PHOTO: Australian homeowners are raking in the equity
Homeowners in pockets of Sydney have struck the jackpot after watching their property’s value rise by up to $2.8 million in just five years. IS YOUR HOME ON THE LIST?
Housing economists said the wealth generation over such a short period was tantamount to residents holding a winning lottery ticket simply for their choice of where to live.
Data provided by realestate.com.au showed the biggest value rises over the past five years were in beachside suburbs across Sydney’s north and east.
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.
3 Edwin Street, Fairlight sold for $2.32m in 2019 and again in 2021 for $4.6m.
This included peninsula suburb Palm Beach in Sydney’s north, which was the country’s top performing suburb over the period.
Properties in the suburb typically cost $2.4 million in 2016, but now command a median of $5.2 million – an increase of $2.8 million.
Other suburbs with a more than $2 million increase in median values included Vaucluse, Bronte, Bellevue Hill and Dover Heights.
This Bronte house recently sold for more than $6m.
Byron Bay had the biggest rise of a suburb outside the Sydney metro area, with the median value of homes increasing $1.85 million.
READ MORE VIA NEWS.COM.AU
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