Blue chip property across the country is experiencing a significant upswing, with several suburbs hitting record-high prices in 2024.
According to The Australian, ten suburbs across the country have seen their median house prices surpass the $3 million mark since January, with nine of these located in Sydney and one on the Gold Coast.
North Curl Curl in Sydney recorded the most substantial increase, with median house prices jumping 29 per cent from $2.9 million to $3.8 million between January and August.
Other Sydney suburbs experiencing robust growth included Roseville Chase and Burwood.
Other suburbs to surpass the $3 million threshold this year in Sydney were Concord, Cheltenham, Maroubra, Manly Vale, Naremburn and Russell Lea.
While $3 million suburbs are still rare outside of Sydney and Melbourne, many blue-chip areas are now sitting around the $2 million mark.
Tanawha on the Sunshine Coast saw its median house price rise from $1.8 million to $2.3 million in the same period.
Other strong performers in Queensland include Doonan, Bundall and Clayfield, which all had double-digit growth as well as surpassing $2 million.
In Adelaide, Tennyson rose from $1.7 to $2.3 million and St Peters, in the Adelaide – Central and Hills region, also crossed the $2 million barrier.
Suburbs in Western Australia were also on the list, with three areas in Perth passing the $2 million mark this year including Floreat and Claremont.
However, Waterman’s’s Bay in Perth was the best performer out west, where the median house price grew by 83 per cent between January and August.
Leading Sydney Buyers Agent, Jack Henderson who specialises in Sydney’s Blue Chip markets said certain blue-chip markets like North Curl Curl are very strong in Sydney.
“It comes down to supply and demand,” Mr Henderson said.
“There are lots of people who want to live by the beach, but not much land available for them,” he said.
“Long-term, these areas have done really well.”
He said places like Maroubra, once considered the ‘poor cousin’ of the Eastern Beaches, are becoming more expensive, with people seeing value and spending big on houses there.
Mr Henderson also said that while the market might appear weak in general, high-quality properties in premium suburbs are still moving fast.
“In a bad market, only the good things sell, and in a good market, everything sells,” he said.
“We’re in a market now where properties that aren’t really good are struggling, but quality homes are still selling quickly.”
He said that the strong demand in blue chip areas remains consistent in most cycles.
If a property sells well when the market isn’t booming, it will absolutely fly in a good market,” he said.
