Prices across several Australian suburbs have surged by as much as $562,000 in just three months, according to Domain’s latest House Price Report.
The data highlights 36 suburbs – mostly in Queensland and New South Wales – that have jumped past new million-dollar milestones.
In Sydney’s Lower North Shore, Cammeray recorded the largest rise, with its median house price increasing by $562,000 between March and June, pushing the suburb into the $3 million bracket.
The gains come against the backdrop of three RBA rate cuts this year – in February, May and August – which have likely boosted buyer confidence and market activity ahead of spring, contributing to tighter stock and stronger competition in premium suburbs.
Local real estate agent Anthony Cowie of Ray White Lower North Shore Group said a run of high-value sales has fuelled recent growth.
“There was a waterfront house which [sold for] $15 million,” Cowie said. “There was 8 Cairo Street at $6.3 million. There was 15 Carter Street at $6.5 million. Twelve months prior, there weren’t many properties [selling at those levels].”
He added that Cammeray’s exemption from high-density rezoning is likely to keep upward pressure on values.
“It’s a pretty sought-after [suburb]; you’re not getting much more than an average three-bedroom semi-detached home for $3 million,” Cowie said.
In his latest campaign, the Ray White real estate agent said a duplex in Alan Street attracted about 80 groups over three and a half weeks before selling for $5.6 million.
Further south, Sans Souci’s median house price rose by $215,000 in the June quarter, lifting the bayside suburb into the $2 million club.
Local agent Ray Fadel of Stone Sans Souci said demand is being driven by relative value and lifestyle appeal.
“We’re surrounded by water,” Fadel said. “People are starting to understand that Sans Souci has good lifestyle options and nice boats and clubs and walkways.”
Recent high-end sales include “23 The Boulevard in Sans Souci sold for nearly $5.9 million. One at 29 Hillview that was $4.9 million, and one at 320 Grand Parade that was $4.91 million.”
Fadel warned that houses priced at $2 million are becoming scarce.
“It’d probably be a knockdown or a renovator, on a small block of land, probably under 500 square metres,” the agent said. “The newer homes at the moment are selling between $4 million and $6 million.”
In Brisbane, Banyo – near the airport – recorded a median house price rise of $127,500 in the June quarter, taking it above $1 million.
Local agent PJ Salami of Harcourts Local said limited supply is fuelling competition.
“Buyers are still wanting to get into Banyo and try to stay under that $1.1 million or $1 million mark for a house,” Salami said. “So, now that the supply is so low, competition is still great, so prices are achieving much higher results than they would have in the past few months.”
He noted strong buyer activity at inspections.
“It’s not just the number of people coming through. What we’re getting here is close to about 38% – we calculated – of buyers putting in offers at the market rate,” Salami said.
The Harcourts Local agent said most recent sales range from $900,000 to $1.2 million.
“For $1 million, you could get something that has a land component of about a 400-square-metre block,” Salami said. “You’ll also be getting a three-bedroom and one-and-a-half bathroom [home] with more of a traditional cottage style.”
With Brisbane property values continuing to rise, he added: “That’s one of the core reasons why I think the price has crept up so much in the past 30 to 60 days … Banyo is going to keep riding that upward trajectory of price growth.”
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