Seven-figure gains in one year: The NSW suburbs where homeowners have won the property 'lottery'
The price of a typical house in Sydney's affluent Double Bay grew by more than $1.5 million in just 12 months, causing experts to dub them winners of the property "lottery".
New data has compiled the top 10 suburbs in New South Wales where the median value of freestanding homes grew the most.
In the twelve months to January 2022, Double Bay saw the most median growth to a wallet-bursting $5.76 million – an increase of $1.51 million in just one year, according to realestate.com.au.
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This three-bedroom home on Calga Avenue in Bronte sold for $10.4 million last weekend. The Agency / Domain
Close behind was beachside enclave Bronte, where the median house grew by more than $1.2 million to $4.8 million.
A list of the top 10 suburbs can be seen below.
Notably, eight of the top 10 suburbs were centred around a small geographical area of Sydney's eastern beaches, with Bondi, Bondi Beach and North Bondi all taking home honours.
Just two suburbs outside the eastern beaches made it into the top 10, including Fairlight (up $1.032 million) and Balgowlah Heights (up $1.013 million).
While the most recent data highlights near-outrageous price hikes in Sydney, nationwide statistics show that during the COVID-19 pandemic the demand for freestanding houses (largely wherever they were) far outstripped that of units.
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This family beach house in Dudley Street, Bondi is up for sale with a price guide of $5.2 million. PPD Real Estate
Property firm CoreLogic found that in a 12-month span from January 2021 to January 2022 dwelling values – which include both houses and units - added $131,236 to their value.
That equates to an annual rate of growth of 22.4 per cent – the largest on record since June 1989. According to CoreLogic's Home Value Index, the national median dwelling value is now $718,146.
Three of eight capital cities now boast a median house price in excess of seven figures as Sydney, Melbourne and Canberra all edged over median values of $1 million.
Despite the stratospheric growth, many experts have forecast that looming interest rate hikes will slow down Australia's currently red-hot property market.
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This palatial residence on Denning Street in South Coogee is up for sale with never-to-be-built out water views. Ray White Eastern Beaches / Domain
According to CoreLogic's Head of Research Tim Lawless, it's likely that we've already seen the market's peak rate of growth.
"Although we can't see any evidence that specific housing markets have peaked, it is clear that most markets have moved through a peak rate of growth," Mr Lawless says.
"What I mean by that is the point at which markets achieved their biggest monthly growth rate.
"We saw most of the capitals moved through a peak rate of growth around March last year."
This beautiful three-bedroom home in Sydney's Queens Park is up for sale with a price guide of $2.75 million. Ray White Woollahra / Domain
NSW Top 10 Suburbs with largest $ change in median value*
Rank | Suburb | Median estimated value Jan 2022 | Estimated yearly $ change in median |
1 | Double Bay | $5,757,000 | $1,506,000 |
2 | Bronte | $4,799,000 | $1,212,000 |
3 | Dover Heights | $5,431,000 | $1,119,000 |
4 | Bondi | $3,790,000 | $1,087,000 |
5 | North Bondi | $4,260,000 | $1,080,000 |
6 | South Coogee | $3,755,000 | $1,041,000 |
7 | Fairlight | $3,583,000 | $1,032,000 |
8 | Balgowlah Heights | $4,085,000 | $1,013,000 |
9 | Bondi Beach | $3,846,000 | $994,000 |
10 | Queens Park | $3,714,000 | $963,000 |
*Based on realestate.com.au AVM (Automated Valuation Model) data
The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.
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