PHOTO: Property prices have exploded in these suburbs. Mosman, Sydney. (Source: Getty)
Australia’s property market has boomed over the past 12 months and the coronavirus pandemic and subsequent lockdowns have done little to curb the skyrocketing trajectory of property prices.
Since the Reserve Bank slashed rates to a record low 0.10 per cent in November last year, house prices have risen by 1 per cent to 2 per cent each month meaning property prices rose by $10,000 per month in many parts of the country.
Australia’s national median house price has climbed exceptionally close to the million-dollar mark at $955,927 – which is a huge 18.8 per cent increase over the year, or 5.8 per cent over the June quarter, according to Domain’s latest House Price Report.
In fact, six Aussie states have hit record highs for their third consecutive quarter, while the other two are again at their highest point in several years.
But the median house prices only tell half the story – when you look more granularly, some areas have seen substantially stronger growth.
According to recent realestate.com.au data, more than 250 suburbs across Australia have seen house prices increase by $200,000 or more over the past 12 months.
A lucky 24 suburbs saw their prices soar to $50,000 and beyond each month – most of those in NSW.
The highest of all rose by $1.2 million in a year — which is more than $100,000 a month.
Australia’s most expensive state, New South Wales, accounted for 88 per cent of these $50,000-plus monthly growth suburbs.
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