Even heading into a downturn, one Sydney suburb that’s 21km from the CBD has seen extraordinary price growth in the past three months, while prices dropped nearby.
Welcome to perfect Pymble, where PropTrack data shows the median house price grew 17.7 per cent over that time, proving it to be the most resilient property type on the north shore.
North Sydney unit prices have dipped by 24 per cent over the quarter and house medians in Roseville and Lindfield have fallen 16 per cent and 12.3 per cent respectively.
But in Pymble, where the blocks are big and the schools prestigious, the median house price has been rising all year and is now $3,265,000.
Second generation resident Matthew Ayres isn’t at all surprised that Pymble prices have grown even while neighbouring suburbs have dropped.
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“Pymble with its large leafy blocks sits between North Ryde, Chatswood and Hornsby like a green centre between three tectonic forces,” he said.
“And the residents of Pymble fought hard to hold onto the bigger block sizes,” he added.
The business consultant built a luxury new home in Bannockburn Rd, regarded as one of the blue-chip addresses of the suburb and spared no expense creating a large family house.
He got permission from Ku-ring-gai Council to build a four-car garage and in the house he included a 1000-book library, soundproof music room, a rumpus and a triple-layered wooden floor in the kitchen so it was warm underfoot even in winter.
There is 468 sqm of internal living in the seven-year old house, not including a hidden loft, and the property is for sale with a $4,995,000 auction guide.
Ayres was at pains to retain all the trees on the 1157 sqm block a short walk from Pymble station.
Number 29 Bannockburn Rd has a solar-heated swimming pool, Travertine outdoor entertaining area and a Gone With The Wind spiral staircase.
Agent Richard Bonvourie, of McGrath Lindfield, said Pymble is rarely impacted by downturns in the market because of its ongoing popularity with young families.
“It is ideally positioned close to both private and public schools and Macquarie University as well as having transport to the city, Chatswood and the Northern Beaches,” he said.
Agent Alex Mintorn, of Pello, is the co-agent and the six-bedroom house is scheduled to go to auction on Saturday May 21.
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Originally published as Welcome to perfect Pymble, where house prices have risen 17.7 per cent in three months
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