If you own property in these suburbs, they are probably making more money than you are

You work hard for your money, what if you found a property that earned more than you do? Aerials Of Neighborhood

Domain complied a list of 80 suburbs across Australia where the increase in property value in the past year made more money than the people who own them.

This comes as wage growth stagnates and property prices rose this year off the back of a remarkable turnaround last year.

Not surprisingly, Sydney and Melbourne suburbs dominated the list following the dramatic turnaround of their property markets.

Source: Domain, ABS.
WHERE HOUSE PRICE GROWTH IS GREATER THAN HOUSEHOLD INCOME
Suburb State Median price, Dec qtr 2019 Post-tax annual household income Annual property growth to Dec $ How much more homes earned
Canterbury Victoria $2,715,500 $99,368 $400,500 $301,132
Lindfield New South Wales $2,700,000 $101,529 $300,000 $198,471
Paradise Point Queensland $1,242,500 $62,743 $242,500 $179,757
St Kilda East Victoria $1,300,000 $72,704 $248,500 $175,796
Caulfield North Victoria $1,950,000 $83,348 $250,000 $166,652
Fig Tree Pocket Queensland $1,150,000 $119,703 $267,056 $147,353
Cammeray New South Wales $2,272,500 $96,144 $237,500 $141,356
Port Douglas Queensland $690,000 $55,560 $190,000 $134,440
North Bondi New South Wales $2,795,000 $102,627 $235,000 $132,373
Armadale Victoria $2,035,000 $83,348 $215,000 $131,652

In  fact in 30 Victorian suburbs, annual property price growth has outperformed annual household wages by as much as $301,132, an analysis of ABS and Domain data shows.

The strength of Sydney’s property market recovery has meant house prices in more than a dozen suburbs outpaced household incomes,

It’s not just houses

Domain found 11 suburbs where unit prices outperformed annual incomes.

Source: Domain, ABS.
WHERE UNIT PRICE GROWTH IS GREATER THAN HOUSEHOLD INCOME
Suburb State Median price, Dec qtr 2019 Post-tax annual household income Annual property growth $ How much more your home earned
Rushcutters Bay New South Wales $879,000 $73,011 $179,000 $82,956
Balwyn Victoria $802,500 $73,558 $175,000 $78,087
Tweed Heads South New South Wales $470,000 $38,742 $70,000 $25,127
Toorak Victoria $1,010,000 $94,776 $154,375 $23,783
Plympton South Australia $344,900 $53,185 $85,900 $19,630
Haymarket New South Wales $1,165,000 $65,578 $104,000 $19,371
Caulfield Victoria $700,000 $76,299 $112,000 $10,736
Glen Waverley Victoria $780,000 $67,690 $94,000 $6,242
Clayton Victoria $565,000 $48,542 $65,000 $5,609
Norwood South Australia $585,000 $64,987 $85,000 $1,246

 

How can you take advantage of this?

If you’re looking at buying your next home or investment property here’s 4 ways we can help you: Planing Strategy Future

Sure many of the property markets around Australia are performing well, but correct property selection is even more important than ever, as only selected sectors of the market are likely to outperform.

Why not get the independent team of property strategists and buyers’ agents at Metropole to help level the playing field for you?

We help our clients grow, protect and pass on their wealth through a range of services including:

  1. Strategic property advice. – Allow us to build a Strategic Property Plan for you and your family.  Planning is bringing the future into the present so you can do something about it now! Click here to learn more
  2. Buyer’s agency – As Australia’s most trusted buyers’ agents we’ve been involved in over $3Billion worth of transactions creating wealth for our clients and we can do the same for you. Our on the ground teams in Melbourne, Sydney and Brisbane bring you years of experience and perspective – that’s something money just can’t buy. We’ll help you find your next home or an investment grade property.  Click here to learn how we can help you.
  3. Wealth Advisory – We can provide you with strategic tailored financial planning and wealth advice. Click here to learn more about we can help you.
  4. Property Management – Our stress free property management services help you maximise your property returns. Click here to find out why our clients enjoy a vacancy rate considerably below the market average, our tenants stay an average of 3 years and our properties lease 10 days faster than the market average.
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About

Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


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