Australia Revealed: Australian suburbs where house prices are set to skyrocket
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Sydney's thriving property market will continue to boom with prices set to skyrocket even further across the city, experts say.
According to sales analysis conducted by research group Hotspotting, the New South Wales capital is looking at its biggest ever property price spike in the coming months.
The Northern Beaches experienced the largest house price rise in the state with a 10.8 per cent increase over the past three months, with Sutherland Shire and the North Shore close behind on 8.1 per cent and 8.0 per cent respectively.
The data shows 140 suburbs across Sydney have experienced growth in value over the past three months despite constant uncertainty amid the coronavirus pandemic.
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Suburbs as far west as Penrith, as far east as Bondi and down to Cronulla have all experienced varying levels of improvement, with experts predicting that trend will continue.
The Central Coast came in as the area with the second highest boom in the state, just behind the Northern Beaches on 8.3 per cent as further development moves up the freeway from Sydney.
Sutherland, the North Shore and Ryde fill out the top five, with the Hills District, eastern suburbs, outer west and Blue Mountains, and Blacktown all seeing growth of 6 per cent or higher.
Sydney as a whole saw its median price move up to $928,000 - a record for the city and a 6.7 per cent increase collectively - the biggest in the country.
Director of Mortgage Choice in Dee Why James Algar said homes on the Northern Beaches in particular were in unprecedent demand - and that the entire city is on the verge of its biggest property boom in history.
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'[The Northern Beaches] is like Byron, widely regarded as a good place to ride out the pandemic,' he told.
'For every house going to market there are 50-60 groups going through the opens.'
Mr Algar said the booms across Sydney, particularly in prestigious areas like the eastern suburbs, the North Shore and Northern Beaches, will continue because people are accruing more debt in order to secure a lucrative address.
'It's a necessary evil. Most people have no hope of saving fast enough to keep up with price rises,' Mr Algar said.
'By the time you save a big deposit, prices will have increased so much that you will need more.'
The prices are a result of a perfect storm of extremely low interest rates, lower than predicted unemployment and a strong economy despite the lingering pandemic.
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Sydney has been named the third-least affordable city to buy a home, behind only the infamous Hong Kong and Canada's Vancouver.
Every major city in Australia's median price has risen this year - largely thanks to the Reserve Bank promising to keep interest rates at a record low of 0.1%.
The 54 suburbs in Sydney, Melbourne and Brisbane where median house prices top $1million for the first time ever with one beach haven surging by 68% in a YEAR
Australia's property price boom shows little sign of ending with 54 suburbs in Sydney, Melbourne and Brisbane surpassing the $1million barrier during the past year.
Of that list, 26 were in Sydney and the New South Wales Central Coast while another 22 were in greater Melbourne and the Mornington Peninsula, and six more were in Brisbane, new REA Group data obtained by Daily Mail Australia showed.
Record-low interest rates of just 0.1 per cent have pushed house prices to record highs in the suburbs of the biggest cities, with Australian property values already among the most expensive in the world.
Copacabana on the Central Coast, north of Sydney, saw its median house price surge by 68 per cent from $850,000 to $1.425million, with the popularity of homes located near the beach pushing up values from February 2020 to last month.
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The coastal spot is now more expensive than North Avoca, where prices surged 48 per cent from $928,750 to $1.378million, the company behind realestate.com.au revealed.
It is also more expensive than nearby upmarket Terrigal, which saw its median price rise by a more modest 12 per cent, from $907,500 to $1.019million.
The rise in professionals working from home amid the Covid pandemic also saw another Central Coast beach suburb, Wamberal, add 20 per cent to $1.16million.
Sydney's south-west had significant growth with prices at Padstow Heights rising by 16 per cent, from $885,000 to $1.025million.
McCrae, on Melbourne's Mornington Peninsula, had a price surge too, with median house prices climbing by 41 per cent from $805,000 in February 2020 to $1.135million as of last month.
Suburbs near the Melbourne CBD also did well with median values at Brunswick East climbing by 37 per cent from $994,000 to $1.365million.
