{"id":42430,"date":"2023-02-28T20:12:11","date_gmt":"2023-02-28T07:12:11","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=42430"},"modified":"2023-02-28T20:13:28","modified_gmt":"2023-02-28T07:13:28","slug":"the-most-and-least-expensive-suburbs-to-buy-property-in-australia","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/the-most-and-least-expensive-suburbs-to-buy-property-in-australia\/","title":{"rendered":"The most and least expensive suburbs to buy property in Australia"},"content":{"rendered":"

PHOTO: Harbourside Vaucluse and Western Australia’s Goldfields region exemplify the extremes of the Australian real estate market.<\/strong><\/p>\n

REPUBLISHED WITH PERMISSION | API MAGAZINE<\/a><\/p>\n

What are the cheapest and most expensive suburbs in which to buy property in Australia and in your state?<\/p>\n

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Support independent Australian news aggregation<\/a><\/h2>\n<\/header>\n<\/div>\n
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Australia\u2019s wealth is very unevenly divided, and the country\u2019s housing market is one of the most significant and visible elements of this inequality.<\/p>\n

From the elite in Australia\u2019s most expensive suburb,\u00a0Vaucluse<\/a>, New South Wales, to mining and working class labourers of the country\u2019s cheapest housing market,\u00a0Kambalda East<\/a>\u00a0in the West Australian Goldfields, the standards of living across the continent are exemplified by our real estate options.<\/p>\n

Reports by ACOSS\/UNSW have shown that the highest 10 per cent of households by wealth possesses an average of $6.1 million or 46 per cent of all wealth. The next 30 per cent has an average of $1.7 million or 38 per cent.<\/p>\n

That leaves the majority \u2013 the lower 60 per cent \u2013 with an average of $376,000 or just 17 per cent of all wealth.<\/p>\n

The report shows that more than 130 billionaires in Australia each hold an average of $3.6 billion in wealth.<\/p>\n

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GET & KEEP INFORMED<\/a><\/h2>\n<\/header>\n<\/div>\n

More than 130 billionaires in Australia each hold an average of $3,600 million in wealth.<\/p>\n

When it comes to looking at Australia\u2019s priciest and most affordable areas, it is worth bearing in mind a few telling statistics around home ownership and wealth accumulation, or for many, deterioration.<\/p>\n

The last Census showed that among younger and poorer Australians, home ownership fell from 60 per cent to 40 per cent among 25-34 year-olds between 1981 and 2021.<\/p>\n

\"Rising<\/p>\n

Property remains a major driver and reflector of wealth. More than a quarter of homeowning households report a net wealth exceeding $1 million, compared to a median net wealth for non-homeowning households at a lowly $60,000.<\/p>\n

So where in\u00a0Australia, the world\u2019s richest country<\/a>, is this inequality of wealth playing out most tellingly? Which are the most expensive \u2013 and conversely least expensive \u2013 suburbs or postcodes in which to buy property throughout Australia?<\/p>\n

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Most and least expensive suburbs<\/strong><\/h2>\n

According to research by online financial brokers Savvy, when it comes to houses, the most expensive suburb to buy into is the leafy and upmarket suburb of Vaucluse in Greater Sydney, with an eyewatering median house price of $7,943,965. The most expensive suburb to buy units is also in NSW, in\u00a0Point Piper<\/a>\u00a0at $2,895,563.<\/p>\n

The least expensive suburb or most affordable suburb to buy residential property is Kambalda East, in the east of WA with a median house price of $118,525. The cheapest suburb to purchase a unit was\u00a0Laguna Quays<\/a>\u00a0in Queensland at a rather modest $72,076, around \u00a0the price of an electric vehicle.<\/p>\n

The strongest 12-month decline in values of residential houses was in Greater Sydney\u2019s\u00a0Narrabeen<\/a>, declining 26.8% with\u00a0Centennial Park<\/a>\u00a0experiencing a dip of 23.1\u00a0per cent in unit values.<\/p>\n

\"Snapshot<\/p>\n

The suburb with the strongest 12 months of growth in values was\u00a0Bingara<\/a>\u00a0in NSW at 36.2\u00a0per cent. The strongest 12-month growth in values for units was\u00a0Seacliff Park<\/a>\u00a0in greater Adelaide, climbing 41.4\u00a0per cent.<\/p>\n

The strongest 12-month growth in rents for houses was\u00a0Clovelly<\/a>\u00a0in Greater Sydney on 25.1 per cent. Given its aforementioned status as the national benchmark for affordability, the fact Kambalda East also\u00a0recorded the highest gross rental yields of 15.9\u00a0per cent, due to the demand for mining accommodation, could put it firmly\u00a0on the radar of property investors<\/a>.<\/p>\n

