The suburbs where homes are earning more than their owners – –

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With property prices reaching record highs across the country, the humble home has become the main breadwinner in many households. In certain suburbs, homes are earning multiple times the average wage.

National property prices hit new record highs in February, up 6.15% compared to a year ago, the fastest annual rise since July 2022, according to PropTrack.

For hundreds of thousands of Australians, that growth means their homes may have generated more income than their own salaries over the past year.

New analysis has used PropTrack’s automation valuation model (AVM) to reveal the suburbs around the country where the median property price has grown by more than the average Australian wage.

According to ABS data released in February, the gross weekly ordinary time earnings for full-time adults was $1,888.80 in November 2023, which translates to average annual earnings of $98,218. Given the family home is exempt from the capital gains tax, an increase in value stretches even further than the average annual wage on a dollar-for-dollar basis.

Almost 900 suburbs around the country saw their median property price grow by more than $98,218 in the year to February.

Affluent areas have seen home values rise by many multiples of the average annual salary over the past year. Picture: Getty

The suburbs that saw the steepest hikes in value were the premium pockets in capital cities, which is unsurprising according to PropTrack senior economist Paul Ryan.

“In exclusive suburbs the same percentage increase will lead to a larger increase in terms of dollar value. And remember too, some of those premium suburbs saw quite sharp reductions in prices in 2022 so this is prices snapping back.”

But solid price growth also happened in more affordable areas, Mr Ryan added.

“Over the past year or so, we’ve seen even and consistent growth within cities. While we’re still seeing strong demand and strong growth in premium suburbs, this is happening in more affordable suburbs too.”

Here are the suburbs around the country where properties have earned the most this past year:

Jump ahead to:

New South Wales

Of the top 100 Australian suburbs where properties saw the greatest annual gains in dollar terms, a whopping 87 were in Sydney.

Property prices in the Harbour City grew 7.77% over the year to February, according to PropTrack.

Top 10 earners in NSW

Source: PropTrack AVM data February 2024 vs 2023. Suburbs require a minimum of 200 homes to be included.
Suburb Region AVM 12 months ago Current AVM Change ($)
Bellevue Hill Sydney – Eastern Suburbs $7,917,472 $9,230,311 $1,312,840
Vaucluse Sydney – Eastern Suburbs $7,957,341 $8,980,058 $1,022,717
Dover Heights Sydney – Eastern Suburbs $6,137,873 $6,944,833 $806,960
Rose Bay Sydney – Eastern Suburbs $5,620,247 $6,125,406 $505,159
Strathfield Sydney – Inner West $3,114,452 $3,561,869 $447,417
North Bondi Sydney – Eastern Suburbs $4,083,836 $4,512,973 $429,137
South Coogee Sydney – Eastern Suburbs $3,375,920 $3,802,614 $426,695
Bronte Sydney – Eastern Suburbs $5,034,836 $5,448,932 $414,096
Abbotsford Sydney – Inner West $2,753,167 $3,154,494 $401,327
Clontarf Sydney – Northern Beaches $4,977,224 $5,378,500 $401,276

The suburbs where properties saw the highest year-on-year growth were the eastern suburbs of Bellevue Hill and Vaucluse, where house values grew by more than a million dollars on average.

Houses in Sydney’s inner west regions of Strathfield and Abbotsford saw year-on-year price growth of $447,417 and $401,327 respectively, while those in Oatlands near Parramatta earned $312,909, and those in West Ryde and nearby Melrose Park notched up $305,455 and $301,676 respectively.

Even houses in the relatively affordable Sydney suburb or Wiley Park earned close to six-figures in a year. Picture:

Further down the affordability scale, houses in Condell Park and Wiley Park in Sydney’s southwest still outperformed the average Australian wage, growing by $99,953 and $98,507 respectively.


Melbourne property prices grew by a relatively modest 1.33% over the year, but in the exclusive inner-Melbourne suburbs of Toorak and South Yarra, houses gained $237,486 and $136,311 respectively.

Top 10 earners in Victoria

Source: PropTrack AVM data February 2024 vs 2023. Suburbs require a minimum of 200 homes to be included.
Suburb Region AVM 12 months ago Current AVM Change ($)
Toorak Melbourne – Inner $4,148,336 $4,385,822 $237,486
Canterbury Melbourne – Inner East $3,121,281 $3,281,919 $160,638
Balwyn Melbourne – Inner East $2,702,699 $2,859,099 $156,400
South Yarra Melbourne – Inner $1,891,053 $2,027,363 $136,311
Surrey Hills Melbourne – Inner East $2,163,709 $2,289,021 $125,312
Mont Albert Melbourne – Inner East $2,077,778 $2,200,017 $122,239
Wheelers Hill Melbourne – South East $1,301,619 $1,417,325 $115,706
Balwyn North Melbourne – Inner East $2,102,890 $2,214,560 $111,670
Middle Park Melbourne – Inner $2,682,799 $2,790,123 $107,325
Park Orchards Melbourne – Outer East $1,900,536 $2,003,730 $103,194

Suburbs east of the city in Canterbury, Balwyn and Surrey Hills also saw house values jump by $160,638, $156,400 and $125,312 respectively.

Further east, Wheelers Hill, Park Orchards, Lysterfield and Doncaster East still saw houses earn $115,706, $103,194, $101,332 and $99,385 respectively, all more than the average Australian wage.


Property owners on the Gold Coast also have reason to celebrate, especially those with houses in Surfers Paradise, Mermaid Beach, Palm Beach and Coolangatta, which earned $321,410, $278,103, $275,816 and $260,040 over the year.

