It was closely followed by Liberty Grove, which shot up 41.9% and Homebush with 36.7%. Other suburbs that made the list included Abbotsford, Enmore, Cabarita, Rhodes, Lewisham, Camperdown and Concord West.
This three-bedroom terrace at 7/24-30 Bennett St, Mortlake, sold last year for $1.28 million.
The waterfront enclave of Mortlake has taken the crown of being the inner west’s best growth suburb.
Over the past year, the median house price in the suburb rose an impressive 47.7% to $1.67 million.
Mortlake has come a long way from its industrial and working-class past and is now a popular hotspot for professionals, couples, families and retirees.
The area is made up of new apartments, townhouses and mansions, many boasting water and city views.
There are three small parks as well as the Wangal Centenary Bushland Reserve and the Mortlake Wharf.
No. 43A Charlton Drive, Liberty Grove, sold last year for $1.55 million.
In second place is Liberty Grove, which proved to be another strong performer.
The suburb’s median house price grew 41.9% in the past 12 months and currently sits at $1.215 million.
Nestled between Rhodes and Concord West, Liberty Grove is a relatively young area that was only established in 1998.
Local agent Margaret Stone from Bay West Real Estate says until recently Liberty Grove was largely unknown to local buyers.
“In the last three to five years, it’s started to come out of its shell and people are appreciating what it is,” Stone says.
“People love the facilities and the lifestyle and they tell their friends.”
Stone set a suburb record for Liberty Grove last year with the $1.55 million sale of a three-bedroom duplex at 43A Charlton Drive.
She says the suburb attracts a mix of buyers including professionals, young families and young couples.
A four-bedroom house at 18 Abbotsford Rd, Homebush, sold last year for $1.8 million.
Taking the bronze medal is Homebush, where the median house price has grown 36.7% in the past year. The average house in the area is now worth $1.688 million.
Joe Campisi from Devine Real Estate Strathfield says demand for Homebush had increased in the past 18 to 24 months.
Young families and couples are the main buyers in Homebush, but there are also a few investors.
“It’s the infrastructure and proximity to the city, and proximity to the lifestyle. There are a lot of new restaurants and cafes that are attracting people,” Campisi says.
“You’re not far from Olympic Park, and you’re not far from the north, south, east or west, which are easily accessible.”
25 Abbotsford Parade Abbotsford sold for $5.215 million, $1.715 million over the reserve.
Abbotsford came in at fourth place with house price growth of 36.2% for the year. The median price of a detached house is now $1.955 million. Located 10km from the city, the suburb sits on a peninsula flanked by Abbotsford Bay and Hen and Chicken Bay.
The suburb is highly sought after by buyers seeking a waterfront lifestyle but demand outstrips supply as the average holding period of a home is about 13 years.
Last year, a six-bedroom waterfront home at 25 Abbotsford Pde set a new record when it sold at auction for $5.215 million, smashing the reserve of $3.5 million.
This two-bedroom terrace at 55 Simmons St, Enmore, sold last year for $1.181 million.
Rounding out the top five is Enmore, which recorded 12-month growth of 34.3%. The median house price is currently $1.25 million.
Duncan Gordon from Raine & Horne Newtown says Enmore has risen in popularity due to escalating prices in Newtown.
“Enmore has become a genuine competitor to the Newtown market and a genuine option for Newtown buyers,” Duncan says.
“For many years, it was a fair few steps behind Newtown but it’s certainly sped up in recent times and a lot of that is due to the lifestyle.”
Gordon adds that Enmore attracts mainly investors and owner-occupiers comprising young families and young couples.
by Brendan Wong
Brendan Wong is a real estate reporter for the Inner West Courier and The Daily Telegraph
This story was first published in the Inner West Courier.