PHOTO: Noosa Heads
House prices in a handful of Sunshine Coast, Gold Coast and Brisbane hot spots grew by more than an Australian senator’s salary in just 12 months, following a milestone year that saw homes in a quarter of all Queensland suburbs gain more than the annual household income.
New analysis from Domain has revealed house prices in Sunshine Beach, Minyama, New Farm and Hamilton soared by up to 400 per cent more than the average household salary in the year leading up to June, showcasing the incredible strength of the state’s market amid growing fears of affordability.
According to the report, houses in Sunshine Beach on the Sunshine Coast enjoyed a colossal $445,000 annual change in prices – far outstripping the average household salary of $76,976.
In nearby Minyama, houses gained $437,500 to outperform the average income of $70,543 by almost $367,000. In the blue-chip Brisbane suburb of New Farm, house prices rose by $440,000 – a figure that’s four times more than the annual household income of $103,516.
In the unit market, Sunshine Beach also topped the Queensland list while taking fourth place nationally after annual property prices skyrocketed by $212,500 – an incredible $135,000 more than the annual household income. The sunshine state also recorded the highest proportion of units that gained more in price growth than the annual household income, followed by NSW.
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