Homes in more than 80 suburbs and towns across Australia made more money in the past year than the people who own them, new figures show.
As property markets soared and wages growth remained low, housing prices in parts of the country rose by up to four times more than annual household incomes in the space of a year.
Suburbs in Sydney and Melbourne, where market rebounds are in full swing, dominated the list of 83 suburbs where annual property gains are higher than post-tax household incomes, according to an analysis of ABS and Domain data.
The affluent suburb of Canterbury in Melbourne’s inner east, where the median house price is $2,715,500, had the biggest earnings gap.
The median price was up 17.3 per cent annually, a rise of $400,500, while the average post-tax household income was $99,368 – meaning property gains beat the average household income by $301,132.
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Join me and 40 like-minded property investors at the next
Real Estate Investing Fast Track Weekend!
(F.R.E.E. Tickets Worth $316)
Seats are strictly limited so book NOW in order to avoid disappointment…
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“The national top 10 is driven by more expensive Sydney or Melbourne suburbs…it will be buyers that already have substantial equity [who are looking to get into those markets].”
And for apartments.
So if you have been sitting on the sidelines watching other property investors around you going from strength to strength then you need to book yourself into the next Real Estate Fast Track Weekend live workshop!
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Join me and 40 like-minded property investors at the next
Real Estate Investing Fast Track Weekend!
(F.R.E.E Tickets Worth $316)
Seats are strictly limited so book NOW in order to avoid disappointment.
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I look forward to seeing you at the event!
Yours in Success,
KONRAD BOBILAK
CEO & FOUNDER
Investors Prime Real Estate