Top 10 earners in Queensland

Source: PropTrack AVM data February 2024 vs 2023. Suburbs require a minimum of 200 homes to be included.
Suburb Region AVM 12 months ago Current AVM Change ($)
Surfers Paradise Gold Coast $2,057,039 $2,378,449 $321,410
Mermaid Beach Gold Coast $2,464,819 $2,742,922 $278,103
Palm Beach Gold Coast $1,363,080 $1,638,895 $275,816
Coolangatta Gold Coast $1,323,049 $1,583,089 $260,040
Clayfield Brisbane Inner City $1,493,585 $1,729,710 $236,126
Broadbeach Waters Gold Coast $1,876,179 $2,108,972 $232,793
Hawthorne Brisbane Inner City $1,706,439 $1,938,823 $232,384
Currumbin Gold Coast $1,309,467 $1,541,369 $231,902
Paradise Point Gold Coast $1,429,435 $1,657,424 $227,990
East Brisbane Brisbane Inner City $1,180,882 $1,407,103 $226,221

Brisbane, which registered stunning price growth of 12.16% over the year, also has suburbs with top-performing houses, namely the inner-city pockets of Clayfield, Hawthorne and East Brisbane, where houses grew by $236,126, $232,384 and $226,221 respectively.

Gold Coast homeowners have cleaned up with house values jumping well above the median annual wage in many suburbs. Picture:

Further out in the southwestern riverside suburb of Mount Ommaney, houses still earned $98,841 while in the Logan suburbs of Browns Plains and Loganlea, houses earned $106,252 and units earned $102,602 respectively.

South Australia

Adelaide properties saw an annual rise of 12.76% over the year, with homes around the city’s affluent inner ring and coastline bringing home the bacon.

Top 10 earners in South Australia

Source: PropTrack AVM data February 2024 vs 2023. Suburbs require a minimum of 200 homes to be included.
Suburb Region AVM 12 months ago Current AVM Change ($)
Glenelg South Adelaide – South $1,501,192 $1,771,057 $269,866
Malvern Adelaide – Central and Hills $1,844,195 $2,084,464 $240,269
Glenelg Adelaide – South $1,142,645 $1,352,360 $209,715
Toorak Gardens Adelaide – Central and Hills $2,068,499 $2,272,701 $204,202
Glenelg East Adelaide – South $1,115,137 $1,301,478 $186,342
Hawthorn Adelaide – South $1,483,552 $1,669,345 $185,793
West Lakes Adelaide – West $903,142 $1,082,756 $179,614
Kingswood Adelaide – South $1,383,837 $1,563,269 $179,432
Highgate Adelaide – Central and Hills $1,334,036 $1,506,522 $172,486
Fullarton Adelaide – Central and Hills $1,273,774 $1,440,633 $166,859

Houses in Glenelg South, Glenelg and Glenelg East earned $269,866, $209,715 and $186,342 respectively over the past year.

Meanwhile houses in the leafy inner Adelaide suburbs of Malvern and Toorak Gardens earned $240,269 and $204,202 respectively.

Homes along Adelaide’s picture-perfect coastline have recorded stellar growth in the past year, but many affordable suburbs have also out-earned their owners. Picture:

Looking at more affordable suburbs, houses in Marion and Craigburn Farm in Adelaide’s south grew by $98,648 and $98,615 respectively, still more than the average Australian wage.

Western Australia

Perth property prices rose by a stunning 16.32% over the year, the strongest capital city across the country.

Top 10 earners in Western Australia

Source: PropTrack AVM data February 2024 vs 2023. Suburbs require a minimum of 200 homes to be included.
suburb Region AVM 12 months ago Current AVM Change ($)
Cottesloe Perth – Inner $2,933,774 $3,196,168 $262,394
Swanbourne Perth – Inner $2,137,655 $2,367,875 $230,221
Dalkeith Perth – Inner $3,232,117 $3,449,717 $217,600
Winthrop Perth – South West $1,048,271 $1,261,281 $213,010
Coolbinia Perth – North West $1,444,209 $1,651,825 $207,616
Applecross Perth – South West $1,900,723 $2,104,030 $203,308
Claremont Perth – Inner $1,614,380 $1,799,503 $185,123
North Coogee Perth – South West $1,374,808 $1,558,980 $184,172
Murdoch Perth – South West $856,647 $1,039,624 $182,977
Darling Downs Perth – South East $907,011 $1,082,654 $175,643

Houses in Perth’s western coastal suburbs of Cottesloe and Swanbourne earned a solid $262,394 and $230,221 over the year, while those in the affluent inner city suburbs of Dalkeith recorded growth of $217,600.

Zoning in on more affordable pockets, houses in Manning, just south of Perth’s CBD, and Merriwa in the city’s north earned $107,591 and $99,324 respectively, while those in West Beach in the southeastern WA town of Esperance earned $98,529, just ahead of Australia’s average wage.

Not great for everyone

But while prices outpacing wage growth is great for property owners wanting to capitalise, it also exacerbates the barriers to entry for countless others.

“Those who hold large amounts of assets have done very well out of interest rates rising and more recently housing costs increasing. For others looking to climb onto the housing ladder, that can create affordability struggles,” Mr Ryan said.

Even for those who own properties in areas that have seen stark growth, the picture may not be as rosy as it first appears.

“Renters are paying more, mortgage holders are paying more. So it’s not necessarily a good news story unless you’re fortunate enough to be downsizing in the future or these are investment properties.”

Will prices continue to rise at this rate?

Despite higher interest rates, property prices have continued to rise – to record levels.

While Mr Ryan expects prices will continue to grow, he said the level of growth will start to naturally slow, simply due to buyers’ budget constraints, meaning their annual earnings may start to dip.

“Current price levels combined with higher interest rates are constraining affordability,” he said.

“I think until we get interest rates normalising a little bit, there’s a natural barrier to further really strong growth.”

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