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Recent data from property analyst firm PropTrack shows that three Sydney suburbs were the most expensive to buy in all of Australia in 2023.
The Lower North Shore suburb of Longueville topped the list nationally for highest median home value, at a whopping $5.775 million.
The eastern suburb of Dover Heights came in second with $5.553 million, closely followed by Clontarf in Sydney’s north with $5.523 million.
Longueville broke records in September when a five-bedroom, three-bathroom Arabella St beachfront property broke the $20 million residential property sales barrier, selling for more than $22 million before its expression period closed. of interest.
Sydney’s Lower North Shore suburb of Longueville topped the list nationally for highest median home value, at a whopping $5.775 million.
Agent Travis Standen, who sold the property, told realestate.com.au at the time that buyers from the upper and lower north coast and eastern suburbs with budgets over $10 million were looking for comfort and a good view of the Sydney Harbor Bridge.
“We’ve never had so many buyers with cash and ready to buy, they’re trading up big land for convenience and we’re seeing them coming from non-traditional areas like the upper north coast,” he said.
The same PropTrack report also revealed the three best-performing suburbs in terms of house price growth over the past 12 months.
The Perth suburb of Armadale topped the list with 34 per cent year-on-year house price growth.
South Australia’s Elizabeth North followed with 30 per cent growth over the same period, and Riverview, Queensland, came in third with 24 per cent year-on-year growth.
The data is based on PropTrack’s automated valuation model and covers homes and combination units.
Armadale’s explosion of growth won’t come as a surprise to some – three separate reports list it as one of the best Perth suburbs to invest in in 2023.
“We’ve never had so many buyers with money and ready to buy…” said real estate agent Travis Standen.
This includes Canstar’s Rising Stars report and websites Hotspotting and Openlot, which highlighted Armadale as an investment hotspot.
Cath Hart, chief executive of the Real Estate Institute of Western Australia (REIWA), said there were several factors behind the strength of Perth’s property market overall.
‘One is population growth. WA’s population rose 2.8 per cent in the year to March. “June data will be released in mid-December and background indicators suggest we can expect similar growth to March,” Ms Hart said.
‘Secondly, the current challenges in the rental market are that people are looking to buy if they can.
“And the constraints of the construction sector also make people turn to the established real estate market.”
Here’s a state-by-state breakdown of the suburbs with the highest median home values and the highest year-over-year home price growth:
New south Wales
Highest median home value
Longueville: $5,775,000
Dover Heights: $5,553,000
Clontarf: $5,523,000
Higher house price growth year on year
Denistone East: 17 percent
Clontarf: 17 percent
Parklea: 16 percent
VIC
Highest median home value
Portsea: $3,177,000
Depth: $3,006,000
Canterbury: $2,708,000
Higher house price growth year on year
Harkaway: 10 percent
South Official: 10 percent
Balnarring: eight percent
queensland
Highest median home value
Pullenvale: $1,957,000
Fig Pocket: $1,671,000
Brookfield: $1,659,000
Higher house price growth year on year
River view: 24 percent
Acacia Ridge: 22 percent
Rochedale: 21 percent
SA
Highest median home value
Unley Park: $1,849,000
Malvern: $1,692,000
Erindale: $1,683,000
Higher house price growth year on year
Elizabeth North: 30 percent
Elizabeth Downs: 27 percent
Davoren Park: 27 percent
TAS
Highest median home value
Acton Park: $1,218,000
Sandy Bay: $1,143,000
Battery point: $1,138,000
Higher house price growth year on year
Kingston Beach: two percent
Margate: -2 percent
Sandford: -3 percent
Washington
Highest median home value
Dalkeith: $3,252,000
Peppermint Grove: $2,871,000
City Beach: $2,407,000
Higher house price growth year on year
Armadale: 34 percent
Brookdale 34 percent
Camilo: 33 percent
New Testament
Highest median home value
Lyon: $730,000
Muirhead: $700,000
Bay view: $687,000
Higher house price growth year on year
Berrimah: 13 percent
Humpty Doo: six percent
Muirhead: four percent
ACT
Highest median home value
Red Hill: $2,004,000
Yarralumla: $1,882,000
Deakin: $1,791,000
Higher house price growth year on year
Aranda: eight percent
Red Hill: six percent
Ainslie: five per cent