Yahoo Finance $1.26 million: 20 suburbs where house prices soared in 2021
Despite rolling lockdowns and closed borders, Australian capital city markets have defied the odds with home values continuing to rise.
For the first time since the post-GFC rebound, house prices in all cities have recorded double-digit annual growth due to a combination of factors, according to a new report from Domain.
Amid low wages growth, some suburbs – in each state and territory – have experienced property gains that are more than annual household income.
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Here are the suburbs where house prices have grown more than what Aussies are earning.
Suburbs where house prices have exceeded average annual income
The top 20 suburbs where house prices have grown more than the average annual salary are all in New South Wales and Victoria.
The top 20 are:
Dover Heights NSW
The average house price has increased $1.26 million this year. Average household income in the area is $174,491 per year.
Bronte NSW
The average house price has increased $1.22 million, compared to the average household income of $153,767 a year.
Northbridge NSW
The average house price has increased $1.05 million. The average household income in the area is $192,510.
Seaforth NSW
The average house price has increased $925,000, while the average household income is $194,819 per year.
Mosman NSW
The average house price has increased $875,000. The average household income in the area is $145,189 per year.
Bellevue Hill NSW
The average house price has increased $850,000 while the average household income in the area is $166,489 a year.
Somers VIC
The average house price has increased $731,750. The average income in the area is $85,175.
Manly NSW
The average house price has increased $786,000 while the average income in the area is $140,986 per year.
Palm Beach NSW
The average house price has increased $762,500 while the average income in the area is $121,528 per year.
Byron Bay NSW
The average house price has increased $655,000. The average household income in the area is $68,910.
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Gordon NSW
The average house price has increased $600,000 while the average income in the area is $133,157 per year.
Killara NSW
The average house price has increased $655,000. The average household income in the area is $68,910.
Naremburn NSW
The average house price has increased $585,000 while the average income in the area is $151,234 per year.
Avalon Beach NSW
The average house price has increased $545,000. The average household income in the area is $123,025.
Blairgowrie VIC
The average house price has increased $469,500 while the average income in the area is $61,502 per year.
Pymble NSW
The average house price has increased $576,500. The average household income in the area is $177,888.
North Balgowlah NSW
The average house price has increased $565,000 while the average income in the area is $179,557 per year.
Bilgola Plateau NSW
The average house price has increased $520,000. The average household income in the area is $138,108.
Maroubra NSW
The average house price has increased $479,400 while the average income in the area is $99,134 per year.
Cremorne NSW
The average house price has increased $514,000. The average household income in the area is $135,172.
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