Some houses earning more than their owners
Despite a recent property downturn, there are still some houses earning more than their owners do, according to RiskWise Property Research.
The research showed houses in affluent areas near central business districts (CBD) had made solid capital growth in recent years, often higher than individual income.
New South Wales had 205 suburbs that earned more than their owners in the past five years, but in Victoria there was only 53.
Centennial Park was the best performer for NSW, with a median price of $5.25 million, while prices rose $482,000 a year on average for the last five years compared to the average income of $125,651.
The top five for Sydney were Centennial Park, Kirribilli, Point Piper, Bellevue Hill and Dawes Point.
Victoria’s best performer was Kooyong, which had a median price of $3.38 million, while prices rose $482,831 a year on average compared to $125,651 a year in average individual income.
The top five for Melbourne, Kooyong, Flinders, Rochford, Guys Hill, Gherang.
Doron Peleg, Riskwise chief executive, said the top performers in Sydney were suburbs appealing to executives and successful professionals looking for attractive lifestyle options within easy commuting distance.
AUTHOR
Chris Dastoor
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