The suburbs where prices have risen most tend to be in the top end of the price pack. The highest growth of any Aussie suburb was in Tyabb on Melbourne’s Mornington Peninsula where houses saw a 54 per cent increase, taking median values to $900,000.
Brisbane took out third and fourth place on the list with Fig Tree Pocket and the Grange clocking up 31 per cent and 29 per cent growth in house values respectively, reports realestate.com.au.
It should come as no surprise that the biggest moving suburbs tend to be at the big end of town, says its director of economic research Cameron Kusher.
“Everyone has lost jobs but the biggest job losses have been amongst people under 30 so typically someone under 30 is not going to be able to spend a couple of million dollars on a home, and even if people with these high-priced properties lost their jobs, there are still people who could afford to buy that property if it had to be sold,” he said.
Back in Brissie’s middle ring northern suburbs, we’re still seeing great levels of interest and enquiry. With buyers outnumbering sellers prices are holding up well.
Check out the big movers in median house values over the past 12 months, listed by suburb, city, median house price and percentage increase:
- Tyabb, Melbourne, $900,000, 54%
- Petersham, Sydney, $1,667,500, 33%
- Fig Tree Pocket, Brisbane, $1,165,000, 31%
- Grange, Brisbane, $1,160,000, 29%
- Bondi Beach, Sydney, $2,838,500, 26%
- Pagewood, Sydney, $1,700,000, 26%
- Haberfield, Sydney, $2,165,000, 25%
- Erskineville, Sydney, $1,525,000, 25%
- Box Hill South, Melbourne, $1,265,000, 25%
- Marsfield, Sydney, $1,685,000, 25%
Want to put your house on the market when buyers are queuing for new stock? Talk to us about selling.