A humble home with a hefty price tag. This plain Jane house at 65 Woodbury St, North Rocks, sold under the hammer this year for $1.17 million — $210,000 over the reserve.
IT WAS once an exclusive club, but membership to the million-dollar suburbs list is booming.
According to the latest Market Trends report from CoreLogic RP Data (which shows figures for the 12 months to September), a total of 126 metropolitan suburbs now have a median sale price of more than $1 million. For the same period last year, those suburbs had median sale prices below seven figures.
Of those suburbs, 12 were home to median apartment prices jumping over the $1 million mark and a whopping 84 can be found in Sydney.
There were 27 new entries in Melbourne, five in Adelaide, four in Brisbane, one new million-dollar suburb in Canberra and two in both Darwin and Perth. Hobart remains the last capital city in the country where there are no suburbs with a $1 million or more median sale price.
That takes the total number of neighbourhoods where the house price is more than $1 million to 488 — and an additional 25 suburbs where the unit median price is in the same category.
Principal Place of Residence Exemption Loss if Sold While Overseas Summary of how the Principal Place of Residence (PPR) Exemption is impacted by moving overseas. When Australian homeowners move overseas and become non-residents for tax purposes, selling their...
Having an investment property prior or posted to it being a principal place of residence has tricky CGT Calculations. Capital Gains Tax (CGT) is an essential consideration for property owners when selling a property used for different purposes over time. This blog...
Picture of a vacant block of land to illustrate it may be subject to land tax What is Land Tax? Land tax is a state and territory-imposed tax on the unimproved value of taxable land owned by individuals, companies, and trusts. It is calculated annually based on a...
What are the tax and investment considerations for a Granny Flat above versus a Tiny Home below? Income Tax Return Reporting - Income Streaming Tiny Homes Tiny home ownership does not have to follow the ownership interest of the underlying property ownership. For...
Secondary Dwelling From December 2023 the Victorian Government has passed planning changes to make it easier to build Granny Flats - or "small secondary dwellings", on existing homes. The Victorian Premier Jacinta Allan revealed that planning permits will no longer be...
The ATO is particularly targeting property investors that are not using the help of a specialist property tax accountant like Umbrella Property Accountant, due to the high error rate being discovered from ATO Audits. The ATO Audits into self-preparers have uncovered...
Gold Coast - Example of the Housing Rental Competing Forces Many Apartments are sitting empty most of the year, including an entire beachfront tower. Gold Coast mayor Tom Tate cited an entire high-rise sitting empty in the triple tower Jewel development at Surfers...
Victoria was the most locked-down state in Australia, if not the world during Covid, resulting in the Victorian Government accruing over $30 Billion in debt to keep the doors closed. Victorian Statement Government wants to raise $8.6 Billion over the next 4 years by...
Joint Venture tax understanding for property developers in Australia Joint Venture Agreement What is a (JV) for Property Development A joint venture (JV) is a cooperative agreement between two or more parties in which all parties contribute their resources (such as...
When the deceased person's home has a mixed history of being a principal home and a rental, combined with the fact the estate sells the otherwise principal home after 2 years, the CGT is not so easy to understand for the family left to deal with how and if CGT is...
