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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.
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
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.
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
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
Source: DailyMail AU