Parramatta and Liverpool homeowners have emerged as the biggest winners of the Western Sydney population boom, driving a decade-long surge in property prices.

New reports have revealed neighbouring suburbs of Strathfield and the Parramatta CBD have had the largest jumps in house prices since 2008, whilst the southwest had significant jumps in unit prices. The boom suburbs included Eastwood, Burwood, Rydalmere and Ermington and, in the southwest, Warwick Farm, Busby, Cabramatta and Campbelltown.

Median prices for these areas grew by more than 150% over 10 years, substantially above the citywide average increase of about 95%, according to the CoreLogic research.

Some of the biggest 10-year increase in median house prices include:
• Strathfield 172.6%
• Eastwood 165.2%
• Burwood 161.4%
• Riverstone 153.6%
• Rydalmere 153.5%
• Ermington 152.8%
• Gladesville 152.2%
• Busby 149.7%
• West Ryde 148.7%
• Lidcombe 143.6%

The price surge pulled typical house prices up from as low as $506,357 in some areas to nearly $1.3 m and unit values from as low as $164,318 to more than $450,000. Record price increases coincide with rapid population growth. This has largely been precipitated by ¬record levels of overseas migration in the west over 2009 and from 2014 – 2017.

Demand and as a result prices for housing have increased in the Paramatta council area as more than 35,000 new residents have recently moved there.

Nerida Conisbee, Realestate.com.au chief economist, said large population increases prompted governments to commit more to Western Sydney infrastructure. The NSW budget recently committed to the construction of a fast train from Paramatta CBD to the Sydney CBD. This will have a significant influence on the property market, effectively increase prices.

Read more: Realestate.com.au