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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.
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.
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
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.
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.
Yeronga, a riverside suburb in Brisbane’s south, saw prices surge by 28 per cent from $847,500 to $1,085million
Source: DailyMail AU
