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Australian Housing Market: $1 Million Price Surge in 101 Areas Over Five Years

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Published On 13 Sep 2024

Over the past five years up to August, home prices in 101 regions across Australia have increased by more than $1 million, according to PropTrack data. Most of these regions are located in major cities, with Sydney leading the list with 86 areas experiencing significant price hikes. Only seven regional areas are on the list, including Byron Bay in NSW, as well as Minyama, Doonan, and Sunshine Beach on the Sunshine Coast. In Gold Coast, areas such as Surfers Paradise, Bundall, and Broadbeach Waters also saw notable price increases.

Eleanor Creagh, senior economist at PropTrack, explained that Sydney's dominance in the list is expected, given that it is the most expensive city in Australia. Although price growth in Sydney is not as strong as in Brisbane and Adelaide, it remains substantial. The area with the highest price increase is Bellevue Hill, where home prices surged by over $4 million to $9.75 million. Bellevue Hill is well-known for its proximity to Bondi Beach, Rose Bay, Bondi Junction, and prestigious schools like Scots College and Cranbrook School.

In Queensland, eight regions experienced price hikes exceeding $1 million, led by New Farm in Brisbane. Home prices in New Farm increased by $1.38 million to $2.8 million. Real estate agent Brett Greensill noted that New Farm is popular due to its attractive lifestyle and proximity to the CBD, and it is particularly sought after by interstate buyers, especially from Sydney.

In Perth, Western Australia, four regions also saw price increases of over $1 million, including Cottesloe, Dalkeith, City Beach, and Peppermint Grove, all known for their stunning ocean views. Meanwhile, Adelaide is represented by only one area, St Peters, and Melbourne is represented by Toorak, where home prices rose by $1.15 million to $5 million.