Capital city house prices have hit record highs despite the Covid-19 pandemic, with most suburbs rising in value on average.
Sydney’s median house price soared to $1,211,488 after rising 4.8 per cent in the last three months of 2020, the latest Domain House Price report revealed.
The figure set a new all-time high, eclipsing pre-pandemic prices by nearly $50,000, as 115 suburbs across the city enjoy double-digit price rises.
A similar trend hit Melbourne, where property prices surged 5.3 per cent during the December quarter, bringing the median house price to a record-breaking $936,073.
Alexandria (property from the suburb pictured) topped the list of biggest median house price growth in Sydney over the 12 months to December
In the Harbour City, Alexandria, in the inner-west, topped the list for the biggest annual median house price growth, swelling 30.6 per cent to $1.9million over the course of last year.
Clovelly, in the eastern suburbs, came a close second, with the median house price jumping 29.9 per cent to $3.45million in the 12 months to December, while Cronulla, in the city’s south, rose 27.5 per cent to $2.2million.
In the Lower North Shore, Normanhurst’s average home price jumped 24 per cent to $1.45million, with Woollahra, in the east, rising 23.5 per cent to $3.395million.
Hunters Hill enjoyed a 22.7 per cent increase, bringing the median house cost of a home in the Lower North Shore suburb to $3.362million, while further north, in Mosman, property prices soared 22.5 per cent to $4.287million.
In the western suburbs, Rydalmere clocked a 22.4 per cent increase, with the average home now fetching for $1.175million.
Bexley, 19km south of the CBD, counted a 22.2 per cent rise to $1.1million, while North Epping, in Sydney’s northwest, recorded 22.1 per cent to $1.65million.
Marsfield, in northern Sydney, bore the brunt of the downturn- with the median house (pictured) price plummeting 10.1 per cent to $900,000
Domain senior research analyst Nicola Powell said the extraordinary rise in house prices was due to suburbs recuperating downturn losses, driven by wealthy home upsizers.
‘2019 was the trough… in part they are regaining what they lost in the prior downturn,’ Dr Powell told Domain.
‘These higher income households have been less impacted [by covid]. They’re seizing the opportunity [to buy]. Lower income households are more vulnerable to the financial strains of Covid.’
At the opposite end of the scale, Marsfield, in the city’s north, bore the brunt of the downturn, dropping 10.1 per cent to a median house price of $900,000.
Barden Ridge, in the south, sank 9.8 per cent to $1.005million, while ritzy harbourside suburb Rose Bay fell 7.3 per cent to $3,800,000.
Summer Hill, in the inner west, copped a 6.7 per cent decline to $1,615,000 while Kingsford homes, in the east, fell 4.8 per cent to $1.975million and those in Neutral Bay from 4.8 per cent to $2million.
Blairgowrie (home in the suburb pictured) climbed 24.8 per cent over 2020, bringing the median house price to $1.142million
Property prices fell 3.4 per cent $1million in Campsie, 2.9 per cent to $1.573million in Bella Vista, and 1.9 per cent to $1.573million in Lane Cove North.
Meanwhile, coastal and popular inner city hubs saw the biggest price hikes in Melbourne as city-dwellers changed their lifestyle during the pandemic.
The median house price in Blairgowrie, along the Mornington Peninsula, climbed 24.8 per cent to $1.142million over 2020, making it Melbourne’s biggest winner.
It was followed by McCrae, which rose 24.3 per cent to a median of $960,000, and Brunswick East which grew 23.3 per cent to $1.174million.
Port Melbourne tallied a 21.1 per cent growth, bringing the median property price to $1.665million, while South Melbourne rose 20 per cent to $1.584 million.
Median property prices skyrocketed 19 per cent to $1.255million in Ascot Vale, 18.2 per cent in Brighton to $2.872million and 17.8 per cent in Elsternwick to $1.993million.
Clayton (pictured) saw the biggest median house price drop in Melbourne, at 11.1 per cent
Rounding out the list, South Yarra recorded a 17.5 per cent increase to $1.824million, while Mounth Martha jumped 16.3 per cent to $1.105million.
Wealthy inner-city postcodes suffered the biggest blows, with median house prices dropping 11.1 per cent to $925,000 in Clayton and 10 per cent to $1.935million in Armadale.
The next biggest drops were in Albert Park, at 9.4 per cent to $1.817million, Caulifield North, 8.5 per cent to $1.916million and North Melbourne, 8 per cent to $1.150million.
Dandenong’s median house prices plummeted 8.6 per cent to $550,00, while Balwyn felt a 6.4 per cent decline to $2.180million, and Niddrie 6.4 per cent to $982,500.
Sandhurst property’s median reduced 4 per cent to $777, 500, while Warrandyte claimed the tenth position on the list, dropping 3.9 per cent to $1.105million.
This post was first published on DailyMail.