House prices: Suburbs rise by $300,000 in three months

In the last three months of the year, the properties in these suburbs jumped by hundreds of thousands of dollars with no signs of slowing down.

In the past three months when property prices should have been cooling down as the end of the year neared, a few suburbs saw their median property value soar by $200,000.

Two suburbs even skyrocketed by $300,000 compared to their prices in the previous quarter – which is a rise of $100,000 per month, according to a report by property analysis firm Hotspotting.

Perhaps unsurprisingly, all of the properties were from Sydney. More so, they were from areas already considered some of the most affluent in the capital.

An “extraordinary uplift” of between 10 to 20 per cent since October has seen homes in some suburbs in the north shore, northern beaches and the eastern suburbs jump to levels never seen before.

Two localities in the city’s south also scraped in.

The average home in the ritzy suburb of Rose Bay went from $3.8 million to $4.09 million over the past three months while Northbridge, in Sydney’s lower north shore, lifted from $4.1 million to 4.3 million. Meanwhile, North Bondi leapt from $3.31 to $3.58 million.

Gymea Bay and Kogarah, based in Sydney’s south rose by $200,000 to rest at the same final number, $1.62 million.

Manly over in the northern beaches “zoomed” over the $300,000 mark, from $3.51 million to $3.82 million, as did Killara in the north shore, going from $3.3 million to $3.63.

But despite the overwhelming numbers, the newly-released Price Index Predictor report named the Queensland city of Ipswich as the ultimate winner in terms of national growth.

Some properties in Sydney leapt by $300,000 in three months. Picture: Joel Carrett/NCA NewsWire

Sydney was ranked in the top 10 for a city experiencing phenomenal growth, however the unassuming Queensland town of Ipswich stole the number one position.

Justifying the decision, the report’s author, Terry Ryder, wrote: “Large municipalities on a growth path usually have a few exceptions to the upward trend – a few suburbs which, for various reasons, haven’t joined the party.

“But Ipswich provides a rare departure from this norm – for the second consecutive quarterly survey, all 19 of the LGA’s suburbs are classified as rising markets.”

Sydney, in contrast, has 658 suburbs and only 57 of them have lifted by 20 per cent or more in the past 12 months.

Other cities that got an honourable mention included the Queensland localities of the Gold Coast, Logan City and the state’s tropical north.

Western Australia’s Wanneroo City, South Australia’s Salisbury, Victoria’s Hume City, the Northern Territory’s Palmerston City as well as NSW’s Hunter Region also featured on the list.

Gymea Bay and Kogarah, in Sydney’s south rose by $200,000.

Sydney’s property market had massive gains in the last three months of the year. Picture: Gaye Gerard/NCA NewsWire

The report stated that “Sydney is thumbing its nose at the pandemic and all the disruption it’s brought” by continuing to exceed expectation during and after its 106-day lockdown.

Of the 57 suburbs that jumped by more than 20 per cent of their value over the last year, 13 of them were from the northern beaches.

The best growth for the year to date was Narrabeen where the median house price increased 42 per cent to $3.2 million in 2021.

Four other suburbs – Dee Why, Manly, Manly Vale and Seaforth – saw their prices rise by between 31 per cent and 39 per cent.

Ipswich was named as the best city over the last three months because every single suburb has had major wins. Picture: Gaye Gerard/NCA NewsWire

Other standout suburbs across the country, which were classified as “supercharged” included outback towns like Broken Hill (NSW) and Boulder (WA).

Small NSW regional centres Moree, Gunnedah and Glen Innes made the list, as did Queensland country towns Kingaroy and Maryborough.

Murray Bridge in South Australia is another inclusion.