.2 per cent), Canada Bay (10.7 per cent) and Balmain East (10.5 per cent).

In the unit market Cabarita led the way with an increase of 43.1 per cent. This was followed by Rozelle (21.3), Birchgrove (20.8) and Earlwood (20).

410 Great North Road Abbotsford
No. 410 Great North Rd in Abbotsford is one of nine homes on the market in the suburb.

Agent Michael Carbone of Raine and Horne Concord said it was undeniable there had been a dip in the market, but there were always buyers looking in specific areas of the inner west.

“There is never a big oversupply in areas like Abbotsford,” he said. “The lower stock levels mean it does generate more interest.”

There are currently just nine homes on the market in Abbotsford and only 31 sales were transacted over the past 12 months.

Most buyers are families looking to upsize within the same area, creating that extra demand for large homes, Mr Carbone added.

“People who move into the region usually look to stay there which causes bigger numbers at open homes,” he said.

House prices in Abbotsford are up nearly $400,000 since 2016, while Cabarita unit prices have risen by around $590,000 in that time. chief economist Nerida Conisbee said it was tough to get a proper read on the current state of the market.

“Some suburbs have slowed faster than others while some are still seeing high levels of demand and solid growth,” she said.