New data from REA shows the inner west has seen an annual price increase of 6.9 per cent for houses over the decade, despite a market slump in 2018.
This translates into a median house price of $1.605 million, up from $820,000 at the start of 2010. Apartment prices have risen from $440,000 to $744,800 over the same period.
During this time the inner west has seen five sales above $10 million — something few would have predicted at the start of 2010.
Experts’ 2020 property predictions
Experts’ 2020 property predictions
The highest sale during this time was an off market $14.25 million deal for a waterfront Birchgrove property on Wharf Rd this year.
Records show the seller to be healthcare boss Jayne Shaw and the new owner is listed as property developer John Gobbo.
Sitting on a 765sqm block, it also features manicured gardens and boating facilities. The property also has views stretching from the Sydney Harbour Bridge to Greenwich.
The sale price is $2.05 million more than the former holder of the highest all-time sale in the inner west — a waterfront Drummoyne mansion that belonged to hotelier and race car driver Rod Salmon.
It traded in 2017 for $12.2 million to the Dehsabzi family. The stunning resort-style property features palm trees, a swimming pool, wine cellar, four bedrooms, floor-to-ceiling windows that the capture Parramatta River and a four-car garage
The third highest result ever recorded in the inner west took place in 2014 with the sale of a historic mansion on Gallimore Ave in Balmain East.
Records show the sellers to be Robyn Bryden, a former Newington College teacher and wife of former lawyer Rob Bryden. They received $11.8 million for the 955sqm property from former White Rabbit Gallery curator Paris Neilson and husband Tom Buncombe. The couple recently listed their renovated Millers Point terrace in October.
Under their ownership the property has been renovated, with multiple DAs lodged to install a new pool and two extensions.
Drummoyne not only has the second highest sale ever recorded, but also the fourth with 126 Lower St Georges Cres selling during the height of the property boom in 2017 for $10 million.
Sitting on 776sqm of prime real estate, the property has stunning views of Cockatoo Island, the Sydney Harbour Bridge and the city skyline. It was advertised for rent in June last year for an undisclosed price, according to CoreLogic.
The fifth and final sale that defined the decade was Australian golfer Craig Parry clinching the Abbotsford suburb record by $500,000.
The $10 million sale in 2019 is a nice increase from the $825,000 that the two-time PGA tour champion paid for it in 1994, according to CoreLogic.
The property comes with a putting green, tennis court, jetty and swimming pool. Inside are four bedrooms, including the main with a walk-in wardrobe and ensuite spa, while there is also a home office, theatre, steam room, sauna and second study area.
The top five inner west sales of the decade;
- Wharf Rd, Birchgrove — sold for $14.25 million in 2019
- Wrights Point, Drummoyne — sold for $12.2 million in 2017
- Gallimore Ave, Balmain East — sold for $11.8 million in 2014
- Lower St Georges Cres, Drummoyne — sold for $10 million in 2017
- Abbotsford Pde, Abbotsford — sold for $10 million in 2019
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