What Your Property Could Be Earning You!
This year, properties within Queensland and inner Brisbane have seen a dramatic rise in their prices, some even earning up to three times more a year then the average household income. According to research compiled by both Domain and data from the Corelogic Home Value Index, there is a large gap between median property values and what their owners are making.
A search by the Domain research team looked into a variety of South East Queensland suburbs and towns such as inner Brisbane City suburb, Windsor. In Windsor the average household annual income was totalled to be $77,818 while the median property price in December 2019 was $980,000. These figures showed a 22.1% annual growth for property prices in Windsor, taking these properties forward $177,200 a year. This totalled to to a difference in $99,382 in what properties were making in comparison to their home owners.
Domain Senior Research Analyst, Dr Nicola Powell notes that the astonishing 12-month property growth extends across all of South East Queensland, even reaching generally lower performing suburbs and towns. There is a significant growth and difference compared to the average annual household salary that matches these areas.
“We’re just talking about 12 months of property gross growth here and in some suburbs this is an income that’s higher than your wildest dreams. It shows us just how important it is to make the right property decision – it can really change your overall family wealth dynamic. The real take-home here is how the right property purchase can change everything.”
Data from the Corelogic Home Value Index also indicated that in February, 2020, greater Brisbane prices rose an average of 0.6%, taking the median house price to $577,664 in these areas.
“Suburbs within 10km of Brisbane City are going to be in high demand for the next few months, if they aren’t already. Areas are enjoying significant price growths and properties are transacting quickly thanks to the overall strength of the market.”
For more information on what your property could be worth, contact our sales team today for a sales appraisal or check out - https://www.coronis.com.au/whats-my-property-worth