According to The Australian Financial Review, home values in the cheaper, outer ring suburbs are closing in on the inner city prestige markets, growing by as much as 14 per cent in value since June on the back of rampant demand from first home buyers.
While the higher end of the market still broadly leads the growth spurt in Sydney and Melbourne, many suburbs at the lower end of the price spectrum have recovered strongly since the market bottomed out nationally last June.
CoreLogic data exclusively compiled for The Australian Financial Review showed the outer west and Blacktown regions in Sydney dominated the high performers, led by Warragamba with 14.3 per cent house price growth.
Even with the strong growth, however, values were still well below the Sydney median house price of $994,300.
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