It stands to reason that given Sydney’s traditional affluent Double Bay-like suburbs median price have now hit more than $3 million, some cashed up buyers are choosing to head out into Sydney’s West for more space and extra features.
As housing price growth outpaces wages growth, high income earning professionals are weighing up the opportunity of the extra space and privacy and the ability to put their own personal stamp by building their dream home out west.
Penrith median house price of $687,000, is well under the asking price for the large five-bedroom waterfront homes listed for around $3 million that include luxury features like home theatres, spas, infinity pools and the space to breathe.
And with the airport at Badgerys Creek set to attract lots more jobs into the area, including high-paying jobs, this trend is set to continue.
Melbournians Are Making Up To $1200 Per Day, As Melbourne Overtakes Sydney In Recent Months For Annual Price Growth
Property owners in Princes Hill in Melbourne top the list having made an astounding $1205.48 a day, on average, for the year to June 30, thanks to a 33.2 per cent annual growth rate, says new research from CoreLogic.
Melbourne recorded a 13.7 per cent gain across all suburbs, however there are many suburbs outperforming this figure, with Kinglake West recording the highest growth rate of 51.6% to a median house price of $580,000.
Located an hour and 15 minutes north-east of Melbourne, buyers are moving to Kinglake West, due to its larger block sizes of 1000 to 2000 sq m, affordability, small town relaxed lifestyle and manageable commute times.
The value of units and apartments also increased substantially, as Melbourne continues to be a more affordable alternative to the hot Sydney market.
MELBOURNE’S TOP CAPITAL GROWTH SUBURBS
Kinglake West: median price up 51.6% to $580,000 = $541.10 increase per day
Essendon North: up 44.4% to $1,003,500 = $845.21 per day
Abbotsford: up 38.2% to $1.29m = $976.71 per day
St Kilda: up 33.7% to $1.31m = $904.11 per dayPrinces Hill: up 33.2% to $1,767,500 = $1205.48 per day
Diggers Rest: up 32.3% to $395,000 = $264.38 per day
Carlton: 31.3% to $1,318,500 = $861.64 per day
The Patch: 31.2% to $665,000 = $432.88 per day
Frankston North: up 30% to $405,600 = $256.44 per day
Lower Plenty: up 29.1% to $980,000 = $605.48 per day
Strathmore: median price up 53.8% to $765,000 = $732.88 increase per day
Aberfeldie: up 51% to $688,500 = $636.99 per day
Wheelers Hill up 34.6% to $825,000 = $580.82 per day
Rowville: up 32.2% to $582,000 = $388.77 per day
Chirnside Park: up 28.5% to $535,000 = $325.34 per day
South Kingsville: up 26.5% to $650,000 = $372.60 per day
Sandringham: up 25.4% to $720,000 = $399.45 per day
Mount Eliza: up 24.8% to $535,000 = $291.10 per day
Sunshine North: up 23.4% to $434,500 = $226.03 per day
Greensborough: up 22.6% to $596,000 = $301.37 per day
Source: CoreLogic and realestate.com.au, for the year to June 30.