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It's no secret that property prices across Australia have skyrocketed. But not many people are aware they could be living in a house that is of far greater value than they originally thought.
If you look at the numbers, we know that five years ago, 434 suburbs had a median house price above $1 million.
That has now jumped to a whopping 933 suburbs. Which is growth increase of 115 percent. This is a phenomenal figure when you think about it and what this could mean for you, as a homeowner.
Even units are now averaging more than $1M in some suburbs of Sydney and Melbourne.
Five years ago, only 42 suburbs had an average apartment price above a million dollars. That number has exploded to 111 suburbs in 2021, which represents a growth of 164 percent.
The leafy inner-city suburbs of St Kilda in Melbourne and 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 last five years have seen a whopping 36.5 percent and 45.2 percent increase in house price respectively for these suburbs.
What if you found out you home was in just such a suburb with similar growth rates?
Imagine discovering that you are now sitting on block of land that has gone up more than $1M in value.
A lot of people, although aware of the property market at the moment, forget that their house may be one of the many that could break the $1M price tag.
There is only one way to find out. A FREE appraisal of your home, by leading property experts will help you plan your financial future, based on the current value of your property.
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.
LJ Hooker are one of Australia's most recognised real estate brand for a reason and 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.
A full assessment of your property (including the size and condition of the property, key selling features, number of bedrooms and bathrooms.
An assessment of your property's location, its proximity to local attractions, nearby amenities and potential buyer appeal.
An analysis of current market trends and the performance of similar properties that have recently sold in the area.
But, you also get a better understanding of where your house stands in today's current market and that is a great help when planning you and your family's future.