Aussie suburbs where house prices have doubled
Sydney has quickly become one of the most expensive cities in the world, where the value of homes across suburbs, both metro and regional, continues to rise.
In fact, they have risen a staggering $1 million-plus in some areas in the space of two years since the pandemic hit.
Houses in the celebrity hot-spot of Byron Bay have skyrocketed 114% between March 2020 and 2022. The beachside town saw the value of a typical house rise from $1.4 million to $3.02 million in the past two years, an increase of $1.6 million.
In Sydney’s northwest, the suburb of Glenorie experienced an 88% increase in value. jumping from $1.27 million in 2020 up to $2.4 million – almost doubling.
The waterfront suburb of Sylvania Waters in Sydney’s south saw house values soar by $1.13 million. Back in 2020, house prices were typically $1.6 million but that has now increased by 84% to $2.95 million in February.
Another suburb that saw staggering increases was Bayview on Sydney’s northern beaches, with house prices increasing by 77% or $1.47 million in two years. A regular house in the suburb jumped from $1.92 million to $3.4 million.
The suburb that recorded the most incredible jump in value was on the Central Coast, an area that has become increasingly popular as the opportunity to work from home became more common during the pandemic.
The suburb of Wyee saw its house values increase a whopping 142%, taking it from $330,000 in 2020 to $797,500 this year.
Coastal and regional areas in Australia experienced some of the highest jumps in value, said REA head of research Cameron Kusher, with the Central Coast in particular recording six suburbs in the top 20 growth areas in NSW.
“People have realised that if they’re not going into the office every day, they can currently live by the beach on the Central Coast, or out around the Blue Mountains, get themselves a much larger property and live more like they would like to.”
Austral in Sydney’s west was the second-best performing suburb out of the top 20 growth suburbs in NSW, with an incredible 132% increase, pushing typical house values from $439,400 to $1.01 million.
Copacabana on the Central Coast boasted the third biggest increase at 106% with a rise of $981,500 in house values. A typical house rose from $923,500 back in March 2020 to now be worth a staggering $1.9 million.
Mr Kushner said it was unusual for capital cities and regions around Australia to boom simultaneously, but the pandemic meant people were saving more but couldn’t spend it on typical things like travelling and entertainment, so turned to spending cash on property.
Lockdown also made people realise that life had changed and they wanted a more comfortable place to live as they were spending so much time there, he said.
“It’s very abnormal to be seeing everywhere growing rapidly at one point in time and I think that speaks to the fact that interest rates were cut so low,” he said.
A huge shortage in available properties on the market also drove the boom.
“We saw a real reluctance of people to bring properties to market and a lot of that was driven by the uncertainty around lockdowns and not knowing if you’re going to get the best price if you put your property on the market and no one could inspect it,” he said.
However, Australia’s red hot property market has finally started to slow down according to recent data showing that the cost of property has only risen by 0.3% in March and has even fallen around cities like Melbourne and Perth.
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