You work hard for your money, what if you found a property that earned more than you do?
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.
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|
|Tweed Heads South||New South Wales||$470,000||$38,742||$70,000||$25,127|
|Haymarket||New South Wales||$1,165,000||$65,578||$104,000||$19,371|
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:
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:
- 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
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