4 suburbs where property prices have jumped 45%

Australia’s property prices increased at a record pace in 2021 with Domain’s latest quarterly house price report showing that the national median house price surged 25.7% and units by 7.7% year-on-year. But some suburbs outshone the rest.

While the median house price in Sydney rocketed 33.1% to a new $1,601,467 median, those numbers were absolutely overshadowed by Sydney’s modest northern beaches suburb of Warriewood.

Located around 26km north of the CBD between North Narrabeen and Mona Vale, Warriewood’s property prices achieved an enormous 51.6% increase over the course of 2021 to set a new record median house price of $2.19 million.

Units in the suburb, meanwhile, surged 28.8% to $1.185 million.

Next on the list was the luxury beach suburb of Palm Beach where median house prices jumped 45.2% to $5.7 million over the year.

In joint 3rd place on the list were Manly and Marsfield which both enjoyed a 45% increase in their annual median house prices to $4.405 million and $1.305 million respectively.

4 suburbs with largest annual house price growth

Australia’s sea change gathers pace

The Covid-19 pandemic shone a spotlight on the whole of Sydney’s northern beaches region as people continue to re-evaluate what they want from their homes.

The sea- or tree-change shift towards working from home and working remotely refocused people’s attention on what is around them, encouraging buyers to venture out of their existing neighbourhoods in search of a different lifestyle.

The shift has seen people migrate to Sydney’s north shore in droves in search of the perfect outdoor lifestyle with beaches, fresh ocean breezes, and great walks.

And in turn, the trend has driven property prices skywards.

Source: 4 suburbs where property prices have jumped 45% (propertyupdate.com.au)