Homes in Sydney’s premium suburbs are surging in value

Property hunters hoping to snap up a bargain in Sydney’s suburbs have missed the boat as values surge across the city. The typically blue collar Cabramatta is one surprising suburb riding the property recovery and has launched into the top 10 highest growth areas in Sydney, according to new data. The humble suburb’s median sale price rose 4 per cent to $849,000 year-on-year as the only suburb below $1 million on the list. Sitting at the top was the harbourside Vaucluse, with a massive median price of $6.5 million, up 24 per cent in the 12 months to August. Collaroy, Palm Beach, Rose Bay and the more modest inner-west suburb Summer Hill all had double-digit growth.