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Sydney house prices surges as Melbourne values plummet during six months of COVID-19 in Australia

Australia’s real estate market is now a tale of two cities with Sydney house prices surging while Melbourne flounders amid the COVID-19 pandemic.   

Sydney is home to 14 of Australia’s 20 best performing suburbs while Melbourne had 14 of the nation’s 20 bottom-worst neighbourhoods for price falls.

Real estate data group CoreLogic has exclusively provided to Daily Mail Australia the best and worst performing suburbs for changes in median house and apartment values, between January and June 2020, based on areas with 20 or more sales over six months. 

Sydney’s best performers are concentrated in upmarket, middle-distance areas of the city’s north while Melbourne’s steepest price drops are in upper middle class suburbs in the south-east. 

Scroll down for fact boxes 

The national real estate market is now a tale of two cities, with Sydney home to 14 of Australia's 20 best performing markets while Melbourne had 14 of the nation's 20 bottom-worst suburbs for price falls. North Ryde in Sydney's north had Australia's biggest price increase of 9.9 per cent between January and June 2020, CoreLogic data provided to Daily Mail Australia showed

The national real estate market is now a tale of two cities, with Sydney home to 14 of Australia’s 20 best performing markets while Melbourne had 14 of the nation’s 20 bottom-worst suburbs for price falls. North Ryde in Sydney’s north had Australia’s biggest price increase of 9.9 per cent between January and June 2020, CoreLogic data provided to Daily Mail Australia showed

North Ryde had Australia’s biggest price increase of 9.9 per cent, followed by neighbouring Marsfield on 8.9 per cent and nearby Eastwood on 8.7 per cent as other adjacent suburbs including West Ryde (up eight per cent), Gladesville (up 7.8 per cent) and Ryde (up 7.7 per cent) also made the top ten.

Sydney’s northern suburbs, west of the Lane Cove River, have in little more than a year gone from being Australia’s real estate market dunce to now being the undisputed leader. 

Sydney suburbs with ocean views also made the top 20 list, including Warriewood (up 7.4 per cent) and Avalon (up six per cent) on the Northern Beaches, and Bondi (up 7.1 per cent) and North Bondi (up 6.1 per cent) in the eastern suburbs.

Conversely, Melbourne is home to Australia’s worst property market with house prices in Malvern East diving by 8.8 per cent as Malvern fell 7.4 per cent.

The city’s south-east was home to six of Australia’s ten worst metropolitan housing markets including Beaumaris (down 6.5 per cent), Black Rock (down 5.9 per cent), Glen Iris (down 5.9 per cent) and Kew (down 5.4 per cent).

This area of Melbourne was Australia’s worst performing market in early 2019, during the end of the last property market downturn, and again holds that dubious title. 

Conversely, Melbourne is home to Australia's worst property market with the steepest price drops occurring in the south-east with Malvern East diving by 8.8 per cent

Conversely, Melbourne is home to Australia’s worst property market with the steepest price drops occurring in the south-east with Malvern East diving by 8.8 per cent

Melbourne’s inner-city areas also struggled with Albert Park falling seven per cent as Carlton values dropped 5.6 per cent and the expensive suburb of Canterbury plunged by 5.2 per cent.

Melbourne, the city with Australia’s first coronavirus case in January, had no suburbs in the top 20 list for property price increases, with its prices falling before it was this month placed back into lockdown.

CoreLogic’s head of research for the Asia-Pacific, Tim Lawless, said Melbourne prices had fallen because there were more sellers compared with Sydney, where home owners were more reluctant to sell. 

‘Analysis of listings data also points to higher advertised supply levels relative to Sydney, with total listing numbers now tracking 1.7 per cent higher than a year ago while listing numbers in Sydney remain seven per cent lower than the same time last year,’ he told Daily Mail Australia.

Brisbane had one entry in the top 20 with The Gap in the city’s west enjoying an 8.2 per cent surge over six months.

Brisbane had one entry in the top 20 with The Gap in the city's west enjoying an 8.2 per cent surge over six months

Brisbane had one entry in the top 20 with The Gap in the city’s west enjoying an 8.2 per cent surge over six months

The Queensland capital also had one entry in the worst 20 list with Bulimba in the city’s east falling by 4.3 per cent. 

Sydney also had one suburb in the bottom 20 list, with Cabramatta in the city’s south-west declining by 4.5 per cent. 

Hobart took out one place in the top 20 with New Norfolk rising 7.2 per cent while Adelaide’s west had two spots in the top 15 with Henley Beach and nearby Findon both advancing by 6.8 per cent. 

