Did you know that the median house price in Dover Heights grew by $1.26 million in the last 12 months until June 2021? Dover Heights is also among the top ten suburbs where residents bring home the most cash, based on data from the Australian Taxation Office.
New data from Domain.com.au shows that whilst 55 percent of NSW suburbs have progressively increased their home values, outpacing the median household income, Dover Heights and Bronte in the Eastern Suburbs have emerged as the top two locations with the largest gap.
The fact that their houses earned more, despite border closures and rolling lockdowns in Sydney, might be good news for Dover Heights or Bronte homeowners. However, it’s disappointing news for investors, first-home buyers, and upsizers eyeing a property in these suburbs as home values continue to rise.
Here’s how the Top 10 Sydney suburbs performed in the market:
| Suburb | Annual change in median property price | Annual household income | How much the house earned |
| Dover Heights | $1,265,000 | $174,491 | $1,090,509 |
| Bronte | $1,220,000 | $153,767 | $1,066,233 |
| Northbridge | $1,050,000 | $192,510 | $857,490 |
| Seaforth | $925,000 | $194,813 | $730,187 |
| Mosman | $875,000 | $145,189 | $729,811 |
| Bellevue Hill | $850,000 | $166,489 | $683,511 |
| Manly | $786,000 | $140,986 | $645,014 |
| Palm Beach | $762,500 | $121,528 | $640,972 |
| Gordon | $600,000 | $133,157 | $466,843 |
| Killara | $612,500 | $145,880 | $466,620 |
| Data Source: Domain.com.Au |
Nicola Powell, Domain’s chief analyst said that unless buyers work in tech startup companies or are fortunate to have “intergenerational wealth,” they won’t likely be able to keep up with the house price growths in these areas.
The analyst also noted that investors with good income, including those from the Eastern Suburbs, are looking to buy properties in the Northern Beaches, which is also driving up the prices in those areas.
