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
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
