Sydney has been producing a lot of Millionaires in this current upward trend in Real Estate prices.
In the last 12 months Sydney, depending on what facts, research or website you read, has experienced between 11% and 23% growth. … The figures around growth, Auction Clearance rates and median and average sale prices seems to vary, however they all have one thing in common – growth.
I know people who have bought property in the last 24 months for under $800,000 and sold recently for over $1,100,000 without doing much, or any work to the home. People driving the market at the moment in fact, seem to be people who have done this.
The biggest winners, I think, are people who have bought apartments in the last 3-4 years and sold recently.
Imagine scraping together $40,000 to buy your first apartment for $350,000 and then 3 or 4 years later selling it for $600,000+ getting a $10,000 or $20,000 pay rise over the years, meeting a partner, sharing income and then purchasing a $1,400,000 property. This is happening. This is the ideal young persons situation.
RPData has just released information revealing 20 suburbs with the highest median sale price in Sydney.
I will break this down into categories;
Over $2,500,000 –
Bronte
Rose Bay
Northwood
Clontarf
Mosman
Dawes Point – this one is interesting as this is a measure, not on houses, but on UNITS!
Palm Beach
Double Bay
Longueville
Over $3,200,000 –
Watsons Bay
Dover Heights
Whale Beach
Over $3,500,000 –
Tamarama
Bellevue Hill
Over $4,000,000 –
Vaucluse
Over $5,000,000 –
Centennial Park
And coming in at over $5,500,000 is Point Piper with the highest recorded prices this market has seen.
A lot of suburbs on Sydney’s Upper North Shore are currently tracking at over $1,500,000 median sale price, and have peaked at around $2,000,000 in this market. This is not on a rolling 12 month average but certain months with big properties clearing at Auction have contributed to peaks in the Median sale price of property in areas like Wahroonga, Turramurra and Pymble.
St Ives seems to be experiencing the most growth at the moment, or at least peaking the most at the moment. This may be because St Ives was a little slower to pick up than the other suburbs. When I wrote ‘What’s your suburb doing’ in June, this was evident too.
I am interested to see what suburb produces Millionaires next, I have seen Normanhurst go up, Pennant Hills go up and now Cherrybrook, Berowra, Asquith and Hornsby Heights are producing Millionaires too.
Thomas Merriman.
Thomas Merriman 