How much does a "typical" 4 bedroom home cost?
Well not surprisingly, new research shows a whopping 1557% price difference for the same house in different Aussie suburbs
PropertyPricer has compared the value of a typical four-bedroom house across three states and 12 suburbs - with surprising results.
So what's a typical home?
Property Pricer measured and valued four bedrooms, single-story, brick veneer homes with a double garage, inground family size pool, and air conditioning to some rooms, but with no special views or waterfront.
And the building footprint/size was 380 sqm and the land size is 660 sqm.
In Sydney, the research found the house’s value in the outer western suburb of Penrith reached a price tag of $800,000, compared with the exclusive harbourside suburb of Darling Point where it was valued at $5.5 million, representing a 588% difference.
Looking at regional NSW, Byron Bay - which has seen the biggest growth out of any suburb in Australia in the past 12 months - saw the property valued at $2.8 million.
Compared with Orange in the Central Tablelands, where the property was worth $550,000, the two regional locations represented a 409% difference.
Heading to the Sunshine State in Noosa, which has been on a similar trajectory to Byron Bay, the house was valued at $1.8 million while in the Gold Coast suburb of Southport it was $1.3 million representing 38% difference.
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In Logan, Brisbane the house was worth $332,000 while in New Farm - a suburb boasting five-star hotels, boutique shopping, and fine dining options - it was valued at a projected $2.1 million, which was a 533% difference.
Going into Victoria, in Brighton, the Melbourne bayside suburb favoured by football players and TV personalities, the property was valued at $3.4 million compared with Box Hill - known for its multicultural appeal - where it was worth $1.6 million, a 113% difference.
On the Great Ocean Road in Torquay, home of the world-famous Bells Beach, the house was worth $1.1 million, and in Kyneton a regional suburb 70 minutes from Melbourne and based in the Macedon Ranges it had a projected value of $735,000 marking a 49% difference between the two regional areas.
Ross McLelland, CEO and founder of PropertyPricer, said:
“We all know the importance of location, location, location, but these results really drive that message home in a tangible, measured way.
“It’s incredible to think how the exact same home can have such a dramatically different value, simply based on where it’s located.
The results also highlight the importance of understanding your home’s true value, based on a wide variety of factors - location being just one of them.”
|VIC/ Melbourne||Box Hill||$1,600,000|
|QLD/ Gold Coast||Southport||$1,300,000|