‘Metro-fication’ hits Sydney home prices hard

A CBRE report has highlighted impacts of Sydney’s Metro line on property values and population growth.

The massive population and property value growth along Sydney’s Metro line has been dubbed the “Metro-fication” of Sydney.

A new report from CBRE reveals that the new rail network is having a huge impact on the property market and attracting younger buyers chasing high density living along with the cafe/restaurant scene.

Data from CBRE and PropTrack shows that suburbs along the Metro line have had a 49 per cent increase in capital value over the past decade, outperforming surrounding suburbs by an average of 5 per cent.

CBRE compared Sydney’s Metro suburbs (dark green) to surrounding suburbs in terms of growth.

Sydney Metro

Sydney Metro’s $8.3 billion Northwest rail line officially opened in May 2019.

Some extreme examples have included the Metro line suburb of Castle Hill which has recorded capital value growth of 72 per cent compared to the 49 per cent growth in Baulkham Hills.

Meanwhile Crows Nest has notched up capital value growth of 79 per cent, compared to 62 per cent in Cammeray.

Many Metro station integrated developments have been greenlit offering residential, retail and office space, with suburbs of Kellyville and Bella Vista also planning thousands of new homes as well as educational and community facilities.

Impression of the under construction Sydney Metro Crows Nest.

Carrington Place – a mega $850 million, 771 apartment complex – has been approved opposite The Hills Showground Metro Station. Picture: supplied

“These Metro-line suburbs have unlocked significant apartment development to accommodate stronger population growth,” CBRE’s Metro – Transforming Sydney Precincts report states.

CBRE’s Pacific head of research Sameer Chopra has dubbed the growth “metro-fication”, saying it was transforming the living experience, work patterns and retail choices of Sydneysiders close to the city’s new railway stations.

“By 2030, Sydney will have a network of four Metro lines, 46 stations and 113km of new Metro rail,” he said.

Supplied Editorial Mulpha has won a NSW government tender to develop the site adjacent
 to the Norwest Metro station in Sydney

Mulpha is constructing three towers adjacent to the Norwest Metro station in Sydney.

“We’ve already seen early evidence of this driving higher residential price growth and we see this outperformance increasing once the next stage is completed, with shorter commute times being a key driver.”

Mr Chopra said the trip from Macquarie Park to Barangaroo had dropped from 53 minutes to 18 minutes, while the commute from Pitt St to Bankstown dropped from 1 hour and 20 minutes to 30 minutes.

Fiona Killman, Real Estate Reporter


The ‘urban village’ in Sydney’s north set to attract families and investors

As a thriving hub for business and innovation, Macquarie Park is no stranger to investor interest, but with a growing community feel, it’s also attracting families.  

A new mixed-use development on Herring Road looks set to appeal to both groups of buyers.  

Macquarie Rise by TOGA Group will deliver high-end living across three architect-designed residential towers – ranging from one, two and three-bedroom floorplans to four-bedroom penthouses.  

Macquarie Rise is an elevated luxury living experience in Sydney’s Macquarie Park.

The 250 “family-sized” apartments offer innovative architectural inclusions, such as multi-purpose rooms, and access to hotel-like resident amenities and entertainment zones. 

Two expansive storeys of commercial, office and retail spaces will further enrich the fabric and functionality of the precinct, including a fully landscaped public plaza. 

Construction is set to begin in 2024, with completion scheduled for early 2027. 

‘The Silicon Valley of NSW’ 

Macquarie Park is a robust investor market and busy hub for business and innovation, casually known as “the Silicon Valley of NSW”, says TOGA Group Executive General Manager Anthony Falas. 

“Statistically, it’s the largest non-CBD office market in Australia,” he says. 

The area is home to 180 international corporations, including pharmaceuticals, electronics and telecommunications, as well as start-ups, innovators, and educational institutions such as Morling College and Macquarie University close by. 

Premium business lounge at Macquarie Rise.

Falas says a recent 4.5 gold star rating by the Independent Construction Industry Rating Tool (iCIRT) was another drawcard to Macquarie Rise.  

“That’s resonated very well with our enquiries and purchasers… It definitely does give confidence to the market,” he says. 

However, more than half of enquiries to date have come from owner-occupiers and families, drawn to the curated green spaces and ‘urban village’ feel. 

He says buyers want a strategic location with room for growth, and Macquarie Park fits the bill with a range of educational, business, medical, retail and cultural amenities. 

“We’re getting a lot of upsizing… [buyers] still want to stay in the area but want to upgrade into a bigger apartment. 

