Since Covid arrived down under, Australian property prices have skyrocketed — with some sought after suburbs surging ahead by more than 100 per cent, new research reveals.

REA Group’s research team PropTrack has crunched the numbers and unveiled which areas have seen the most price growth since March 2020.

In just two years, five suburbs have experienced growth in excess of 100 per cent, with 46 seeing medians jump by more than $1m. NSW was home to the neighbourhoods with the greatest gains, but with an eclectic group of locations and price brackets.

Holiday hotspot turned pandemic retreat of Byron Bay had a whopping 114 per cent rise in two years, with a median change from $1.414m to $3.025m. 

However, it was not the largest growth in the country, as the top spot went to Wyee in the Lake Macquarie region of NSW.

Located 115kms from Sydney’s CBD, Wyee prices increased by 142 per cent in two years, but the price point is far off other top contenders. Between March 2020 and March 2021, Wyee’s median went from just $330,000 to $797,500. The second on the list of high growth suburbs was not a coveted beachside enclave, but Austral in south western Sydney with a 132 per cent increase from $439,400 to $1.018m.

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