PHOTO: Australia – The Luck Country where over 700,000 kiwis prefer to liv in, rather than their own country. FILE
Latest data from property analyst firm PropTrack reveals that, in 2023, three suburbs in Sydney emerged as the most expensive across Australia. Leading the national list for the highest median home value was Longueville in the Lower North Shore, boasting an impressive $5.775 million.
Following closely, Dover Heights in the eastern suburbs secured the second spot with $5.553 million, while Clontarf in Sydney’s north claimed the third position at $5.523 million. Notably, Longueville set records in September with the sale of a deep waterfront property on Arabella St, featuring five bedrooms and three baths, breaking the $20 million residential property sales barrier by selling for over $22 million before the close of its expression of interest period.
According to the selling agent, Travis Standen, buyers with budgets exceeding $10 million from the upper and lower north shore and eastern suburbs were seeking convenience and a panoramic view of the Sydney Harbour Bridge.
The Sydney Lower North Shore suburb of Longueville topped the list nationally for highest median home value, coming in at a whopping $5.775m
The PropTrack report also highlighted the top three suburbs with the highest home price growth over the past 12 months. Armadale, a southeastern fringe suburb in Perth, claimed the top spot with an impressive 34% year-on-year home price growth. Following closely were Elizabeth North in South Australia with 30% growth and Riverview in Queensland with 24% growth.
The data, based on PropTrack’s Automated Valuation Model covering houses and units, showcased Armadale’s growth, aligning with previous reports listing it as one of the best suburbs to invest in for 2023. Various sources, including Canstar’s Rising Stars report and websites Hotspotting and Openlot, identified Armadale as an investment hotspot.
‘We have never had so many buyers cashed up and ready to buy…’ real estate agent Travis Standen said
Cath Hart, CEO of the Real Estate Institute of Western Australia (REIWA), attributed Perth’s robust property market to factors such as population growth, challenges in the rental market prompting people to consider buying, and constraints in the building industry leading individuals to turn to the established homes market.
For a detailed breakdown, here are the suburbs in each state with the highest median home value and the highest home price growth year-on-year:
NSW: Highest Median Home Value
- Longueville: $5,775,000
- Dover Heights: $5,553,000
- Clontarf: $5,523,000 Highest Home Price Growth Year-on-Year
- Denistone East: 17%
- Clontarf: 17%
- Parklea: 16%
VIC: Highest Median Home Value
- Portsea: $3,177,000
- Deepdene: $3,006,000
- Canterbury: $2,708,000 Highest Home Price Growth Year-on-Year
- Harkaway: 10%
- Officer South: 10%
- Balnarring: 8%
QLD: Highest Median Home Value
- Pullenvale: $1,957,000
- Fig Tree Pocket: $1,671,000
- Brookfield: $1,659,000 Highest Home Price Growth Year-on-Year
- Riverview: 24%
- Acacia Ridge: 22%
- Rochedale: 21%
SA: Highest Median Home Value
- Unley Park: $1,849,000
- Malvern: $1,692,000
- Erindale: $1,683,000 Highest Home Price Growth Year-on-Year
- Elizabeth North: 30%
- Elizabeth Downs: 27%
- Davoren Park: 27%
TAS: Highest Median Home Value
- Acton Park: $1,218,000
- Sandy Bay: $1,143,000
- Battery Point: $1,138,000 Highest Home Price Growth Year-on-Year
- Kingston Beach: 2%
- Margate: -2%
- Sandford: -3%
WA: Highest Median Home Value
- Dalkeith: $3,252,000
- Peppermint Grove: $2,871,000
- City Beach: $2,407,000 Highest Home Price Growth Year-on-Year
- Armadale: 34%
- Brookdale: 34%
- Camillo: 33%
NT: Highest Median Home Value
- Lyons: $730,000
- Muirhead: $700,000
- Bayview: $687,000 Highest Home Price Growth Year-on-Year
- Berrimah: 13%
- Humpty Doo: 6%
- Muirhead: 4%
ACT: Highest Median Home Value
- Red Hill: $2,004,000
- Yarralumla: $1,882,000
- Deakin: $1,791,000 Highest Home Price Growth Year-on-Year
- Aranda: 8%
- Red Hill: 6%
- Ainslie: 5%