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The most expensive places to buy a home in Australia

Photo by Ryan Pierse/Getty Images

Thanks to the excellent team at CoreLogic, here’s a few tables that will almost certainly be of interest to Australia’s property loving populace.

The first shows the suburbs in Australia with the highest median house and unit values.

Unsurprisingly, the list is dominated by habourside suburbs in Sydney with Point Piper just pipping Darling Point for the title of the most expensive suburb to buy a house in Australia.

If you’ve got a smidge over $6.6 million handy, you’ll be lucky enough to buy a median-valued property right now in either of those suburbs. Not the best, but the median.

Toorak, in Melbourne, takes out top spot for non-Sydney suburbs, coming in at number five at $4.2 million. Peppermint grove in Perth is the only other suburb outside of Sydney to feature on the list, taking out number nine spot at $3.8 million.

For units, Dawes Point and Barangaroo are currently the most expensive suburbs, coming in at $3.1 million and $2.7 million respectively.

All suburbs on the list are in Sydney, and all are dotted along the city’s famous harbour.

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.

The final table shows the value of housing turnover seen in the year to September, and, like the performances seen in those before them, there’s some remarkable statistics.

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.

Tim Lawless, head of research at CoreLogic, suggests that there’s a good reason why many of the lists are dominated by Australia largest cities, Sydney and Melbourne: prices in both have soared, again, in the past year.

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

However, he expects that will change in 2017, suggesting that growth rates will likely be lower due to factors ranging from higher supply levels, increasing affordability pressures, higher mortgage rates and softer investment demand due to regulatory changes.

Still, if you’re planning to buy in either inner city Sydney or Melbourne, you better get saving fast. That, or win the lottery.

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