Houses close to the central business district in affluent areas have made solid capital growth in recent years.
So much that the growth has outstripped the work income of those that own them, new research shows.
In fact, in New South Wales, homes in a whopping 205 suburbs earned more than their owners did in their jobs in the past five years, and houses in 53 Victorian suburbs also did the same, a RiskWise study has found.
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Top 5 NSW suburbs where houses earned more than owners
Topping the list in NSW is Centennial Park, where the average annual change in median price was $482,832, compared with the average individual income of $125,651.
In Kirribilli, the average annual change in median prices of properties was $474,662, while their owners earned $122,542.
Point Piper, Bellevue Hill and Dawes Point also made the top five.
RiskWise chief Doron Peleg said that, in NSW, the top performers in Sydney were “suburbs appealing to executives and successful professional workers looking for attractive lifestyle options within easy commuting distance from the city”.
Other areas outside the city, like Byron Bay, also made the list, because they “were also able to offer something special” to buyers.
Top 5 VIC suburbs where houses earned more than owners
Topping the list in Victoria is Kooyong, where the average annual change in median price was $219,459 compared with an average individual income $119,334.
In Flinders, the average annual change in median price was $152,903, while the average individual earned $100,314.
Despite their rural location, Rochford, Guys Hill and Gherang also made the list.
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