Silverdale is a Surprise $1M suburb
The surprising Sydney suburbs that now have a $1 million median
Silverdale, Padstow, Panania and Pemulwuy are among more than a dozen new suburbs that have joined the ranks of Sydney’s million dollar club.
14 new suburbs now have a median house price above $1 million, according to recent real estate data.
While entry to the million dollar club has been the norm across inner and middle-ring suburbs for some time, suburbs further out from the CBD – particularly in Canterbury Bankstown and Western Sydney – are gaining entry.
One of those is Silverdale, 55 kilometres west of the CBD, which now has a median house price of $1,037,500.
In the six months since March, when it had a median of $780,000, Silverdale’s median increased by $257,500 – a 33 per cent increase.
“It was always going to happen, it was just a matter of time,” selling agent Ian Vassallo, of Easy Agent Silverdale, said about Silverdale’s median surpassing $1 million.
“It’s always been a bit of a poorer cousin to suburbs around Penrith and Nepean. But with the speculation around the Badgerys Creek airport it has hit its straps and people feel that they’ll be more connected to the city now.”
Mr Vassallo said Silverdale had changed dramatically in the past 15 years and was popular with buyers looking for blocks of one acre or larger.
“Buyers are pushing outwards now to find value that they can afford, which then creates strong price increases in the western and south-western regions.”
Following Silverdale, the suburbs with the biggest six-month increases were Elizabeth Hills, where prices increased by $213,000, and East Hills which had a $193,000 jump.