PHOTO: Sydney, Australia
This year has been an extraordinary year for Australian real estate and, it’s fair to say, it took most people by surprise.
Off the back of a global pandemic and armed with low interest rates and government incentives, the property market took off in 2021 like the proverbial frog in a sock.
Across the nation, house prices rose at their fastest rate on record – from the capital cities to regional towns – and prices that seemed jaw-dropping in January very quickly looked like bargains by April.
Nowhere was this more evident than in Australia’s wealthiest suburbs.
Knight Frank Australia estimates Australia’s prime market – considered to be the top 5 per cent of property values – averaged 9.3 per cent annual growth over the 12 months to September. Sydney’s prestige market ranked second globally ahead of New York, Tokyo, London and Los Angeles.
Some of Australia’s richest suburbs have grown by astonishing amounts. For example, house prices in Bronte, in Sydney’s eastern suburbs, soared by 55.1 per cent in the 12 months to September.
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