{"id":34532,"date":"2021-09-13T13:35:20","date_gmt":"2021-09-13T01:35:20","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=34532"},"modified":"2021-09-13T13:35:20","modified_gmt":"2021-09-13T01:35:20","slug":"australias-most-expensive-lgas-revealed","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/australias-most-expensive-lgas-revealed\/","title":{"rendered":"Australia\u2019s most expensive LGAs revealed"},"content":{"rendered":"

PHOTO: Sydney, Australia<\/strong><\/p>\n

One Sydney<\/a> LGA is now home to such pricey property that its real estate is worth more than all the dwellings in two capital cities combined.<\/p>\n

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One of Sydney\u2019s 12 local government areas is home to such pricey property that the total value of residential real estate within its boundaries is worth more than all the dwellings two capital cities combined.<\/p>\n<\/div>\n

The great price gap between Sydney homes and the rest of the country is evident in new research compiled by CoreLogic for News Corp that breaks down the total value of residential housing in Australia\u2019s most expensive LGAs.<\/p>\n

With a total value of housing sitting at $215.9 billion within its 254sq km, Sydney\u2019s affluent Northern Beaches Council area is worth more than the collective value of both Canberra and Hobart at $143 billion and $62.3 billion respectively.<\/p>\n

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\"Sydney\u2019s<\/strong><\/em><\/div>\n

Sydney\u2019s affluent Northern Beaches Council area is worth more than the collective value of both Canberra and Hobart. Picture: Supplied<\/strong><\/em><\/div>\n

Despite both the national capital and the Tasmanian capital experiencing extraordinary property price growth over recent years, real estate in the two cities is still worth $10 billion less than in the single Sydney LGA.<\/p>\n

\u201cNorthern Beaches has nearly 100,000 dwellings, which is actually more dwellings than Hobart has so that obviously explains part of it, but then Canberra has another 171,000 dwellings.\u201d Tim Lawless, head of research at CoreLogic explains.<\/p>\n

However, what really pushes up the Northern Beaches is just the simple fact that houses are so expensive. The typical home price there is about $2 million.<\/p>\n

\u201cThis highlights that there are enclaves around the Sydney market where housing prices are just extraordinarily high, and that\u2019s the key reason we\u2019re seeing some small regions across the city\u2019s metropolitan area worth more than entire capital cities \u2014 or several capital cities combined,\u201d he said.<\/p>\n

Mr Lawless explained that analysing dwelling price growth in recent years it is clear that Sydney\u2019s trajectory has been exceptional.<\/p>\n

\"Priciest<\/div>\n

Priciest property per square kilometre. Source: CoreLogic.<\/strong><\/em><\/p>\n

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