Brisbane's elite areas
Yeronga, south: $847,500 to $1,085,000
West End, inner-south: $999,000 to $1,111,000
Ashgrove, inner north: $961,000 to $1,125,000
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Balmoral, east: $952,500 to $1,200,000
Graceville, south: $820,000 to $1,000,000
Norman Park, $830,000 to $1,002,500
Yeronga, a riverside suburb in Brisbane's south, saw prices surge by 28 per cent from $847,500 to $1,085million.
In nearby Graceville, prices increased by 22 per cent from $820,000 to $1million.
Former Labor prime minister Kevin Rudd's old inner-city suburb of Norman Park, on the Brisbane River, saw prices climb by 21 per cent from $830,000 to $1.003million.
American think tank Demographia's 2021 International Housing Affordability study ranked Sydney as the world's third most expensive housing market behind Hong Kong and Vancouver, when median home values were compared with incomes.
Melbourne was deemed to be the world's sixth least affordable housing, making it harder for home borrowers in the Victorian capital compared to those living in the Californian tech boom cities of San Jose and San Francisco.
Brisbane was 18th with a typical house price of $593,232 making it less affordable than Miami in Florida.
Three of Australia's big four banks are offering fix mortgage rates of less than 2 per cent and Reserve Bank governor, Philip Lowe, has promised to keep the cash rate on hold at a record low until at least 2024.
This has seen median house prices in capital cities and regional areas surpass the previous peak of 2017 before tighter rules on interest-only and investor loans sparked a sharp downturn.
The Sydney suburbs breaking seven figures
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Panania, south-west: $949,000 to $1,005,000
Stanhope Gardens, north-west: $896,000 to $1,020,000
Belmore, south-west: $980,000 to $1,047,000
North Avoca, Central Coast: $928,750 to $1,377,500
Northmead, west: $962,000 to $1,080,000
Rouse Hill, west: $936,000 to $1,080,000
Glenwood, west: $996,000 to $1,088,000
Copacabana, Central Coast: $850,000 to $1,425,000
Roselands, south-west: $976,500 to $1,101,000
Peakhurst, south: $969,000 to $1,101,125
Berowra Heights, north: $958,500 to $1,127,500
Wamberal, Central Coast: $970,000 to $1,160,000
Padstow Heights, south-west: $885,000 to $1,025,000
Kellyville Ridge, north-west: $978,500 to $1,085,000
Terrigal, Central Coast: $907,500 to $1,018,500
Winston Hills, west: $962,000 to $1,103,000
Berala, west: $900,000 to $1,020,250
Padstow, south-west: $950,000 to $1,005,000
The Ponds, north-west: $967,500 to $1,065,000
Riverwood, south-west: $880,000 to $1,000,000
Camden Park, south-west: $932,500 to $1,020,000
Harrington Park, south-west: $912,500 to $1,052,500
Cecil Hills, south-west: $845,000 to $1,022,500
Kurrajong, north-west: $942,500 to $1,200,000
Engadine, south: $920,000 to $1,000,000
Melbourne postcodes passing $1million
Mordialloc, south-east: $964,500 to $1,013,000
McCrae, Mornington Peninsula: $805,000 to $1,135,000
Eltham North, north: $940,000 to $1,060,000
Edithvale, south-east: $980,000 to $1,005,000
Patterson Lakes, south-east: $940,999 to $1,025,000
Coburg, inner north: $950,000 to $1,079,500
Somers, Mornington Peninsula: $912,000 to $1,180,000
Eltham, north: $940,000 to $1,064,000
Wyndham Vale, south-west: $997,400 to $1,055,000
Balnarring, Mornington Peninsula: $860,000 to $1,036,000
Brunswick East, inner north: $994,000 to $1,365,000
Preston, inner-north: $941,000 to $1,050,000
Blairgowrie, Mornington Peninsula: $920,000 to $1,200,000
Mitcham, east: $977,500 to $1,033,000
Mentone, south-east: $988,500 to $1,037,500
Yarraville, inner-west: $975,000 to $1,077,500
Kingsville, inner-west: $976,000 to $1,112,778
Lysterfield, south-east: $955,000 to $1,075,013
Vermont, east: $962,500 to $1,005,000
Pascoe Vale South: inner-north: $950,000 to $1,078,000
Seddon, inner-west: $980,000 to $1,059,000
Nunawading, east: $965,000 to $1,020,000
Source: REA Group comparing median house prices in February 2020 and February 2021
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