How much the same house costs in different Australian suburbs By Kate Schneider & SSB

 

A Sydney house has sold for a whopping $4.7 million more than a near identical house due to one factor, new research has revealed. 

We all know Australia’s property market has blown up over recent years, but many will be shocked to realise just how much prices can vary across different suburbs for the same type of house. 

New data by real estate valuation site PropertyPricer has compared the cost of houses across three states and 12 suburbs to see just how much location matters. 

The homes used in the comparison all had to meet particular requirements that some may consider out of reach for many Australian families. They included being situated on a 665sqm block of land, having four bedrooms, two bathrooms, a double garage and a swimming pool. 

The research reveals just how much some Australians are willing to fork out in order to live in a prestigious area, with prices ranging dramatically. 

The suburb of Penrith in Sydney’s outer west was found to be valued at $800,000 compared to the ritzy harbourside suburb of Darling Point which was had a worth of $5.5 million. That’s a whopping 588 per cent difference. 

New data by real estate valuation site PropertyPricer has compared the cost of houses across three states and 12 suburbs to see just how much location matters. 

The homes used in the comparison all had to meet particular requirements that some may consider out of reach for many Australian families. They included being situated on a 665sqm block of land, having four bedrooms, two bathrooms, a double garage and a swimming pool. 

The research reveals just how much some Australians are willing to fork out in order to live in a prestigious area, with prices ranging dramatically. 

The suburb of Penrith in Sydney’s outer west was found to be valued at $800,000 compared to the ritzy harbourside suburb of Darling Point which was had a worth of $5.5 million. That’s a whopping 588 per cent difference. 

Over in regional NSW, the celebrity favourite of Byron Bay has seen staggering growth over the last 12 months which has propelled its worth to $2.8 million. That’s a stark contrast to an area such as Orange, in the Central Tablelands which is around $550,000. That’s a 409 per cent difference. 

Meanwhile in Melbourne, another favourite celebrity location is Brighton which has increased its value to $3.4 million, contrasted with Box Hill at $1.6 million. That’s a difference of 113 per cent. 

Further away on the Great Ocean Road in Torquay, Bells Beach came in at $1.1 million compared to the regional town of Kyneton, just over an hour from Melbourne, which at $735,000 was a 49 per cent difference. 

And in Queensland, New Farm is a prestigious Brisbane suburb home to five-star hotels, and is worth $2.1 million, while Logan, south of Brisbane, was valued at $332,000. That’s a 533 per cent difference. 

“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 says. 

“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.” 

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