“The Sydney postcode of 2027 is home to Australia’s wealthiest people and some of the most luxury real estate in Sydney…”
Up to half of Sydney homeowners are set to become property millionaires and own luxury real estate in Sydney, with house prices predicted to double in the next decade, the Sunday Telegraph revealed.
Figures prepared exclusively for the Sunday Telegraph by Australian Property Monitors (APM) show Sydney’s median property price is on target to reach $1.2 million, averaging 7.6 per cent growth per annum.
This means that the current median house price of $595,745, according to the Australian Property Monitors will jump to a medium price of above $1 million by 2020 in accordance with this new research.
This falls into line with new figures released by the Australian Tax Office (ATO) that Sydney suburbs were home to the nation’s highest earners and owners of luxury real estate and prestige properties in 2007–08 as reported by Ninemsn.
The ATO data confirms Sydney’s status as Australia’s wealth capital with seven of the top ten earning suburbs located in the premier state.
Mosman, Dover Heights, Bellevue Hill, Northbridge, Woollahra and Hunters Hill all made the top ten with average income of more than $127,000.
Sydneysiders who have the postcode 2027 (Edgecliff, Darling Point, Point Piper and Rushcutter’s Bay) were the highest earning in the country with an average taxable income of more than $185,000.
As well as having the highest taxable income in the country, the suburbs in postcode 2027 also have the most prestige properties in what is widely regarded as the wealthiest street in Australia: Wolseley Road.
While residents of 2027 boast the highest taxable income, which includes income additional to salaries, residents of Mosman on Sydney’s north shore earned the highest salaries in Australia.
Residents of Mosman earn an average of $106,397 every year. The harbourside suburb also has the most expensive luxury real estate in Sydney with the average detatched house costing $1.92 million, according to Australian Bureau of Statistics figures released late last year.
The ATO data also confirmed Australia’s great Australian dream of property ownership is alive and well. According to the data, one in seven taxpayers owns at least one property. While the majority of individuals (72.5%) had an interest in only one rental property, the number of individuals with multiple interests is increasing – by 7.7% in 2007–08 showing the number of investors is on the rise.
Rising house prices as well as a buoyant economy put the focus back on investment properties and the prestige property market, as investors consider the profits of high growth luxury real estate in Sydney the near future.
APM researcher Cameron Kusher said to The Australian that rising confidence and the rebounding share market is underpinning demand for waterfront homes and other prestige properties and prices will rise by 10-15 per cent in the luxury property market this year.
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