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The highest 12-month growth in rents for units was in\u00a0Inner Melbourne<\/a>\u00a0on 38.2\u00a0per cent, and the highest gross rental yields for units was in Kalgoorlie, which borders Kambalda East, with 11.8\u00a0per cent.<\/p>\n

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Property value breakdowns of capital cities<\/strong><\/h2>\n

As mentioned, the most expensive suburb to purchase a house in a capital city was Vaucluse, followed by\u00a0Bellevue Hill<\/a>\u00a0with a median of $6,882,484 and\u00a0Rose Bay<\/a>\u00a0on $5,660,910. All three suburbs are found in Greater Sydney.<\/p>\n

The most affordable suburbs are\u00a0Elizabeth North<\/a>\u00a0in Greater Adelaide with a median house value of $291,526; Kwinana Town Centre in Greater Perth, comprising suburbs such as\u00a0Orelia<\/a>,\u00a0Medina<\/a>,\u00a0Parmelia<\/a>\u00a0and\u00a0Calista<\/a>, is next with $300,252, and\u00a0Elizabeth Downs<\/a>\u00a0in Greater Adelaide at $305,336.<\/p>\n

As for units, Point Piper comes first, with\u00a0Darling Point<\/a>\u00a0next on $2,371,718 and\u00a0Millers Point<\/a>\u00a0on $2,111,672.<\/p>\n

The most affordable or least expensive suburbs for unit purchases is Orelia, with a median value of $183,522, followed by Greater Brisbane\u2019s\u00a0Kooralbyn<\/a>\u00a0($202,039) and\u00a0Goodna<\/a>\u00a0($233,334).<\/p>\n

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2023 Real Estate Agent of the Year Winners<\/a><\/h2>\n

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Property price extremes by state<\/strong><\/h2>\n

NSW<\/strong><\/p>\n

The most expensive suburb to buy houses and units were, as mentioned, in Vaucluse and Point Piper.<\/p>\n

The most affordable suburb in NSW to buy a house was in\u00a0Peak Hill<\/a>\u00a0at $180,870. The most affordable suburb for units is\u00a0Lavington<\/a>\u00a0on the Murray with a median house price of $251,406.<\/p>\n

Victoria<\/strong><\/p>\n

The most expensive suburb to buy a house in Victoria is\u00a0Toorak<\/a>, with a median house price of $4,955,630. The most expensive suburb to buy a unit is Beaumaris at $1,209,944.<\/p>\n

The most affordable suburb to purchase a house in Victoria is\u00a0Hopetoun<\/a>\u00a0in the North West, with a median house price of $178,811. The most affordable suburb for buying units is the regional Gippsland town of\u00a0Moe<\/a>\u00a0on $245,467.<\/p>\n

Queensland<\/strong><\/p>\n

Queensland\u2019s most expensive suburb to buy a house in was\u00a0Sunshine Beach<\/a>, with a median price of $2,198,404. As mentioned,\u00a0Noosa Heads<\/a>\u00a0was the most expensive suburb in which to purchase a unit.<\/p>\n

The most affordable suburb for houses is\u00a0Tara<\/a>\u00a0in the Darling Downs at $146,122, and for units, the previously mentioned Laguna Quays.<\/p>\n

WA<\/strong><\/p>\n

One can find the most expensive suburb to buy a house in WA in\u00a0Peppermint Grove<\/a>, with a median house price of $3,178,788. The most expensive suburb for units is\u00a0North Fremantle<\/a>, with a median house price just shy of $902,683.<\/p>\n

The most affordable suburb as mentioned was Kambalda East, with the most affordable suburb for units being\u00a0Withers<\/a>\u00a0in Bunbury at $131,547.<\/p>\n

SA<\/strong><\/p>\n

The most expensive suburb to purchase a house in South Australia is\u00a0Toorak Gardens<\/a>, with a median house price of $2,067,074.\u00a0Kent Town<\/a>\u00a0is the most expensive suburb to purchase a unit, averaging $655,239.<\/p>\n

The most affordable suburb for house purchases is\u00a0Peterborough<\/a>, with a median house price of $130,627. The most affordable suburb for units is\u00a0Mount Gambier<\/a>\u00a0with a median unit price of $245,692.<\/p>\n

Tasmania<\/strong><\/p>\n

Tasmania\u2019s hottest property market<\/a>\u00a0for houses was found in Hobart\u2019s\u00a0Battery Point<\/a>, with the median topping out at $1,464,685. It was also the most expensive suburb for units, with a median price of $865,562.<\/p>\n