“On the other hand, we’re noticing a lot of downsizers, coming in and buying a two-bedroom or two-bedroom plus multi-purpose room; selling their large homes on 600-700 square metres in Macquarie Park, North Ryde, Eastwood, Epping and those areas and coming into Macquarie Park.” 

A vibrant precinct for dining, entertaining, retail and business.

Well-connected address 

Access is everything, with local amenities including shopping at Macquarie Centre, studying at Macquarie University or working at Macquarie Park Business Park.  

Macquarie Rise is also less than 20km from Sydney’s CBD and 30km to Sydney Airport.  

For nature lovers, there’s an array of parks, bushland, and walking and cycling paths.  

An impressive public transport network catering to local needs will be further enhanced by a new metro line in 2024.  

“We love the area because it’s got these real fundamentals,” says Falas. “It’s a very integrated, well-linked suburb.” 

Smart architecture 

Innovation isn’t just reserved for local business, with Macquarie Rise including a range of well-considered design features that pre-empt future requirements for residents. 

Stunning kitchen design and finishes.
Gallery (3 images)

Stunning kitchen design and finishes.

Designed by award-winning Turner Studio, with interiors by renowned Stack Studio, Macquarie Rise embodies an ‘urban village’ lifestyle with resort-style amenities, secure living and clear considerations around space and wellness. 

Over half of the apartments include a multipurpose feature in their design to enable flexible living.  

“The multipurpose room is an adaptable room. You can have as a study area or you can open it up and extend your living area,” Falas says. 

The apartments come in a variety of floor plans, offering balconies, terraces, courtyards and bespoke personalised elements. Many also have secure parking and basement storage. 

Inside, there’s a natural aesthetic with striking natural stone and timber elements, with plenty of light and space, and bushland views across the Lower North Shore. 

A gym and Pilates studio are part of the development’s wellness offering.

Luxe inclusions 

From a 20-metre lap pool to a Pilates studio, gym, and karaoke and cinema room, Macquarie Rise prioritises health and wellbeing, and deliver high-end living in “family-sized” apartments, ranging from one, two and three-bedroom floorplans to four-bedroom penthouses.

The green central plaza offers lush outdoor spaces and play areas for children. 

Club Rise on top of a mixed-use podium is perfect for barbecues and bonding with neighbours. Retail spaces downstairs add up to 1000sqm of eateries and shopping options. 

The design also accommodates evolving work culture with apartments catering to remote-work needs, as well as a business centre with workstations overlooking common areas, plus lounge areas and a kitchenette. 

“This way, home can be home, and your work can be elsewhere,” Falas says. 


Macquarie Rise


Welcome to Macquarie Rise, the new height of luxury living in Macquarie Park. Macquarie Rise is a vibrant new village from TOGA with the energy of a metropolis, experiences worthy of a resort, and the connections of a friendly community. 1, 2, 3 and 4-bedroom apartments available. TOGA is an integrated Australian-owned and operated property developer and hotelier with a portfolio across Australia, New Zealand, Asia and Europe.

Presented by Macquarie Rise


The suburbs where rentals are being snapped up the fastest

Rental properties are leasing quicker than ever, with the time it takes to lease a rental property in Australia reaching its lowest level in 2023.

High demand for rental properties and record-low stock levels have meant more renters are fighting for fewer properties, causing homes to be snapped just days after hitting the market.

The median rental days on market at the national level is sitting at just 20 days, but in some suburbs, properties are leased in half that time.

Perth has the lowest median rental days on market in the country at just 16 days. Brisbane and Adelaide are close behind at 17 days.

Properties in Perth are being rented faster than anywhere else in the country. Picture:

Of the capital cities, Canberra has the highest median days on market at 24.

In the regional areas of Australia, it takes longer for rental properties to lease, as demand is lower.

Regional Northern Territory rentals are being leased in 29 days, six days higher than regional Western Australia and Victoria.

North Beach in Perth is the suburb with the lowest days on market for houses at just 11 days.

Top 10 capital city suburbs with the lowest median days on market – houses

Only includes suburbs with a minimum number of leased properties of 30.
Rank Property Type Suburb Median days on market
1 House North Beach WA 11
2 House Coolbellup WA 12
3 House Loftus NSW 12
4 House Revesby Heights NSW 12
5 House Albion QLD 13
6 House Blair Athol SA 13
7 House Huntingdale WA 13
8 House Menai NSW 13
9 House Marion SA 13
10 House Langford WA 13

In another Perth suburb, Coolbellup, near Fremantle, houses are rented in just 12 days.

