Property price growth has been beyond impressive across Sydney: Hotspotting's Terry Ryder

EXPERT INSIGHT

Price growth in the early part of 2021 has been beyond impressive in many locations across Australia - it’s been exponential.

Every three months, Hotspotting analyses sales activity and prices for every suburb and town in the nation, for the quarterly editions of The Price Predictor Index.

In updating the median prices for each location, it’s impossible to avoid the conclusion that something extraordinary has been happening in many of our property markets.

The change in median prices in just three months has been, in many cases, mind-boggling. At Bondi Beach in Sydney, the median house price three months ago was $2,820,000. Now it’s $3,100,000. That’s an increase of $280,000 in just three months.

At Noosa Heads in Queensland, the median house price has risen from $1,150,000 to $1,400,000, an increase of $250,000 - 22% - in three months. And at Byron Bay, the median house price has gone from $1,835,000 to $2,220,000.

It’s happening also in some of the nation’s apartment markets. In Kogarah in Sydney, the median unit price has risen from $685,000 to $785,000, a rise 15% in three months, while the median unit price in Rose Bay has increased $125,000, St Ives is up $100,000 and Lindfield $125,000 in that time frame.

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Here are some Sydney examples of median price rises over the past 3 months:

• Lindfield, houses up from $2,750,000 to $3,120,000, units up from $1,200,000 to $1,325,000.
• Bronte, houses up from $3,400,000 to $3,890,000.
• Cremorne, houses from $2,800,000 to $3,000,000, units from $1,125,000 to $1,170,000.
• Croydon, houses from $1,570,000 to $1,770,000.
• Kogarah, houses from $1,305,000 to $1,405,000, units from $685,000 to $785,000.
• Fairlight, units from $1,425,000 to $1,560,000.
• Freshwater, houses from $2,480,000 to $2,660,000, units from $890,000 to $940,000.
• Kensington, houses from $2,445,000 to $2,680,000.
• Granville, houses from $730,000 to $805,000.
• Coogee, houses from $2,900,000 to $3,125,000.
• Kirrawee, units from $690,000 to $740,000.
• Jannali, units from $665,000 to $730,000.
• Canley Vale, houses from $810,000 to $880,000.
• Collaroy, houses from $2,400,000 to $2,580,000, units from $875,000 to $905,000.
• Naremburn, houses from $2,280,000 to $2,620,000.
• North Sydney, units from $945,000 to $1,025,000.
• Rose Bay, houses from $3,810,000 to $3,960,000, units from $1,475,000 to $1,600,000.
• Woolloomooloo, units from $935,000 to $1,280,000.
• Seaforth, houses from $2,690,000 to $2,895,000.
• St Ives, houses from $2,040,000 to $2,175,000, units from $1,020,000 to $1,120,000.

Examples of median price rises in Regional Queensland include these:

• Minyama, houses up from $1,315,000 to $1,400,000.
• Mudjimba, houses from $770,000 to $845,000, units from $445,000 to $485,000.
• Noosa Heads, houses from $1,150,000 to $1,400,000, units from $905,000 to $960,000.
• Maleny, houses from $675,000 to $720,000.
• Mermaid Beach, houses from $1,350,000 to $1,440,000, units from $440,000 to $475,000.
• Burleigh Waters, houses from $820,000 to $870,000, units from $415,000 to $465,000.
• Palm Cove Cairns, houses from $670,000 to $745,000, units from $265,000 to $310,000.

And examples from Regional NSW include these:

• Wentworth Falls, houses up from $675,000 to $770,000.
• Byron Bay, houses from $1,835,000 to $2,220,000.
• Gerringong, houses from $890,000 to $995,000.
• Kiama, houses from $980,000 to $1,050,000, units from $630,000 to $680,000.
• Kingscliff, houses from $1,165,000 to $1,240,000 and units from $620,000 to $690,000.
• Merimbula, houses from $625,000 to $720,000.
• Yamba, houses from $590,000 to $670,000, units from $450,000 to $510,000.
• Albury, houses from $550,000 to $605,000.
• Moss Vale, houses from $690,000 to $740,000.

There are thousands of other similar scenarios from the various markets across Australia.