Australia’s Most Expensive Residential Suburbs

Australia’s Most Expensive Residential Suburbs

0 Reads  By: Atreyee Chowdhury

1 suburbsThe real-estate loving population of Australia might be delighted by the new graphs revealed by the CoreLogic team, reports Business Insider.

The first graph encapsulates the costliest residential suburbs in terms of average house and unit prices in Australia. It isn’t surprising that according to the graph, the costliest suburbs are in Sydney, by the harbour, with Point Piper crowned the most expensive and Darling Point as its close second.

An average property in one of those suburbs could cost you around a whopping $6.6 million. Amongst non-Sydney suburbs Melbourne’s Toorak comes in first, although placed 5th in the list itself. The median property price at Toorak sits at around $4.2 million.

The only other non-Sydney suburb is Perth’s Peppermint Grove, taking the 9th place for median property value of $3.8 million.

Unit properties are costliest in Bangaroo and Dawes Point, with the former at $2.7 million and the latter at $3.1 million per median unit.

Business Insider reports in its article:

“While those lists are dominated by Australia’s most expensive housing market, it’s a slightly different story for those suburbs that have seen the greatest lift in median values in the 12 months to September.

“And, as this table shows, some of the gains over the past year have been nothing short of jaw-dropping.

“If you own in the Stonnington Council region in Melbourne’s inner southeast, you’ve certainly done alright with the median house value in Windsor and Malvern rocketing higher by 47% and 40% respectively.

“Homebush, in Sydney’s inner west, has also done alright, recording growth of over 38%.

“For units, the top three spots are dominated by Sydney with Hunters Hill, Fairlight and Point Piper recording growth of 45.8%, 31.5% and 30% respectively over the past 12 months.”

Another table tracks the turnover for housing in the last three quarters and exhibits remarkable statistics.

David Scutt writes:

“Take Mosman, on Sydney’s north shore, as a prime example. Including sales of both houses and apartments, total turnover was close to $1.5 billion over the past 12 months.

“One point five billion for just one suburb. Big bickies.

“Outside of Mosman, the list for houses is dominated by Melbourne suburbs with turnover in Brighton, Glenn Waverley, Toorak, Kew, Mount Waverley and Balwyn North all topping over $550 million.

“The mix for units is far more mixed with Melbourne beating out Surfers Paradise, Hope Island and Southbank for top spot at $740 million.”

CoreLogic research head, Tim Lawless explains that the reason Sydney and Melbourne have come out on top is because their prices continue to rise.

Lawless has said, “At one end of the spectrum we have Sydney and Melbourne where dwelling values are rising at more than 10% per annum”.

He also feels that 2017 will be different with less investment and more reform and regulations to make things more affordable.

If you plan to buy a unit or a property in prime spot Sydney or Melbourne, you better be rich.

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