Are you sitting on a million-dollar property and don’t know it?
Australia’s house prices have sky-rocketed over the past 12 months, and homeowners who have not had their properties valued recently might be in for a welcome surprise.
For example, five years ago, 434 Australian suburbs had a median house price above $1 million. That’s now jumped to 933 suburbs which represents a 115 per cent growth rate.
Units are now averaging more than a million in some suburbs of Sydney and Melbourne. Only 42 suburbs had an average apartment price above a million dollars five years ago. That’s exploded to 111 suburbs in 2021 for a 164 per cent increase.
The trendy suburb of St Kilda in Melbourne and leafy Cooks Hill in Newcastle, NSW have more than heritage housing in common. Both now have a median house price of more than $1 million. These suburbs are in high demand. The past five years have seen a whopping 36.5 per cent and 45.2 per cent increase in house price respectively for these suburbs.
As markets have shifted over the past few years, many people are now sitting on blocks of land that have gone up in value. A lot of people, although aware of the property market at the moment, may have not realised their house may be one of the many that could break the $1 million price tag.
Ultimately, there are many suburbs that have had an increase in median house price – some Australians may not know how much more their property is worth, and should get a property appraisal with LJ Hooker to find out.
Why should people choose LJ Hooker for their appraisal?
They are Australia’s No.1 real estate brand for a reason and LJ Hooker understands, better than anyone, exactly what’s involved in getting the best price possible for your property.
With LJ Hooker, not only do you get an expert breakdown of your property’s size, location, how it compares to other local properties, potential areas of improvement, and a lot more, but you also get a better understanding of where your house stands in today’s current market.
Find out if you are one of Australia’s “Secret Millionaires”?
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