But there are also suburbs in Sydney, Brisbane, and Adelaide with very low days on market, indicating that most capital cities are experiencing the same issue.

City units are in even higher demand than houses, with Dee Why rentals being leased in 9 days.

Top 10 capital city suburbs with the lowest median days on market – units

Only includes suburbs with a minimum number of leased properties of 30.
Rank Property Type Suburb  Median days on market
1 Unit Dee Why NSW 9
2 Unit Gosnells WA 10
3 Unit Cromer NSW 10
4 Unit Oatley NSW 10
5 Unit Stafford QLD 10
6 Unit Jannali NSW 11
7 Unit Lakemba NSW 11
8 Unit Westminster WA 11
9 Unit Wiley Park NSW 11
10 Unit Wooloowin QLD 11

In the inner cities, 71% of suburbs have a median days on market for units of 20 days or below, compared to 48% of suburbs for houses.

The regional suburbs with the shortest days on market for houses are mostly in Queensland, with houses in Goondiwindi in the Darling Downs only lasting 11 days before being leased.

Only includes suburbs with a minimum number of leased properties of 30.
Rank Property Type Suburb  Median days on market
1 House Goondiwindi QLD                                        11
2 House Stanthorpe QLD                                        11
3 House Kingaroy QLD                                        12
4 House Kleinton QLD                                        13
5 House Bowen QLD                                        13
6 House Merimbula NSW                                        13
7 House Charleville QLD                                        14
8 House Atherton QLD                                        14
9 House Port Pirie West SA                                        14
10 House Cranley QLD                                        14

In 41% of regional suburbs, median days on market for houses are 20 days or lower; for units, it is 55%.

Clifton Beach, in Cairns and Whitebridge, in Newcastle have the shortest days on market for units at just 11 days.

Top 10 regional suburbs with the lowest median days on market – units

Only includes suburbs with a minimum number of leased properties of 30.
Rank Property Type Suburb Median days on market
1 Unit Clifton Beach QLD 11
2 Unit Whitebridge NSW 11
3 Unit Trinity Beach QLD 12
4 Unit Gympie QLD 12
5 Unit Kirwan QLD 13
6 Unit Kahibah NSW 13
7 Unit Bowen QLD 13
8 Unit Boorooma NSW 13
9 Unit Battery Hill QLD 13
10 Unit Harristown QLD 13

Rental properties remain in short supply as the population is increasing faster than expected, and investors have been selling up rental properties as interest rates and mortgage repayments have skyrocketed.

Summer is traditionally a busy time for the rental market, so we can expect to see demand for rental properties increase and the number of days to lease a property drop even lower.

Karen Dellow, Senior Data Analyst


Aussie home prices soar to new highs as Sydney breaks price record

Property values in Australia’s largest and most expensive city have surpassed the peaks reached during the last boom, with strong growth pushing values even higher across the country.

The national median home value climbed a further 0.36% in October to a new high, the PropTrack Home Price Index shows, with price growth accelerating over the first few months of spring and pushing home values in yet another capital to record levels.

The downturn is now a distant memory in the fastest growing cities and regions, where property prices are higher than before interest rates started rising.

Prices are now at record highs in four capitals — Sydney, Brisbane, Perth and Adelaide — as well as regional Queensland and Western Australia.

Sydney led the downturn in 2022 after interest rate rises and reduced borrowing capacities triggered price falls, but values have since fully recovered, topping the previous record set in February 2022.

Since then, interest rates have gone up 12 times, initially causing prices to fall in most markets, especially in Australia’s pricier capital cities.

PropTrack senior economist Eleanor Creagh said the rebound in overseas migration had contributed to strong demand, combining with tight rental markets and limited housing stock to offset the impacts of interest rate rises.

“Although the volume of new listings hitting the market has risen over the spring selling season, the demand for housing has remained strong, fuelling further home price growth and reflecting the sustained improvement in conditions.”

Values increased last month in all capitals except Darwin, with regional Victoria, South Australia and the Northern Territory also recording small falls. 

Home values climbed further in Melbourne, Hobart and Canberra, but prices are still below the peaks set in March last year.

How home prices changed around the country in October


Homes in Sydney are more expensive than ever after a 0.37% rise took the city’s median dwelling value to $1.07 million. 

When broken down by property type, Sydney’s median house value is $1.365 million and the median unit value is $800,000.

Prices in Sydney are now up about 7.5% over the past year, having risen for 11 months straight.

