House prices are surging in certain areas of Queensland, rising by more than the income of their owners. According to research compiled by Domain, homes in a number of suburbs across the state are out-earning their owners on an annual basis. “Your house is working harder for you than what you’re earning over a year,” Alice Stolz from Domain.
In the past year, the median house price at Paradise Point on the northern Gold Coast rose by four times the average wage. At Windsor in Brisbane, where the average household wage is $77,818 after tax, the median house price has risen by $177,200 and at Warana on the Sunshine Coast the average house earned $71,772 more than its owners did.
Although the rapid growth has been in select areas, Brisbane as a whole is also trending up, according to the CoreLogic Home Value Index for February. Greater Brisbane house prices rose 0.6 per cent last month, marking eight months of consecutive improvements.
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