Concord has officially topped the list of Sydney’s most liveable suburbs that were once considered affordable. As someone who has witnessed this suburb’s transformation firsthand, I’m not surprised by the 109% increase in Concord’s median house price since 2015, reaching $2,800,000.
I’ve always referred to Concord as the “Double Bay of the inner west.” The lifestyle here is unparalleled—it’s the geographical centre of Sydney, providing easy access to everywhere within a short time. Concord boasts excellent access to prestigious private schools in Strathfield, and its waterfront location adds a unique charm. While Concord was once seen as Strathfield’s poorer relation, today they are more like twins, attracting buyers who are equally interested in both markets.
The data backs this shift. According to CoreLogic, the surge in Concord’s property prices is a testament to the suburb’s growing reputation. Back in 2015, the median house price was just over $1.34 million. Fast forward to now, and it’s rocketed to $2.8 million. This substantial increase highlights the suburb’s transformation from an affordable option to a highly sought-after locale. Recent figures show that the median house price in Concord is currently $2.91 million, reflecting a 12.31% growth over the past year (CoreLogic). Rental yields stand at 1.79% for houses, which further underscores the strong investment potential in the area.
Over the past twelve months, the property market in Concord has seen significant activity:
- 3-Bedroom Houses: With a median price of $2.52 million, these houses have been selling quickly, spending an average of just 25 days on the market, with a high clearance rate of 84%. This is indicative of strong demand and limited supply, making these properties highly desirable.
- 4-Bedroom Houses: These homes, with a median price of $3.115 million, have a slightly longer average market time of 36 days but still boast a strong clearance rate of 74%. Families are particularly drawn to these properties for the extra space and amenities they offer.
- 5-Bedroom Houses: At the top end, 5-bedroom homes have a median price of $3.82 million and typically spend 46 days on the market with a 78% clearance rate. These properties cater to larger families and those seeking more luxurious living spaces.
The demand for family homes is a clear trend in Concord, driven by the suburb’s exceptional lifestyle offerings. Prospective buyers are particularly interested in houses with ample living space, multiple bedrooms, and modern amenities. This trend underscores the family-friendly appeal of Concord, where spacious homes and quality of life are major selling points.
Moreover, CoreLogic data highlights a continued growth in demand despite higher interest rates and inflation concerns. The ongoing constraints in the construction sector are likely to keep a floor under home values, with the number of completions trending lower throughout 2023 (CoreLogic). This mismatch in supply and demand is a key factor driving up property prices in Concord.
The outlook for Concord remains positive. Despite some of the headwinds for market demand, growth is still expected to be positive throughout the reaminder of the year. Ongoing constraints in the construction sector, coupled with strong demand, are likely to support property values.
The strategic location of Concord, combined with its premium lifestyle offerings, makes it a prime destination for both buyers and investors. Its proximity to key amenities, excellent transport links, and access to top schools make it a highly desirable suburb. As someone deeply involved in the Concord real estate market, I can attest to the steady influx of interest and investment in the area.
In summary, Concord’s evolution is a fascinating case of a suburb redefining itself and achieving recognition and desirability on par with some of Sydney’s most prestigious areas. The data and the lived experience of those within the market clearly indicate that Concord has firmly established itself as the Double Bay of the inner west. For those looking to invest or move into a vibrant and thriving community, Concord remains an excellent choice.