Australia’s best performing housing market gained almost 60 per cent in just 12 months, while prices in the country’s most expensive suburb rocketed by $2.28 million during a year of unprecedented growth and exceptional results, the CoreLogic’s Best of the Best report shows.
But these record-breaking gains have started to ease as worsening affordability, a surge in vendor activity and recent credit tightening take effect.
St Andrews Beach on the Mornington Peninsula took the top housing market spot with the median surging 58.6 per cent in the past year – the largest annual capital gain of any suburb in the country, fuelled by strong demand for lifestyle and coastal locations.
Gerringong, also a coastal town south of Sydney took the second place with 56.4 per cent gain, followed by seaside town of South Carnarvon in WA with 55.5 per cent rise.
Last year, house prices in the best performing suburb – Sunshine Beach, a suburb in Noosa – grew by just 27.6 per cent.
“Lifestyle markets have dominated the current upswing, and it’s a reflection of the profile of the buyer, the owner-occupier, who has been able to embrace remote work,” said Eliza Owen, CoreLogic’s head of research.
“The lockdowns have made inner cities very unappealing and prompted tree change and sea change moves. It has also triggered disruptions to the labour market, and induced early retirement decisions.”
Bellevue Hill in Sydney’s east was the most expensive suburb in Australia this year, dethroning last year’s leader Darling Point, with median house price rising $6255 each day or $2.28 million over the year to $8.74 million.
Sydney has nine of the top 10 suburbs with the highest median house price nationwide: Bellevue Hill, Vaucluse, Double Bay, Tamarama, Rose Bay, Dover Heights, Bronte, Mosman, and Longueville. Toorak in Melbourne’s east, took the tenth place.
Point Piper held on to its title as the priciest unit market in the country with median price sitting at $3.22 million, pipping Barangaroo’s median of $2.75 million.
This year’s top residential transactions were dominated by Sydney’s ultra-prime apartments, led by the sale of the ANZ Tower penthouse for $60 million – a record for a single built apartment. The property at 43/163 Castlereagh Street was snapped up by Rich Lister garbo Ian Malouf in June this year.
Three luxury apartments in the newly completed One Barangaroo tower made the top four, with each selling for more than $40 million. Rounding the top five was the sale of former Australia Post boss Ahmed Fahour’s house at 21 Coppin Grove in Hawthorn, Melbourne for $40.5 million.
Mosman, one of Sydney’s most affluent suburbs, recorded $1.8 billion worth of house sales for the year – the largest amount of any suburb nationwide, with 325 homes changing hands.
Surfers Paradise on the Gold Coast racked up $1.4 billion worth of apartment sales with 2228 transactions during the same period – the highest number of units sold in any suburb.
Sales volumes across the country climbed to an estimated 614,635 in the past 12 months, the highest level in almost 18 years. At the same time, dwelling values soared 22.2 per cent nationwide in the 12 months to November, the fastest increase since 1989.
The rapid rise in prices sparked a $2 trillion jump in the total value of Australia’s housing market over the year to an estimated $9.4 trillion.
Rental values also rose strongly over the year to November with rents lifting by 9.4 per cent nationwide – the largest annual growth in 13 years.
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