7. Ray White Now | JULY 2021 | Page 31

While percentage growth is interesting , the suburbs which have seen the largest increase in dollar terms are probably less surprising . Almost all of them , except for Toorak in Melbourne , are located in Sydney . Topping the list is Bellevue Hill which was a comparable bargain in 2001 when the median was just under $ 1.6 million .
TOP GROWTH TOWNS ( BY $) 20 years to May 2021
Median price
Suburb
Region
State
2001
2021
% Growth
Bellevue Hill
Eastern Suburbs
Sydney
$ 1,595,000
$ 6,260,000
$ 4,665,000
Vaucluse
Eastern Suburbs
Sydney
$ 1,587,500
$ 5,620,000
$ 4,032,500
Toorak
Inner Melbourne
Melbourne
$ 987,000
$ 5,000,000
$ 4,013,000
Mosman
Lower Northern Sydney
Sydney
$ 1,165,000
$ 4,427,500
$ 3,262,500
Dover Heights
Eastern Suburbs
Sydney
$ 1,182,500
$ 4,175,000
$ 2,992,500
Bronte
Eastern Suburbs
Sydney
$ 830,000
$ 3,810,000
$ 2,980,000
Rose Bay
Eastern Suburbs
Sydney
$ 1,000,000
$ 3,957,500
$ 2,957,500
Northbridge
Lower Northern Sydney
Sydney
$ 898,000
$ 3,840,500
$ 2,942,500
Palm Beach
Northern Beaches
Sydney
$ 1,025,000
$ 3,880,000
$ 2,855,000
Manly
Northern Beaches
Sydney
$ 692,500
$ 3,400,000
$ 2,707,500
Source : Corelogic , Ray White
Will this list be substantially different in 20 years ? It is possible . A shift to coastal areas may still be occurring however during COVID , we did see that inner regional areas also saw a sharp rise in popularity . Similarly , although Hobart has seen a major economic transformation being undertaken , Adelaide ’ s new title as Australia ’ s most liveable city may lead to a similar change to the South Australian economy . While it is relatively straightforward predicting where prices will go over a six month time period , forecasting shifting preferences over a 20 year time period is far more challenging .
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