Yahoo Finance Where are Australia’s most expensive properties?
What’s an ‘expensive’ property in Australia?
Is it something that costs $1 million? Once upon a time, maybe – but more suburbs are seeing properties sell for $2 million or higher with ease.
And yet some suburbs in Australia are full of properties that command a much higher price tag.
According to Finder data analysis of CoreLogic figures provided exclusively to Yahoo Finance, Sydney’s Bellevue Hill has the most expensive houses in the country, with a median house price of $5.075 million as at July 2019.
And that’s off the back of a 2.6 per cent fall from 12 months ago.
Melbourne’s Toorak took second place as the suburb with the most expensive properties, with homes selling at a median price of $3,775,000.
But the price drop in this suburb is even more dramatic – last July, average property values were 28.7 per cent higher at $4,858,425.
Perth’s Dalkeith, Brisbane’s Hamilton, and Adelaide’s Toorak Gardens rounded out the top five suburbs with the priciest homes.
Here are heat maps of where the most expensive properties are in most Australian capital cities:
Where Australia’s cheapest properties are
On the other end of the spectrum, Adelaide’s Smithfield Plains is where you should look for cheap properties: the median sales price in this suburb is just $160,000.
This is closely followed by Brisbane’s Woodridge at $165,000 – representing a 13.2 per cent drop from July 2019 – and Perth’s Armadale, $176,000, following a 13.2 per cent slide since last July.
Melton South, in Melbourne, also ranked in the top five with median house prices of $292,000, followed by Sydney’s Warwick Farm at $329,000.
However, Finder money expert Bessie Hassan said price did not equate to value.
“Those thinking about buying should look closely at how prices have changed over time in the area and make an informed decision. Historical price changes may be a good indicator of how much capital growth you’ll achieve over the long run,” she told Yahoo Finance.
In fact, prices can even rise during a recession, she said.
“Consider other factors such as local amenities, schools, the safety of the area, planned infrastructure projects, and even suburb character. If there are plans for a new train line this could add value to your property down the track.
“Unsurprisingly, proximity to the capital city centre tends to result in higher value property, with a few exceptions.”
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