Northern beaches real estate agent Brendan Pomponio said high building costs meant demand is high for renovated properties like this five-bedroom Collaroy home coming up for auction. Picture:

The strongest growth has been in Sydney’s eastern and inner suburbs as well as in the north and west. Values have jumped in both pricier suburbs and well-connected affordable areas.

Prices on Sydney’s northern beaches rose about 8% over the past year, driven by an imbalance of supply and demand, according to Brendan Pomponio, principal of Belle Property Manly, Dee Why, Mona Vale, and Terrey Hills.

“There is just not enough stock to satisfy the demand of people wanting to live on the Northern Beaches,” he said. “It’s so tightly held that once they’re here they don’t want to leave.”

Prices have jumped by about 8% over the past year in Sydney’s northern beaches. Picture:


Melbourne home values grew again in October, rising 0.28% over the month.

A median-priced Melbourne house costs $924,000, while a median-priced apartment is worth $626,000.

Values in Melbourne are now 0.64% higher than a year ago, but 3.9% lower than the peak of March 2022, despite rising most months this year.

“The price recovery in Melbourne is still lagging Sydney and Brisbane, but remains ahead of the recovery seen in Hobart and Canberra,” Ms Creagh said.

Much like Sydney, the Melbourne regions with the strongest growth are in pricier parts of the city, particularly the inner east.

Melbourne’s inner east has been the city’s best performing region for house price growth over the past year, PropTrack data shows. Picture:

While low stock levels supported prices earlier in the year, an influx of new listings was improving conditions for buyers, Marshall White Boroondara director Duana Wolowiec said.

“I’ve been blown away by the amount of properties that have come onto the market,” he said.

“There’s still a really good healthy supply of buyers out there, but we’re just starting to notice that buyers have got a little bit more choice. They’re sticking to their criteria.”

This four-bedroom Kew East house with manicured gardens has a $3-3.3 million price guide. Picture:

Mr Wolowiec said easing lending restrictions would accelerate price growth, given buyers had become accustomed to the higher interest rate environment.

“The moment interest rates start to ease and confidence starts to increase, the market can shoot up really quickly,” he said.


Perth had the strongest price growth of any capital over the past year, with prices up almost 11%. Another 0.52% rise in October took prices to yet another record high.

“Limited supply amid strong buyer demand has resulted in a sellers’ market, said Ms Creagh. “The relative affordability of the city’s homes, population growth, and very tight rental markets are also supporting home values.”

Home prices have surged by 12.8% in Perth’s south west, making it one of Australia’s best performing regions for house price growth. Picture:

Despite the big jump in values, Perth is still the most affordable capital after Darwin, with lower prices and a tight rental market attracting interstate investors seeking better returns than on the east coast, increasing competition for homes.

Home prices in the city’s south west and south east are growing faster than anywhere else in the state, and are the second and third strongest performing regions for house price growth in Australia.

Strong demand for affordable homes, especially from investors, has caused prices to rise in Perth’s south west. Picture:

Western Australia had the fastest population growth of all the states and territories in the 12 months to March 2023, with more people competing over the limited number of homes both for sale and rent.


Brisbane was the equal strongest performing capital over October, with prices rising 0.52% – the same rate of price growth as Perth.

That jump in values takes the city’s annual price growth to 7.36%, with Brisbane homes now more expensive than ever.

PropTrack data shows prices jumped 10% over the past year, with agents reporting strong demand for premium homes with easy access to the city, such as this recently built four-bedroom Greenslopes house. Picture:

Values in Brisbane’s south are growing faster than anywhere else in Queensland, rising a little more than 10% over the past year. The median dwelling value there is now $1 million.

Real estate agent Amanda Becke attributes this strong growth to high demand for quality homes in suburbs with good infrastructure.

“Supply is low, demand is high and it’s keeping prices buoyant,” she said.


Adelaide is the second strongest-performing city after Perth in terms of annual price growth, with values increasing 8.77% over the past year.

“The comparative affordability of the city’s homes has seen prices defy rapid interest rate rises,” Ms Creagh said.

Prices in Adelaide’s north have surged 12.83% in the past 12 months, making it the region with Australia’s fastest price growth.

Homes in the northern suburbs are typically less expensive than the rest of the city, and affordability has been a key driver of growth over the 12-18 months as interest rates rose.

Buyers with budgets restricted by higher rates have shifted their focus to areas where prices are cheaper, increasing competition at the affordable end of the market.


Home values in the ACT moved a little higher in October, rising by 0.11%. 

