As Australia’s property prices continue to climb, houses in the country’s most expensive suburbs have skyrocketed in value, new realestate.com.au data has revealed.
The prices of million-dollar homes in many outer metropolitan and regional suburbs within commuting distance of CBDs were much higher in March 2021 compared to the previous year, as workers relocated to regional areas en masse in what’s been dubbed the biggest property trend of the 21st century.
COVID-19 has triggered changes in what Aussies are looking for in a property, with regional property values growing three times as quickly as capital cities.
“We’ve seen very strong demand for properties in regional and scenic areas, driven by changes in work practices due to COVID-19, which have allowed people to work more remotely,” said Flaherty.
Realestate.com.au data revealed house prices in Australia’s top 10 million-dollar suburbs all grew by more than 60 per cent, with homes in Victoria’s Strathmore Heights seeing the biggest increase of all, at 83.2 per cent higher in March 2021 than the same time last year.
Strathmore Heights has been popular with home buyers thanks to its proximity to Essendon and Tullamarine airports as well as being near national parks, said Flaherty.
“It’s right near Essendon Fields, which is an area that has had significant residential and infrastructure development in it. The amount of development that is happening in that area is also beneficial to the surrounding suburbs, giving them more amenity,” she added.
Meanwhile, New South Wales was home to six of the suburbs in the top 10 list, with Mount Kuring-Gai homes experiencing 72.5 per cent growth in 2021, followed by Stanwell Tops (69.1 per cent) and Revesby Heights (66.8 per cent).
In these suburbs, million-dollar homes make up 90 per cent of the houses in the local market, compared to 20-30 per cent just a year ago.
“A million dollars would have easily got you a fairly nice house around Mount Kuring-Gai, but now the same house certainly would be well above a million dollars,” Hornsby McGrath sales agent Nick Berman said.
A recent survey from NAB showed that Australians were prioritising homes with features that had backyards and close proximity to lifestyle amenities.
Here’s the full list of the top 10 Australian million-dollar suburbs that have seen the greatest house price growth between March 2020 and March 2021: