Paterney (Putney) `s home was sold for A $5.58 million on Nov. 3, 2017. (photo of property website Realestate)
After a booming housing market in 2017, Sydney`s Paterney (Putney) became the fastest-growing city in the north, followed by (Denistone East) and (West Ryde)., according to real estate website Realestate.
In the 12 months to January, Paterney`s median home price rose 29.4 percent to A $two million three hundred and seventy thousand nine hundred and ninety nine, according to CoreLogic, a property data analyst. Median prices in the city were A $1.5 million in 2014 and A $one million eight hundred and thirty two thousand five hundred in 2016.
Mazar (Joseph Mazar), a real estate agent who saw Patney`s housing market rise and fall, points out that although the city`s house prices have risen considerably, they do not reflect the current market. In fact, the city`s housing prices have not risen this year. It`s quite different from last year`s market situation.
He expects prices in the city to be revised by A $ two hundred thousand. Buyers, for example, who bought a property for A $2.5 million, may now resell only A $2.3 million.
On the bright side, however, Paterney still attracts buyers because he has the advantage of being rural and as close to the (Parramatta River) and public transport hubs as the Balamata River.
Another realtor, Mifsud (Allison Mifsud), said Dennis Tongdong had benefited from local public schools, attracting many families to move to the school district. Last year, only 26 homes were sold, with median home prices rising 25.7 percent to A $one million eight hundred and eighty five thousand. Prices here were A $one million two hundred and thirty four thousand in 2014 and A $1.5 million in 2016.
In addition, the region finally kept pace with the development of the northern region, where median house prices rose 19.9 percent in 2017 to A $one million seven hundred and forty one thousand nine hundred and ninety nine, up from A $1.18 million in 2014 and A $one million four hundred and fifty three thousand in 2016.
Local realtor Dorian (Michael Dowling) said it was the "entry" market for buyers who could not afford the prices of North Ryder (North Ryde), East Ryder (East Ryde) and Eastwood (Eastwood). It costs A $1.3 million in North Ryder and A $1.1 million in Sired.
He noted that prices had long been undervalued, but now buyers are aware of the value of the city near the railway station. He added that the knock-on effect of buyers looking for affordable property in more peripheral parts of the city would shift buyers who could not afford prices in the city of Sired to Ermington (Ermington).
