PHOTO: Estate Agent Claudia Portale on Ruby St in Mosman, one of NSW’s most expensive streets. Picture: Christian Anstey
A rollercoaster of booms and busts has produced an extreme divide across the NSW housing market, with a staggering $32.9m gap in the average price of homes on the cheapest and most expensive streets.
Analysis of 2022’s priciest and most affordable streets for home seekers showed Harbour suburb Point Piper’s Wolseley Rd reclaimed its crown as the country’s most expensive street.
A typical home on the 1km street, which sits on the west side of the Point Piper peninsula and has gun barrel views of the Harbour Bridge, CBD and Opera House, costs $33m.
The street is one of at least 20 NSW roads, mostly in Sydney, where it costs more than $10m to snap up a home, according to the Valuer General data analysed by Ray White Economics.
An aerial view of Wolseley Rd, Point Piper – Australia’s most expensive street.
Wolseley Rd’s location allows for stunning Sydney views.
At the other extreme, properties on the cheapest street, Dangar St in outback town Pilliga in northwest NSW, cost $38,250 on average, more than 600 times cheaper than on Wolseley Rd.
Similar prices were on offer on the curiously named Bogan St in the town of Bogan Gate in the Parkes Shire region in central western NSW, where the median is about $39,000.
These price gaps were easily the largest of any state and experts said they were a reflection of erratic growth in the housing market.
Prices across the market as a whole fell by an average of about 6 per cent this year, with regional areas recording the sharpest falls
A view of Bogan St in Bogan Gate, one of NSW’s cheapest streets to buy a home.
These drops occurred as the top-end market (where few buyers purchase real estate with mortgages) continued to grow, resulting in wealthy buyers splurging record sums on Harbourside mansions.
Among the recent sales on Wolseley Rd was the waterfront mansion Akuna, which sold to Sydney FC chairman Scott Barlow for $45m.
Many of the nearby mansions have sold for even higher figures and those able to afford the extravagant prices rub shoulders with some of the country’s richest and most influential people.
Past and present residents of the street include rich listers like Westfield chairman Frank Lowy, Hungry Jacks founder Jack Cowin and recruitment queen Julia Ross.
A mansion on Tivoli Ave, Rose Bay – the second most expensive street.
Ray White economist William Clark said the streets with the highest prices usually shared the same traits.
They often had a north facing aspect, large blocks, waterfrontage and had quiet surroundings near beaches or national parks. They were also within a close radius of the Sydney CBD or other hubs rich with amenities.
The most affordable streets were the opposite, Mr Clark said. “They usually have small blocks, little privacy, noise pollution or some kind of trade off like a main street in a remote town,” he said.
NSW’s second most expensive street with a median price of $22.6m was Tivoli Ave in Rose Bay, with the homes offering a similar outlook to Point Piper, albeit from 3km east.
Ray White agent Angela Saidi sells homes on Drummoyne Ave, Drummoyne, the inner west’s most expensive street.
With a median street value of $13.3m, the lower north shore’s most expensive street this year was Ruby St in Mosman.
Agent Claudia Portale of McGrath Lower North Shore, who has sold numerous properties on Ruby St, said the small street is dominated by historic homes on considerable blocks.
“It’s a prestige location. The people there are usually either really wealthy or old money. A home there has always had a special tag attached to it,” Ms Portale said.
She added that it was among the rare spots in Mosman with an elevated outlook, city views and a north facing aspect. It was also within walking distance of Mosman village – rare for luxury homes in the area.
“There are not a lot of homes on the street and they are extremely tightly held,” Ms Portale said. “Buyers will pay more when something comes up because they don’t know when they will next get the chance.”
The inner west’s most expensive street was Drummoyne Ave in Drummoyne – another street with ample waterfront blocks. The median street price was $12.1m.
Agent Angela Saidi, an expert in the area, said Drummoyne Ave was one of the few inner west streets with both water views and a north aspect.
“It’s got some beautiful mega homes, mostly historical homes, but they rarely come up for sale. Even the units only come up for sale occasionally and there’s a lot of people who want them.”
MOST EXPENSIVE STREETS IN NSW (by median street price)
Wolseley Rd, Point Piper $33m
Tivoli Ave, Rose Bay $22.6m
Carrara Rd, Vaucluse $17.84m
Marine Pde, Byron Bay $14.25m
Ruby St, Mosman $13.3m
Wunulla Rd, Point Piper $13.22m
Vaucluse Rd, Vaucluse $13.16m
Eastbourne Rd, Darling Point $12.62m
Drummoyne Ave, Drummoyne $12.1m
Thompson St, Tamarama $12m
Wentworth Rd, Vaucluse $11.5m
Gilliver Ave, Vaucluse $11.23m
Kambala Rd, Bellevue Hill $11m
Canberra Ave, St Leonards $10.77m
Lang Rd, Centennial Park $10.7m
CHEAPEST STREETS IN NSW (by median street price)
Dangar St, Pilliga $38,500
Bogan St, Bogan Gate $39,950
Irrigation Rd, Menindee $51,250
Munnell St, Gulargambone $59,900
Old Punt Rd, Swan Bay $60,000
Woore St, Wilcannia $60,000
Kook St, Darlington Point $60,000
Three Mile Rd, Lightning Ridge $66,500
Green St, Cobar $68,000
Mullah St, Trangie $68,500
Railway Pde, Gravesend $69,500
Canada St, Lake Cargelligo $72,500
Lakeview Ave, Sunset Strip $73,000
Milthorpe St, Oaklands $75,000
Wortumertie St, Bourke $75,000
Source: Ray White Economics
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