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PICTURES: Australia’s 11 most expensive property markets

  • <strong>1. Byron, NSW.</strong> Median house price: $987,500 | Median house price growth in the last 3 years to December 2018: 36.2 per cent
    1/11

    Bryon Bay, NSW

    1. Byron, NSW. Median house price: $987,500 | Median house price growth in the last 3 years to December 2018: 36.2 per cent
  • <strong>2. Sydney, NSW.</strong> Median house price: $950,000 | Median house price growth in the last 3 years to December 2018: 10.5 per cent
    2/11

    Sydney, NSW

    2. Sydney, NSW. Median house price: $950,000 | Median house price growth in the last 3 years to December 2018: 10.5 per cent
  • <strong>3. Kiama, NSW.</strong> Median house price: $910,000 | Median house price growth in the last 3 years to December 2018: 26.4 per cent
    3/11

    Kiama, NSW

    3. Kiama, NSW. Median house price: $910,000 | Median house price growth in the last 3 years to December 2018: 26.4 per cent
  • <strong>4. Surf Coast, VIC.</strong> Median house price: $835,000 | Median house price growth in the last 3 years to December 2018: 33.6 per cent
    4/11

    Surf Coast, VIC

    4. Surf Coast, VIC. Median house price: $835,000 | Median house price growth in the last 3 years to December 2018: 33.6 per cent
  • <strong>5. Wingecarribee, NSW.</strong> Median house price: $814,400 | Median house price growth in the last 3 years to December 2018: 30.3 per cent
    5/11

    Wingecarribee, NSW

    5. Wingecarribee, NSW. Median house price: $814,400 | Median house price growth in the last 3 years to December 2018: 30.3 per cent
  • <strong>6. Melbourne, VIC.</strong> Median hosue price: $772,500 | Median house price growth in the last 3 years up to December 2018: 22.5 per cent
    6/11

    6. Melbourne

    6. Melbourne, VIC. Median hosue price: $772,500 | Median house price growth in the last 3 years up to December 2018: 22.5 per cent
  • <strong>7. Wollongong, NSW.</strong> Median house price: $755,000 | Median house price growth in the last 3 years to December 2018: 29.1 per cent
    7/11

    Wollongong, NSW

    7. Wollongong, NSW. Median house price: $755,000 | Median house price growth in the last 3 years to December 2018: 29.1 per cent
  • <strong>8. Noosa, QLD.</strong> Median house price: $735,000 | Median house price growth in the last 3 years to December 2018: 30.1 per cent
    8/11

    Noosa, Australia

    8. Noosa, QLD. Median house price: $735,000 | Median house price growth in the last 3 years to December 2018: 30.1 per cent
  • <strong>9. Ballina, NSW.</strong> Median house price: $680,000 | Median house price growth in the last 3 years to December 2018: 19.3 per cent
    9/11

    Coastline Between Ballina and Lennox Head Australia

    9. Ballina, NSW. Median house price: $680,000 | Median house price growth in the last 3 years to December 2018: 19.3 per cent
  • <strong>10. Canberra, ACT.</strong> Median house price: $657,250 | Median house price growth in the last 3 years to December 2018: 17.7 per cent
    10/11

    Canberra, Australian Capital Territory

    10. Canberra, ACT. Median house price: $657,250 | Median house price growth in the last 3 years to December 2018: 17.7 per cent
  • <strong>11. Central Coast, NSW. </strong>Median house price: $655,000 | Median house price growth in the last 3 years to December 2018: 24.2 per cent
    11/11