With a median house value of $976,000 and a median unit value of $617,000, Canberra is Australia’s second most expensive city for houses and third most expensive city for units.

Canberra’s median home value is still about 5% below the peak reached in March 2022


Prices in Hobart increased by 0.51% in October, with improved conditions for buyers characterising the city’s property market this year.

Values fell more in Hobart during the downturn than in any other city, with properties spending longer on the market and the total number of listings more than 25% higher than a year ago, helping to ease competition.

Hobart’s median price is still 6.7% lower than the peak in March 2022.

Buying conditions in Hobart have improved this year, with more properties to choose from and lower prices than during the boom. This leafy Taroona property is about 15 minutes from the Hobart CBD and features water views. Picture:


Prices in Darwin fell 0.11% in October, having remained relatively flat for most of the year.

Although Darwin didn’t experience as large a downturn as the other capitals in 2022, prices haven’t yet recovered.

Darwin is Australia’s cheapest capital, with a median home value of $493,000, which is 1.35% lower than a year ago.

What’s next for home prices?

Although the pause in rate rises has supported a recovery in sentiment and helped encourage buyers and sellers to transact, higher than expected inflation has left the door open for another interest rate rise from the RBA.

A rate hike has the potential to slow the booming spring selling season, but given the shortfall between the expected rate of population growth and number of homes being built, it’s unlikely to derail the recovery.

“Dwelling approvals have declined, hitting decade lows earlier this year,” Ms Creagh said. “The sharp rise in construction costs, compounded by costly delays arising from labour and materials shortages, has slowed the completion of new homes.”

“Despite a weaker outlook for the economy, population growth is rebounding strongly and this looks set to continue.” 

“Together with a shortage of new home builds and challenging conditions in the rental market, home prices are expected to rise further.”


Daniel Butkovich, Property Journalist


Sydney rental vacancy rates crashes to record low

Sydney’s rental housing shortage has exacerbated over the past month, with rental vacancies slumping to the lowest ever recorded.

With just 1.18 per cent of all rentals currently listed, city tenants now have about two thirds fewer available homes to choose from than they did during the start of the pandemic in 2020, according to PropTrack data.

The report showed the rental vacancy rate in Sydney dropped 0.11 per cent in September and had the biggest decline over the last quarter compared to the other capital cities.

Rental conditions worsen across the country, with Sydney seeing a record low.

PropTrack economist Anne Flaherty said the tighter market is putting pressure on rental prices.

“Declining vacancy rates are increasing competition for rentals and placing growing pressure on rents,” she said.

“As a result, rents are predicted to continue rising at above trend levels over the coming months.”

SYDNEY AUSTRALIA - NCA NewsWire Photos MARCH 22, 2023: Dozens of Sydneysiders are pictured lined up outside an open-for-inspection rental apartment in Surry Hills. The rental crisis remains one of the key issues of the 2023 NSW state election. Picture: NCA NewsWire / Nicholas Eagar

The tight rental market as renters line up to see rental property. Picture: NCA NewsWire / Nicholas Eagar

Across the country, vacancy rates dropped to new lows, dropping 0.06 per cent nationally.

Rental conditions were even tighter in Brisbane, Adelaide and Perth, where vacancy rates were below 1 per cent – a mark of severe rental shortages.

Ms Flaherty said more cities could follow suit. “More markets are expected to fall below 1 per cent over the coming year as demand continues to grow.”

The difference was that tenants in the smaller capitals had an easier route to homeownership than in Sydney, where housing affordability, measured by the gap between prices and incomes, was the worst in the country.


House prices in Sydney are the highest on average around the country. Picture: NCA NewsWire / David Swift

First-home buyers trying to escape Sydney’s rental market are looking at a median dwelling price of $1.05m, compared to $689,000 in Adelaide and $762,000 in Brisbane, according to PropTrack’s latest Home Price Index.

Rental vacancies were also plummeting in regional areas, with regional NSW only having a 1.22 per cent vacancy rate.

Resurgent population growth is contributing to pressure on rental vacancies.

An Adelaide home listed for sale with a guide of $659,000-$689,000.

Net overseas migration was reportedly over 454,000, close to double pre-pandemic levels of about 220,000 people.

The last quarter showed the highest national population increase on record, according to recent ABS data.

Rental crisis

Increased net migration could see a continued tightening of rental markets across the nation.

In the two years of pandemic-related disruption, the population increase through net migration was less than 2,000 people across both 2020 and 2021.

NSW’s population is seeing the biggest loss to interstate migration, according to PropTrack.

Taylor Troeth, Property Journalist

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