Bellevue Hill mansion with pool

The affluent suburb of Bellevue Hill in Sydney took the number one spot for the highest median house value in Australia | Source: Tzannes

Property Data Reveals the Priciest Suburbs in Australia

It’s no secret that Australia’s property market has experienced incredible growth over the past 12 months.

According to a CoreLogic report, sales volumes in the sector climbed to the highest level in close to 18 years, prompting the estimated value of the country’s residential real estate to climb from A$7.2 trillion in November 2020 to A$9.4 trillion through November. Spurred on by the growth the property sector saw in 2020, property values recorded an annual appreciation of 22.2 per cent.

According to CoreLogic’s Head of Research, Eliza Owens, the red hot Australian property market was driven by a number of factors.

Strong housing market performance over the year was driven by multiple factors, including low interest rates, fiscal and institutional support for households, high household savings and relatively low levels of advertised stock.

Head of Research, Eliza Owen  

Amid what some economists are calling a ‘price explosion’ in Australia’s property sector, a four bedroom penthouse apartment in Sydney sold for a cool A$60 million, the highest sale price of an estimated 614,635 sales over the past 12 months.

It then comes as no surprise the top 10 highest median unit values went to Sydney suburbs including Point Piper, Barangaroo, Darling Point and Milsons Point, all recording a median value above A$2 million.

And if you’re planning to buy a home in the affluent postcode of Bellevue Hill, be prepared to fork out a substantial amount of cash. With a median house price of A$8.7 million, the millionaire’s suburb took the number one spot for the highest median house value in Australia.

But, according to CoreLogic’s report, Australia’s property growth wasn’t all about the inner city suburbs. To the backdrop of lockdowns and COVID restrictions, many Australia’s packed their bags and left the city for greener pastures, with ABS migration data recording a 5.9 per cent increase movement from cities to regions.

Fortunately for buyers, CoreLogic suggests that 2021 marked the peak of value and sales growth in the property sector and that a decline in dwelling values over the coming years is very well possible.

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