The most affordable suburb for houses was\u00a0Rosebery<\/a>\u00a0on $163,884 and\u00a0Mowbray<\/a>\u00a0for units on $333,200.<\/p>\n

NT<\/strong><\/p>\n

Darwin\u2019s most expensive suburb is in\u00a0Nightcliff<\/a>, with a median house price of $919,048. Units are most expensive in\u00a0Bayview<\/a>\u00a0at a median price of $547,739.<\/p>\n

The most affordable suburb for houses is the outback town of\u00a0Tennant Creek<\/a>, with houses costing a median $239,590. The most affordable suburb for units is\u00a0Bakewell<\/a>\u00a0in Darwin, topping out at $284,341.<\/p>\n

ACT<\/strong><\/p>\n

Our smallest territory\u2019s most expensive suburb for house prices is\u00a0Griffith<\/a>\u00a0at $2,265,479; units are the most expensive in\u00a0Yarralumla<\/a>, at $1,124,600.<\/p>\n

The most affordable suburb for houses is\u00a0Belconnen<\/a>\u00a0at $614,531; the most affordable suburb for units is\u00a0Curtin<\/a>\u00a0at $405,491.<\/p>\n

\"Property<\/a><\/div>\n
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Property Noise Australia Advertising Rates \u2013 2023<\/a><\/h2>\n<\/header>\n<\/div>\n

What\u2019s next for the Australian property market?<\/strong><\/h2>\n

The housing market will be shaped largely by\u00a0what the Reserve Bank does<\/a>\u00a0\u2013 or doesn\u2019t do \u2013 next. Increases in interest rates usually correspond with lower demand for property, which drives prices down.<\/p>\n

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Despite the \u2018new normal\u2019 of higher interest rates, 2023 will continue to offer valuable opportunities to real estate investors who are strategic in their property selection.<\/p>\n<\/div>\n

As for consumer sentiment, the \u201ctime to purchase a house\u201d component of Westpac-Melbourne Institute consumer mood survey increased by 2.4\u00a0per cent\u00a0over the course of December.<\/p>\n

Adrian Edlington, Savvy\u2019s finance spokesperson, said\u00a0waiting for prices to hit rock bottom<\/a>\u00a0as rates continue to rise may be a bit of a \u2018fool\u2019s errand.\u2019<\/p>\n

\u201cRight now, house prices are falling across the board, and some may be waiting to pick up a bargain at the floor, which means first time buyers and investors are at the upper hand in negotiation for the first time in a long time,\u201d he says.<\/p>\n

\u201cThis advantage may be short lived, though.<\/p>\n

\u201cIf you wait for houses to hit the absolute rock bottom prices, chances are you\u2019ll be locking in an interest rate that\u2019s at the highest it\u2019s been since the end of the Global Financial Crisis.<\/p>\n

\u201cIt\u2019s doubtful we\u2019ll see the \u2018bad old days\u2019 of seventeen percent rates like we did in the 1990s, but even slight upticks in RBA cash rates can make all the difference between servicing a loan for some and missing out entirely.\u201d<\/p>\n

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Article Q&A<\/h4>\n
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What is the most expensive suburb in which to buy property in Australia?<\/strong><\/h5>\n
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When it comes to houses, the most expensive suburb to buy into is the leafy and upmarket suburb of Vaucluse in Greater Sydney, with an eyewatering median house price of $7,943,965. The most expensive suburb to buy units is also in NSW, in Point Piper at $2,895,563.<\/p>\n<\/div>\n<\/div>\n

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What is the most affordable suburb in which to buy real estate in Australia?<\/strong><\/h5>\n
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The least expensive, or most affordable, suburb in which to buy residential property is the Goldfields’ Kambalda East, with a median house price of $118,525. The cheapest suburb to purchase a unit was Laguna Quays in Queensland at a rather modest $72,076.<\/p>\n<\/div>\n<\/div>\n

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How unevenly is Australia’s wealth spread?<\/strong><\/h5>\n
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The highest 10 per cent of households by wealth possesses an average of $6.1 million or 46 per cent of all wealth. The next 30 per cent has an average of $1.7 million or 38 per cent. That leaves the majority \u2013 the lower 60 per cent \u2013 with an average of $376,000 or just 17 per cent of all wealth.<\/p>\n<\/div>\n<\/div>\n

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Is home ownership among the least wealthy on the rise or declining in Australia?<\/strong><\/h5>\n
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The last Census showed that among younger and poorer Australians, home ownership fell from 60 per cent to 40 per cent among 25-34 year-olds between 1981 and 2021.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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