DECEMBER 10, 2019
What are Australia's most expensive homes on the market?
In the lead up to Christmas, at a time when Michael Buble gets his annual spike in Spotify hits, it might be worth pausing reality for a while to imagine ourselves living in some of Australia’s most expensive homes.
Dwelling values in Victoria’s capital of Melbourne have increased by 5.5 per cent over the past three months, with the rate of growth outpacing even Sydney. Dwelling values across the top quartile have seen the largest increase, rising 7.1 per cent over the same period.
There is little wonder that some of the city’s most expensive homes can be found in Toorak and Southbank, with the median sale price for a 4-bedroom home in Toorak going for $4.4 million.
Values in Sydney have risen for the past five months, following the recent downturn of the market across 2018, and have recovered already 35.5 per cent of the overall 14.9 per cent decline seen during the downturn. The median value of a home in Sydney currently sits at $817,886, which has not changed considerably since this time three years ago, thanks mostly to the market slowdown.
Sydney’s most famous harbourside suburbs feature some of this month’s most expensive homes available on the market right now, with the median sale price for a 4-bedroom home in Mosman currently sitting at $3.6m.
While homes in Queensland’s capital of Brisbane haven’t seen the same considerable growth as Melbourne and Sydney, they remain in the positive with a 1.4 per cent increase in dwelling values since June.
Sunshine Beach, where our first property in the list is located, sits next to Noosa Heads and boasts a median sale price of $1.87m.
While there was a 3.6 per cent increase in dwelling values for the combined capitals during the last quarter, this was driven by Melbourne and Sydney, which saw a respective 2.3 and 1.7 per cent month-on-month increase in dwelling values over October. Darwin still saw growth, but the lowest rate of growth, at .4 per cent, while regional NT saw a 1.3 per cent fall in dwelling values during October.
Perth saw a fall in dwelling values over October, falling .4 per cent, while the entire state fell by 1 per cent. Dwelling values in Perth have decreased by 8.7 per cent over 12 months, but the rate of decline is at a low point and may see the influence of lower interest rates over the summer period to see positive growth, at least in the capital city.
Regardless of having the lowest median house price for any capital city ($435,119), there are still some incredible luxury homes to be found in WA, such as the below Cottesloe Federate home which was built in 1893 – an incredibly preserved and refurbished echo of a different time.
Adelaide itself saw only .1 per cent growth in dwelling values across the past three months, but has seen relatively constrained decreases compared to other markets during the market downturn. The median dwelling value in South Australia’s capital currently sits at $433,140 while the rest of the state has seen a 1.7 per cent fall in dwelling values over three months.
The median sale price of a 4-bedroom home in Beaumont in the leafy green southeast of Adelaide currently sits at $888,000, just over double the median sale price for the city as a whole, which is why there is little wonder it gets a mention as home to one of the most luxurious homes on offer in South Australia at the moment.
Tasmania weathered much of the storm of the recent national market downturn that hit Melbourne and Sydney the hardest. Yet, Hobart saw constrained growth for dwelling values over October, at only 1 per cent, with even regional Tasmania outshining its capital at 1.4 per cent growth.
Unsurprisingly, the stunning and secluded Sandy Bay gets a look in as home to some of Tasmania’s most expensive homes, with the median sale price for a 4-bedroom home currently sitting at $1.02m.
During October, Canberra saw the third-lowest increase in dwelling values for any capital city, at .6 per cent which points to a slight slowdown in its growth rate as the country’s capital recorded the third-largest increase in dwelling values over the past three months.
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