Perth had no suburbs in the top 20 list but two in the bottom 20 shame file with Byford down 5.8 per cent as another area in the city’s south-east, Maddington, fell by 5.7 per cent. 

Perth had no suburbs in the top 20 list but two in the bottom 20 shame file with Byford (pictured) down 5.8 per cent as another area in the city's south-east, Maddington, fell by 5.7 per cent

Perth had no suburbs in the top 20 list but two in the bottom 20 shame file with Byford (pictured) down 5.8 per cent as another area in the city’s south-east, Maddington, fell by 5.7 per cent

Suburbs still surging

1. North Ryde, Sydney’s north: up 9.9 per cent to $1,520,482

2. Marsfield, Sydney’s north: up 8.9 per cent to $1,080,976

3. Eastwood, Sydney’s north: up 8.7 per cent to $1,523,253

4. The Gap, Brisbane’s inner-west: up 8.2 per cent to $767,146

5. West Ryde, Sydney’s north: up  8 per cent to $970,646

6. Gladesville, Sydney’s north: up 7.8 per cent to $1,276,705

7. Ryde, Sydney’s north: up 7.7 per cent to $925,751

8.  Warriewood, Sydney’s Northern Beaches: up 7.4 per cent to $1,461,932

9. New Norfolk, Hobart’s north-west: up 7.2 per cent to $308,070

10. Bondi Beach, Sydney’s east: up 7.1 per cent to $1,296,634

11.  Belmore, Sydney’s inner south-west: up 7.1 per cent to $834,034 

12. Thornleigh, Sydney’s north: up 6.8 per cent to $1,271,224

13. Henley Beach, Adelaide’s west: up 6.8 per cent to $746,788

14.  Findon, Adelaide’s west: up 6.8 per cent to $517,690

15. Wollstonecraft, Sydney’s north shore: up 6.4 per cent to $1,142,632

16. Killarney Vale, NSW Central Coast, up 6.2 per cent to $601,596

17.  Leppington, Sydney’s south-west: up 6.1 per cent to $722,377

18.  North Bondi, Sydney’s east: up 6.1 per cent to $1,982,338

19.  Bligh Park, NSW Blue Mountains: up 6.1 per cent to $648,098

20.  Avalon, Sydney’s Northern Beaches: up 6 per cent to $1,823,369

Source: CoreLogic data on the biggest increases between January and June 2020 based on suburbs with 20 or more sales. Prices are median values for houses and apartments 

Suburbs that are falling

1. Malvern East, Melbourne’s south-east: down 8.8 per cent to $1,340,123

2. Malvern, Melbourne’s south-east: down 7.4 per cent to $1,825,032

3. Albert Park, Melbourne’s inner-south: down 7 per cent to $1,736,980

4. Beaumaris, Melbourne’s south-east: down 6.5 per cent to $1,510,794

5. Black Rock, Melbourne’s south-east: down 5.9 per cent to $1,355,709

6. Glen Iris, Melbourne’s south-east: down 5.9 per cent to $1,555,407

7.  Byford, Perth’s south-east: down 5.8 per cent to $365,072

8.  Maddington, Perth’s south-east: down 5.7 per cent to $281,048

9.  Carlton, Melbourne’s inner-north: down 5.6 per cent to $353,844

10.  Kew, Melbourne’s south-east: down 5.4 per cent to $1,260,250

11. Canterbury, Melbourne’s inner-east: down 5.2 per cent to $2,315,486

12. Surrey Hills, Melbourne’s inner-east: down 4.6 per cent to $1,567,799

13. Cabramatta, Sydney’s south-west: down 4.5 per cent to $460,681

14. South Perth, Perth’s south-east: down 4.3 per cent to $600,992

15. Bulimba, Brisbane’s east: down 4.3 per cent to $813,999

16. Hamilton, Brisbane’s inner-north: down 4.3 per cent to $499,389

17. Aspendale, Melbourne’s south-east: down 4.2 per cent to $1,008,733

18. Hampton, Melbourne’s south-east: down 4.1 per cent to $1,436,049

19. Fitzroy North, Melbourne’s inner-north: down 3.9 per cent to $1,127,123

20. Brighton East, Melbourne’s south-east: down 3.8 per cent to $1,600,438 

Source: CoreLogic data on the biggest increases between January and June 2020 based on suburbs with 20 or more sales. Prices are median values for houses and apartments

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