Despite the rising house prices in Surry Hills, with residential properties averaging $1.8 million for houses and $921,000 for units, the suburb has emerged as one of the top choices for first home buyers in Australia.
The latest figures from the National Australia Bank (NAB) showed that lending activities for first home buyers rose to a new record in April 2021 and surged to 67 percent compared to last year’s first four months.
Andy Kerr, NAB’s executive of home ownership, said that this increase has been “nothing like they’ve seen in a generation.”
Whilst first home buyers flocked to Sydney’s outer ring suburbs like Parramatta, Rhodes and St Mary, inner-city locations like Surry Hills and Maroubra reflected a significant uptick in lending activity by 166 percent and 238 percent, respectively.
| SUBURB | INCREASE in LENDING |
| Rhodes | 291% |
| Maroubra | 238% |
| Surry Hills | 166% |
| Parramatta | 87% |
| Acacia Gardens | 80% |
| Rockdale | 61% |
| Lane Cove | 55% |
| Dapto | 54% |
| Caringbah Saint Mary’s | 45% |
In December 2020, Parramatta was the lone Sydney postcode to be considered as a hotspot for first home buyers. Mr Kerr said that Surry Hills’s growth has been standing out since the surrounding suburbs have had modest demands.
About 90 percent of the first home buyers have been looking for one to three-bedroom houses close to where they work since there are now options to return to the office. However, industry experts said that there are still heaps of opportunities for new homeowners to invest in inner-city apartments as the values are not increasing as much as houses.
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