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Australia Revealed: Australian suburbs where house prices are set to skyrocket

15:06  03 april  2021
15:06  03 april  2021 Source:   dailymail.co.uk

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a bridge over a body of water: MailOnline logo © Provided by Daily Mail MailOnline logo

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.

a boat sitting on top of a sandy beach next to the ocean: Sydney's out-of-control property market looks set to continue that trend with prices skyrocketing across the harbour city © Provided by Daily Mail Sydney's out-of-control property market looks set to continue that trend with prices skyrocketing across the harbour city a train crossing a bridge over a body of water: According to sales analysis the New South Wales capital is looking at its biggest ever boom with all areas of the city experiencing significant growth © Provided by Daily Mail According to sales analysis the New South Wales capital is looking at its biggest ever boom with all areas of the city experiencing significant growth

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 Real Estate.

'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.'

a group of people walking on a beach: The Northern Beaches experienced the largest bump in the state with a 10.8% increase on house prices over the past three months © Provided by Daily Mail The Northern Beaches experienced the largest bump in the state with a 10.8% increase on house prices over the past three months

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.

a house with a lawn in front of a brick building: Australia's house price boom shows little sign of ending soon with 54 suburbs in Sydney, Melbourne and Brisbane surpassing the $1million barrier during the past year. Copacabana on the central coast north of Sydney saw its median house price surge by 68 per cent from $850,000 to $1.425million © Provided by Daily Mail Australia's house price boom shows little sign of ending soon with 54 suburbs in Sydney, Melbourne and Brisbane surpassing the $1million barrier during the past year. Copacabana on the central coast north of Sydney saw its median house price surge by 68 per cent from $850,000 to $1.425million

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.

a house that has a sign on the side of a building: 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 © Provided by Daily Mail 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

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.

a large lawn in front of a house: Yeronga, a riverside suburb in Brisbane's south, saw prices surge by 28 per cent from $847,500 to $1,085million © Provided by Daily Mail Yeronga, a riverside suburb in Brisbane's south, saw prices surge by 28 per cent from $847,500 to $1,085million

The Sydney suburbs breaking seven figures

Glenbrook, Blue Mountains: $938,500 to $1,000,000

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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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