The significant rise in residential real estate prices across Australia has led to substantial suburb-wide increases for homes in the seven-figure price range.
Thanks to thousands of buyers looking to upgrade or purchase their first home, leafy and beachside areas around the country are seeing record growth numbers, including some properties selling for eye-watering figures just a few months after being previously sold.
Realestate.com.au Economist Anne Flaherty believes prices are peaking partly due to many Australians experiencing a shift to working from home due to the effects of COVID-19, resulting in suburban and regional properties becoming more and more popular, and in turn, much more expensive.
“We’ve seen a big change in what buyers are looking for during COVID. We’ve seen very strong demand for properties in regional and scenic areas, driven by changes in work practices due to COVID-19, which have allowed people to work more remotely,” she explained.
For sellers in desirable suburbs, crossing the elusive million-dollar sale price mark is now expected rather than a dream.
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ABS head of prices statistics Michelle Marquadt believes the reason prices have skyrocketed goes beyond just demand.
“Strong demand for housing was supported by record-low interest rates, government initiatives, and rising consumer confidence,” Marquadt said.
“Price rises were observed in all segments of the housing market, with growth in house prices continuing to outpace price growth in attached dwellings.”
New South Wales has seen the biggest boom in home prices overall, with seven suburbs within the state taking spots on the top ten list.
The average residential property price across NSW has now surpassed $1 million for the first time on record, solidifying its place as the most expensive state to buy a home in Australia.
According to data compiled by Realestate.com.au, these are the ten Australian suburbs with the highest amount of growth in houses valued at $1 million and above:
1. Strathmore Heights, Victoria
Sitting just 12km northwest of the Melbourne CBD, Strathmore Heights is a popular choice due to the convenience of being close to the main city airports and parks, such as the Organ Pipes National Park and the Jacana Reserve.
Strathmore Heights tops the list with a whopping 83.2% increase in properties worth over a million dollars.
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2. Mount Kuring-Gai, New South Wales
This suburb of northern Sydney is just a 40-minute drive from the city and a perfect escape from the hustle and bustle thanks to many great parks, creeks, and nature reserves nearby.
Coming in second place, Mount Kuring-Gai has experienced a jump of 72.5%.
3. Stanwell Tops, New South Wales
Right in between the cities of Sydney and Wollongong, Stanwell Tops is a beautiful coastal suburb with stunning clifftop views that are loved by hang gliders, paragliders, and surfers alike.
Stanwell Tops takes third, with a 69.1% increase in million-dollar homes.
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4. Revesby Heights, New South Wales
This small, quiet suburb is tucked away in south-western Sydney just along the Georges River and is very appealing thanks to it being a short train ride to the city and having many parks and public schools close by.
With a 66.8% change, Revesby Heights makes number four on the list.
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5. Gerringong, New South Wales
What VisitNSW.com describes as a “classic Aussie beach town”, Gerringong is a picturesque coastal community of 4,000 in New South Wales’ South Coast, where swimmers and surfers flock to Werri Beach and its ocean-fed rock pools.
At fifth place, Gerringong sits just below Revesby Heights with a 66.5% increase.
6. Merewether Heights, New South Wales
Merewether Heights is a southern suburb of Newcastle just beside Glenrock State Conservation Area, where there’s plenty of hiking trails and stunning hillside views of the nearby beaches.
Having seen an increase of 62.9%, Merewether Heights is number six.
7. East Corrimal, New South Wales
The 1.4 km long Corrimal Beach borders this northern suburb of Wollongong, and with its grassy reserves, small lagoon, and dog-friendly areas, it’s a coveted choice for families and animal lovers.
Tied with Merewether Heights, this NSW beach town also had a 62.9% jump in homes valued at one million dollars and above.
8. Jan Juc, Victoria
Sandwiched between Torquay and Bells Beach sits the Victoria town of Jan Juc, which boasts itself as one of Australia’s best surfing spots and the perfect place for those seeking less crowded beaches than those of its north-eastern neighbour.
The second Victorian suburb to make the list comes in at number eight, with a 62.6% increase.
9. Woonona, New South Wales
Head just a bit north of East Corrimal and you’ll find yourself in Woonona, another coastal suburb north of Wollongong favoured amongst young families with great restaurants, shopping, and local nightlife.
Woonona places just a bit below its southern neighbor, with a 61.1% increase to take ninth place.
10. Bonnet Hill, Tasmania
The only Tasmanian suburb to make the list, Bonnet Hill sits atop a large hill 13 km south of Hobart and is well known amongst cyclists for its challenging and scenic trails leading to Kingston Beach.
Bonnet Hill just makes it in at tenth, having seen a 60.8% uptick in its million-dollar home market.
A common theme with most of the suburbs that made the list is that they are still within reasonable commuting distance to capital cities but far enough away for residents to experience peace and quiet.
These locations offer the best of both worlds and are ideally suited to the hybrid work approach that many people are now enjoying permanently. Because of this, these areas have a very bright future ahead.
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