Tuesday, 10 July 2007

[PropertyInfo.004] How is your suburb performing?

In case you are not aware, there's another interesting report about property prices on front page of last Saturday's (7/7) Daily Telegraph, called "Winners, losers as prices hit roof". You can see the full details in this link from www.news.com.au web site.

A high level summary of the report:

  • 52 suburbs median house prices of more than $1 million

  • 8 new inductees to the millionaires' club: McMahon's Point, Warrawee, Fairlight, Cammeray, Waverle, Haberfield, and Pymble and Roseville Chase

  • median house prices of more than $2 million: Vaucluse, Dover Heights, Clontarf and Double Bay

  • number of suburbs with property values below $300,000 almost doubled in the past three years

  • 10 suburbs median house prices fall below the $300,000 mark over the same period - Doonside, Summerland Point, St Andrews, Ruse, Killarney Vale, North Gosford, Tahmoor, Yennora, Noraville and Lalor Park

  • 131 Sydney suburbs with median house prices between $600,000 and $1 million, while most - 252 suburbs - fall in the $300,000 to $600,000 range

  • Suburbs likely to join the millionaires' club within the next 12 months: Abbotsford, Strathfield, Cronulla, Birchgrove and Lane Cove

The reporter used the term "paper millionaires" in the article. I guess it's because you won't actually get the money until you sold the house. Also, don't forget that most of the time a large portion of the money goes to the bank... Well, that's life! Any way, the word "millionaires" does make people excited no matter it's just on the paper or in bricks...

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