    The Entrance, Central Coast

    11. Central Coast, NSW. Median house price: $655,000 | Median house price growth in the last 3 years to December 2018: 24.2 per cent
<strong>1. Byron, NSW.</strong> Median house price: $987,500 | Median house price growth in the last 3 years to December 2018: 36.2 per cent
<strong>2. Sydney, NSW.</strong> Median house price: $950,000 | Median house price growth in the last 3 years to December 2018: 10.5 per cent
<strong>3. Kiama, NSW.</strong> Median house price: $910,000 | Median house price growth in the last 3 years to December 2018: 26.4 per cent
<strong>4. Surf Coast, VIC.</strong> Median house price: $835,000 | Median house price growth in the last 3 years to December 2018: 33.6 per cent
<strong>5. Wingecarribee, NSW.</strong> Median house price: $814,400 | Median house price growth in the last 3 years to December 2018: 30.3 per cent
<strong>6. Melbourne, VIC.</strong> Median hosue price: $772,500 | Median house price growth in the last 3 years up to December 2018: 22.5 per cent
<strong>7. Wollongong, NSW.</strong> Median house price: $755,000 | Median house price growth in the last 3 years to December 2018: 29.1 per cent
<strong>8. Noosa, QLD.</strong> Median house price: $735,000 | Median house price growth in the last 3 years to December 2018: 30.1 per cent
<strong>9. Ballina, NSW.</strong> Median house price: $680,000 | Median house price growth in the last 3 years to December 2018: 19.3 per cent
<strong>10. Canberra, ACT.</strong> Median house price: $657,250 | Median house price growth in the last 3 years to December 2018: 17.7 per cent
<strong>11. Central Coast, NSW. </strong>Median house price: $655,000 | Median house price growth in the last 3 years to December 2018: 24.2 per cent
Jessica Yun

Sydney has lost its status as the country’s most expensive city by home value as a chill sweeps and spreads across the national property market.

New research by Propertyology has revealed the top 40 cities by median house price, and Sydney has been relegated to second place.

In the number one spot is a city 760km to the north, with a population of just 34,000: Byron Bay.

According to Propertyology head of research Simon Pressley, the country’s most valuable real estate is in a city that ranks 73rd in population size but has a median house price of $987,500 as at December 2018.

“Byron’s median house price increased by a whopping 64 per cent over the past five calendar years, propelling it to the top of the national table,” he said.

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“Sydney and Melbourne both produced a 44 per cent increase over the same five years to be $950,000 and $772,500, respectively.”

But the price gap between the country’s two largest cities and the country’s most expensive city by house price will continue widening. Byron Bay house prices are set to climb while Sydney’s and Melbourne’s will keep falling, according to Pressley.

In fact, Melbourne didn’t even make the top five, he pointed out.

“Ahead of Melbourne, in sixth place, are three other major regional locations: Kiama and Wingecarribee, both in New South Wales, as well as Victoria’s Surf Coast,” Pressley said.

Wollongong, Noosa, Ballina and Canberra round out the top 10, making seven of the top 10 most expensive locations in Australia regional areas.

Byron’s rise to the top

Byron’s median house price has risen by a whopping 10.1 per cent over the past two decades, the highest growth rate of any Aussie city.

It’s proof that population size or growth rate doesn’t matter when it comes to property price growth, Pressley added.

“In Byron’s case, housing demand is primarily driven by the affluent, middle-aged, Australian-born couple.”

According to census data, the median household age is 44 with a below-average number of children per household.

Additionally, its location in northern NSW is seeing strong buyer demand push up prices, and new residents are running businesses from their coffee tables or commuting to nearby capital cities that are only a short drive or flight away.

What Australia’s most expensive cities have in common

Only three capital cities featured in the top 20 – so what’s driving rising prices in all the other regions?

The answer is simple: retirees are moving away from capital cities.

(But the Hemsworths moving in next door doesn’t hurt, either.)

Many of the regional cities in the list of most expensive Australian cities have median household ages above the national average, less people each household, and higher outright ownership ratios.

“In addition to having so much capital tied up in one asset, rental yields are lower, and the pool of renters is often low, too, while the local economy is generally less robust because the older demographic is at the financial preservation stage of their life,” Pressley said.

“That said, these results again prove that there are myriad locations around Australia where capital growth can be achieved without being a megacity.”

The full list: Australia’s 40 most expensive property markets

  1. Byron

  2. Sydney

  3. Kiama

  4. Surf Coast

  5. Wingecarribee

  6. Melbourne

  7. Wollongong

  8. Noosa

  9. Ballina

  10. Canberra

  11. Central Coast

  12. Shellharbour

  13. Tweed

  14. Gold Coast

  15. Newcastle

  16. Macedon Ranges

  17. Sunshine Coast

  18. Port Stephens

  19. Shoalhaven

  20. Yass Valley

  21. Port Macquarie

  22. Brisbane

  23. Coffs Harbour

  24. Geelong

  25. Bellingen

  26. Perth

  27. Busselton

  28. Margaret River

  29. Eurobodalla

  30. Bega Valley

  31. Darwin

  32. Adelaide

  33. Golden Plains

  34. Mount Alexander

  35. Alice Springs

  36. Scenic Rim

  37. Maitland

  38. Morrabool

  39. Broome

  40. Hobart

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