Aussies are willing to dish out the big bucks to live in certain areas, according to new research, so, how much would you pay to live in the same home in a different suburb?
Data from real estate valuation site PropertyPricer compared the value of a family home across three states and 12 suburbs.
The results are staggering.
The home needed to have four bedrooms, two bathrooms and be on a 665sqm block of land with a swimming pool and a double garage.
In Sydney, the research found the house’s value in the outer-western suburb of Penrith was $800,000, compared with the exclusive harbourside suburb of Darling Point, where it was valued at $5.5 million – a 588 per cent difference.
In the regional NSW town of Byron Bay – which has seen the biggest growth out of any location in Australia in the past 12 months – the property was valued at $2.8 million.
While in Orange, in the Central Tablelands, the property was worth $550,000 – a 409 per cent difference.
Heading to the Sunshine State, in Noosa – which has been on a similar trajectory to Byron Bay – the house was valued at $1.8 million, while in the Gold Coast suburb of Southport, it was $1.3 million, representing a 38 per cent difference.
In Logan, south of Brisbane, the house was worth $332,000, while in New Farm – a Brisbane suburb boasting five-star hotels, boutique shopping and fine dining options – it was valued at a projected $2.1 million. That’s a 533 per cent difference.
In the Melbourne bayside suburb of Brighton – favoured by football players and TV personalities – the property was valued at $3.4 million, compared with Box Hill – known for its multicultural appeal – where it was worth $1.6 million, a 113 per cent difference.
On the Great Ocean Road in Torquay – home of the world famous Bells Beach – the house was worth $1.1 million, and in Kyneton – a regional suburb 70 minutes from Melbourne and based in the Macedon Ranges – it had a projected value of $735,000, marking a 49 per cent difference between the two regional areas.
“We all know the importance of location, location, location, but these results really drive that message home in a tangible, measured way,” Ross McLelland, CEO of PropertyPricer, said.
“It’s incredible to think how the exact same home can have such a dramatically different value, simply based on where it’s located.
“The results also highlight the importance of understanding your home’s true value, based on a wide variety of factors – location being just one of them.”
Here is a full list of results:
|VIC/ Melbourne||Box Hill||$1,600,000|
|QLD/ Gold Coast||Southport||$1,300,000|