Sydney’s property boom has reached ridiculous levels with a boatshed lacking a house selling for a record $40million.
The two-storey structure at Point Piper in the ritzy eastern suburbs added $10million or 33 per cent in just four years, property sales group Domain revealed.
The Wunulla Road property on Sydney Harbour with a pool but no house is certainly Australia’s priciest-ever boatshed.
Sydney’s property boom has reached ridiculous levels with a boatshed lacking a house selling for a record $40million.
The Wunulla Road property on Sydney Harbour with a pool but no house is certainly Australia’s priciest-ever boatshed
Sydney’s new record for 2021, so far, is only a short walk from the homes of multi-millionaire residents, including former prime minister Malcolm Turnbull.
But it is far from the only piece of real estate set to surge in value this year.
With interest rates at a record-low of just 0.1 per cent, the ANZ bank is now forecasting a 17 per cent jump in capital city median house prices in 2021 alone.
Sydney and Perth were tipped to see an even more dramatic 19 per cent rise.
This would see Sydney’s median house price, based on Domain sales data, surge from a record $1.2million at the end of 2020 to $1.4million by Christmas – with home owners set to make $230,183.
Mid-point house prices are already $13,000 above the previous peak set in 2017.
ANZ expected Hobart house prices to surge by 18 per cent as Melbourne and Brisbane values climbed by 16 per cent and Adelaide prices increased by 13 per cent.
ANZ senior economist Felicity Emmett said price rises would be stronger before July as buyers took advantage of government programs like the $15,000 HomeBuilder subsidies.
‘With interest rates the primary driver of price gains, we see strength across all capital city markets,’ she said.
‘The first half of 2021 is likely to be stronger than the second half.’
Domain has revealed suburbs where prices in 2020 surged by a dramatic 30 per cent, based on its sales figures.
Alexandria in Sydney’s south saw a 30.6 per cent median rise to $1.9million.
Upmarket Clovelly, in the eastern suburbs, enjoyed a 29.9 per cent price increase to $3.45million.
The New South Wales Central Coast, north of Sydney, did well too with Chain Valley Bay prices rising by 29.4 per cent to $576,000.
Greater Sydney, including the Central Coast, had seven spots on the top ten list for price rises.
Three of them were in the southern suburbs with Kogarah prices rising by 27.9 per cent to $1.26million, Cronulla house values surging by 27.5 per cent to $2.2million as homes at Belfield put on 27.2 per cent, taking the median price to $1.2million.
Domain has revealed suburbs where prices in 2020 surged by a dramatic 30 per cent, based on its sales figures. Alexandria in Sydney’s south saw a 30.6 per cent median rise to $1.9million
Domain senior research analyst Dr Nicola Powell said 94 per cent of Sydney suburbs saw a price increase last year, while 43 per cent of suburbs had double-digit growth.
Brisbane had one spot on the top ten list with prices at Thorneside in the city’s east surging by 28.5 per cent to $545,000.
Outer Melbourne’s Mornington Peninsula had two places on this list, with prices at Blairgowrie surging by 24.8 per cent to $1.1million while nearby McCrae had a 24.3 per cent price increase to $960,000.
New Australian Bureau of Statistics data released on Thursday also showed the biggest quarterly increase in wealth since December 2009, back when Australians earning less than $100,000 had received $900 cheques during the Global Financial Crisis.
Average wealth for every household rose by $19,028, or 4.2 per cent, in the December quarter to $467,709.
CommSec chief economist Craig James said federal government spending to combat the Covid shutdowns and record low interest rates had certainly helped.
‘Feeling rich? Not only did household wealth hit record highs at the end of 2021, the lift in wealth in the quarter was the biggest recorded in 11 years,’ he said.
‘No wonder that people are feeling more confident and spending.
‘We can trace the gain in wealth to massive government and central bank stimulus.’
Brisbane had one spot on the top ten list with prices at Thorneside in the city’s east surging by 28.5 per cent to $545,000.
