{"id":36010,"date":"2021-12-11T09:22:18","date_gmt":"2021-12-10T20:22:18","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=36010"},"modified":"2021-12-11T09:23:57","modified_gmt":"2021-12-10T20:23:57","slug":"homeowners-who-have-won-the-lottery","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/homeowners-who-have-won-the-lottery\/","title":{"rendered":"Homeowners \u2018who have won the lottery\u2019"},"content":{"rendered":"

PHOTO: Australian homeowners are raking in the equity<\/strong><\/p>\n

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Homeowners in pockets of Sydney have struck the jackpot after watching their property\u2019s value rise by up to $2.8 million in just five years. IS YOUR HOME ON THE LIST?<\/strong><\/h4>\n

Housing economists said the\u00a0wealth generation over such a short period\u00a0was tantamount to residents holding a winning lottery ticket simply for their choice of where to live.<\/p>\n

Data provided by realestate.com.au showed the biggest value rises over the past five years were in beachside suburbs across Sydney\u2019s north and east.<\/p>\n

Many were less accessible areas that became more popular during the Covid-era as work from home arrangements made an easy commute to the CBD less of a priority.<\/p>\n

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3 Edwin Street, Fairlight sold for $2.32m in 2019 and again in 2021 for $4.6m.<\/strong><\/em><\/p>\n<\/div>\n

This included peninsula suburb Palm Beach in Sydney\u2019s north, which was the country\u2019s top performing suburb over the period.<\/p>\n

Properties in the suburb typically cost $2.4 million in 2016, but now command a median of $5.2 million \u2013 an increase of $2.8 million.<\/p>\n

Other suburbs with a more than $2 million increase in median values included Vaucluse, Bronte, Bellevue Hill and Dover Heights.<\/p>\n

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This Bronte house recently sold for more than $6m.<\/strong><\/em><\/p>\n<\/div>\n

Byron Bay had the biggest rise of a suburb outside the Sydney metro area, with the median value of homes increasing $1.85 million.<\/p>\n

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