[category]
[title]
There’s no time like the present, especially when it comes to buying real estate. Wait 12 months, and that suburb you had your heart set on could be half a million dollars more expensive.
New data from realestate.com.au has revealed 14 suburbs across Australia where median house prices increased by more than $500,000 in the past 12 months. That’s at least $1,400 per day – almost four times what the average full-time adult worker earns.
Suburbs in New South Wales and Western Australia recorded the biggest price jumps, though for different reasons.
"In Sydney, many of the biggest gains are in already high-value prestige markets,” explains realestate.com.au senior economist Eleanor Creagh. "When you are dealing with multi-million-dollar markets, even modest percentage movements can translate into substantial changes in dollar terms.”
Dover Heights in Sydney’s Eastern Suburbs saw the biggest one-year jump, with median house prices surging by $1.55 million over the past 12 months to an eye-popping $8.5 million. Neighbouring suburbs Rose Bay and Clovelly also saw increases of more than $1 million, bumping median house prices into the $6 million club. Meanwhile, Luddenham – a semi-rural suburb just a five-minute drive from the new Western Sydney International Airport – saw a $1.05 million change over 12 months, pushing its median house price to $3.1 million.
Over on the West Coast, many of Perth’s priciest suburbs experienced significant 12-month house price growth. This includes coastal and riverfront hotspots like City Beach (up $990k), Dalkeith ($769k), Bicton ($665k), Mosman Park ($660k), Trigg ($600k) and North Beach ($520k).
“Strong population growth, relatively tight housing supply and the considerable improvement in WA housing values over recent years have pushed a growing number of Perth suburbs into much higher price brackets,” Ms Creagh explains.
Only two suburbs outside NSW and WA recorded median price gains of $500k or more, including Canberra’s leafy inner-south suburb of Griffith and Melbourne’s posh bayside village of Middle Park.
Due to rising interest rates and property tax changes, Australia’s housing market has slowed down in recent months. As a result, Ms Creagh warned that buyers and sellers in these fast-growing areas won’t be guaranteed the same level of price growth in the year ahead. You can find out more here.
The Australian suburbs where prices rose by more than $500k in a year:
- Dover Heights, NSW – up $1.55 million
- Rose Bay, NSW – $1.18 million
- Clovelly, NSW – $1.06 million
- Luddenham, NSW – $1.05 million
- Coogee, NSW – $700,000
- Cremorne, NSW – $540,000
- City Beach, WA – $990,000
- Dalkeith, WA – $769,000
- Bicton, WA – $665,000
- Mosman Park, WA – $660,000
- Trigg, WA – $600,000
- Griffith, ACT – $532,000
- North Beach, WA – $520,000
- Middle Park, VIC – $512,000