Yahoo Finance $500k increase: 20 suburbs where unit prices have boomed
While units may be seen as a more affordable option for many trying to buy a home, they too have seen surges in prices nationwide.
The national unit price has risen 6.7 per cent over the year, or 2.1 per cent over the past quarter to a new median of $601,482.
There are many suburbs where the price of a unit has grown faster than the area’s average household salary over the past 12 months, according to a new Domain report.
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The top 20 performing suburbs for units are scattered across Australia, but NSW dominates the list with 12 suburbs, followed by Queensland with six suburbs and Victoria with two suburbs.
In NSW, most of the suburbs are within the northern suburbs and inner east of Sydney.
Queensland suburbs that made the list are all located on the Sunshine Coast.
Meanwhile in Victoria, the suburbs of Blackburn and Geelong continue to show strong annual unit returns compared to annual household income.
Here are the top 20 suburbs around Australia where unit price increases have exceeded annual household income.
Milsons Point, NSW
The average price of a unit has increased $508,500 this year. Average household income in the area is $178,867 per year.
Little Bay, NSW
The average unit price has increased $351,500, compared to the average household income of $117,498 a year.
Fairlight, NSW
The average price of a unit has increased $299,000 this year. Average household income in the area is $150,831 per year.
Sunshine Beach, QLD
The average unit price has increased $212,500, compared to the average household income of $77,067 a year.
Darling Point, NSW
The average price of a unit has increased $295,000 this year. Average household income in the area is $170,749 per year.
Rose Bay, NSW
The average unit price has increased $250,000, compared to the average household income of $130,797 a year.
Double Bay, NSW
The average price of a unit has increased $260,000 this year. Average household income in the area is $142,656 per year.
Woolloomooloo, NSW
The average unit price has increased $213,000, compared to the average household income of $103,279 a year.
Coolum Beach, QLD
The average price of a unit has increased $181,000 this year. Average household income in the area is $72,984 per year.
Kingscliff, NSW
The average unit price has increased $176,000, compared to the average household income of $70,810 a year.
Terrigal, NSW
The average price of a unit has increased $200,000 this year. Average household income in the area is $96,658 per year.
Queenscliff, NSW
The average unit price has increased $233,500, compared to the average household income of $135,172 a year.
Yamba, NSW
The average price of a unit has increased $146,250 this year. Average household income in the area is $50,258 per year.
Narrabeen, NSW
The average unit price has increased $181,500, compared to the average household income of $91,074 a year.
Blackburn, VIC
The average price of a unit has increased $194,300 this year. Average household income in the area is $104,380 per year.
Geelong, VIC
The average unit price has increased $162,500, compared to the average household income of $82,796 a year.
Noosaville, QLD
The average price of a unit has increased $132,000 this year. Average household income in the area is $66,255 per year.
Buddina, QLD
The average unit price has increased $145,000, compared to the average household income of $79,540 a year.
Golden Beach, QLD
The average price of a unit has increased $108,000 this year. Average household income in the area is $58,145 per year.
Mooloolaba, QLD
The average unit price has increased $118,000, compared to the average household income of $68,555 a year.
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