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15-11-2014, 03:33 PM
Location, location and still Location... Moreover Australia is a big continent...
Uneven property rises push up home prices
THE AUSTRALIAN NOVEMBER 15, 2014 12:00AM
IT’s no secret home prices have surged in Sydney and Melbourne over the past year, but uneven price rises have pushed some suburbs up by more than 40 per cent, according to the National Australia Bank.
Median prices surged 43.7 per cent in Ramsgate Beach, near Rockdale in Sydney’s southeast, in the past 12 months, according to NAB’s Australian Housing Market Report, hitting $1.43m.
There were also strong rises in Sydney’s inner-western suburbs of Rhodes and Homebush, up about 43 per cent in the period, compared with a 14 per cent year-on-year increase in Sydney to the end of September.
Top suburbs for house and unit value growth
In Melbourne, the median Ripponlea house price surged 40.9 per cent to hit $1.043m. Middle Park, Caulfield East and Canterbury were all up more than 30 per cent, compared with 6.9 per cent for the entire metropolitan area.
Even other capitals, where growth was slower, had suburbs recording surging prices. Perth, which recorded overall annual price growth of 3.7 per cent according to Australian Bureau of Statistics figures out earlier this week, had big price increases in its northern suburbs.
Chinese sales 'a boon for housing'
Prices in Alkimos, in the city’s northern fringes, rose 28.6 per cent in a year, followed by Coolbinia, Highgate and Kallaroo, all up more than 21 per cent.
But the NAB report rang alarm bells over Perth’s rental market amid sluggish rent growth across the country.
Two NSW towns, Brewarrina in the state’s central far north, and Hillston in the central west, recorded the biggest jumps in house prices, up 48.5 per cent and 45.3 per cent respectively. But the lack of turnover in those towns means a small number of expensive property sales would significantly influence the figures.
Uneven property rises push up home prices
THE AUSTRALIAN NOVEMBER 15, 2014 12:00AM
IT’s no secret home prices have surged in Sydney and Melbourne over the past year, but uneven price rises have pushed some suburbs up by more than 40 per cent, according to the National Australia Bank.
Median prices surged 43.7 per cent in Ramsgate Beach, near Rockdale in Sydney’s southeast, in the past 12 months, according to NAB’s Australian Housing Market Report, hitting $1.43m.
There were also strong rises in Sydney’s inner-western suburbs of Rhodes and Homebush, up about 43 per cent in the period, compared with a 14 per cent year-on-year increase in Sydney to the end of September.
Top suburbs for house and unit value growth
In Melbourne, the median Ripponlea house price surged 40.9 per cent to hit $1.043m. Middle Park, Caulfield East and Canterbury were all up more than 30 per cent, compared with 6.9 per cent for the entire metropolitan area.
Even other capitals, where growth was slower, had suburbs recording surging prices. Perth, which recorded overall annual price growth of 3.7 per cent according to Australian Bureau of Statistics figures out earlier this week, had big price increases in its northern suburbs.
Chinese sales 'a boon for housing'
Prices in Alkimos, in the city’s northern fringes, rose 28.6 per cent in a year, followed by Coolbinia, Highgate and Kallaroo, all up more than 21 per cent.
But the NAB report rang alarm bells over Perth’s rental market amid sluggish rent growth across the country.
Two NSW towns, Brewarrina in the state’s central far north, and Hillston in the central west, recorded the biggest jumps in house prices, up 48.5 per cent and 45.3 per cent respectively. But the lack of turnover in those towns means a small number of expensive property sales would significantly influence the figures.