House prices boom in The Hills

Trevor Leslie
Trevor Leslie

HOUSE prices in The Hills have almost doubled in the past five years, with properties continuing to rise.

According to domain.com.au market data, Castle Hill, Cherrybrook, Carlingford, Bella Vista and Dural have recorded six-figure growth in 2017.

Bella Vista has experienced an $175,000 increase in average house price this year, rising to $1,598,000.

The average house price in Castle Hill was $743,000 in 2012, and has jumped 95 per cent to $1,450,000 in 2017. 

Cherrybrook has had almost identical growth according to the data, selling at an average of $740,000 and equalling Castle Hill with an average house price of $1,450,000 this year.

Carlingford average house princes have jumped from $700,000 to $1,375,000 in the past five years, while neighbouring suburb North Rocks went from $660,000 in 2013 to $1.2 million in 2017

One Agency Baulkham Hills managing director Trevor Leslie said property prices had rebounded since the last recession. 

“The market was dormant for quite some time after the GFC [Global Financial Crisis] in 2004, so the market has been playing catch-up.” Mr Leslie said.

“Instead of gradual growth, house prices rose quite quickly.”

SOLD: 70 Becky Road at North Rocks was recently sold for $1,220,000, which is just above the suburb's average house price.

SOLD: 70 Becky Road at North Rocks was recently sold for $1,220,000, which is just above the suburb's average house price.

Despite the jump in prices, Mr Leslie warned that the housing price bubble may burst soon, with interest rates set to increase and forecasts for house prices to drop in Sydney.

“Now is probably the best time to sell, as we are expecting the market to correct,” he said.

“Economists are suggesting the housing prices might drop by 10 to 15 per cent, or 20 per cent if interest rate rises come through.

“It’s all part of a cycle. The housing market always goes up and down…. and there’s a feeling that it can’t keep going up for much longer.” 

A 20 per cent correction could see a $1 million house fall $200,000 to $800,000.

The million-dollar homes are a far cry from the values of houses in The Hills when Mr Leslie started working as a real estate in the area in 1982.

“When I first started, you could get a four-bedroom house in Baulkham Hills for $85,000,” Mr Leslie said.

“Now you are looking at $1.3 million.”

The biggest sale in The Hills on the weekend was 19 Lawrence Road at Kenthurst, which sold for $2,775,000.

The five-bedroom house was one of the weekend’s biggest sales in Sydney