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Despite the fact the country is currently in the middle of a global crisis, the country’s most successful housing market saw a 30% increase in property values.
CoreLogic’s Best of the Best Report showed that Sunshine Beach in Queensland was the area with the highest-performing houses prices over the past 12 months.
Sunshine Beach saw its house values rise by 27.6 per cent in just one year. This is the largest capital gain of any suburb in the country.
CoreLogic’s Head for Research Australia Eliza Owen stated, “COVID-19” has inspired many people to think about the lifestyle associated these properties.
Ms Owen stated that “The relative popularity of lifestyle markets is evident in our report, with the combined capital market outperforming regional Australia.”
“Our Best of the Best report is dominated and dominated, with the exception of the most costly suburbs, by high-performing regions throughout the country.
“Sunshine Beach, Sunshine Coast, has seen the highest annual capital gain in houses nationally in comparison to 2019, when St Kilda was the most affected by housing growth.”
Darling Point, Sydney, is the suburb with the highest median house prices. The median property price in this area is $7 million.
Norseman is the suburb in Western Australia with the lowest median home value. You can buy a house there starting at $58,582.
Ms Owen stated that Darling Point’s victory in this year’s competition demonstrated how stable luxury markets can remain, despite global uncertainty.
Ms Owen stated that “The Best of the Best 2020 report highlights the resilience of luxe Australian markets with the highest median home price being once more in Darling Point and the highest unit values found at Point Piper, as with 2019,”.
“This does NOT mean that these suburbs were not affected by the pandemic. The Sydney high end is more vulnerable to economic changes.
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Data also showed which suburbs had highest capital gains for each state and territory.
It was Bombala, Monaro Region (NSW) (up 22.6%), Murtoa (Victoria’s north-west (22.4%)), and Port Elliot (33.7%) for South Australia.
It was Wannanup, Mandurah (West Australia), (17.2%) and Rosebery (Tasmania), (27.3%). Alawa (Darwin), who gained 24% value, was the winner in the Northern Territory.
Flynn, which added 15.5 Percent value, was the last but not least successful suburb in the capital.
The 2020 Most Expensive Suburbs in Australia
|NSW||Darling Point in Sydney||$7 Million|
|Victoria||Toorak, Melbourne||$4 million|
|Queensland||Teneriffe in Brisbane||$1.859 million|
|South Australia||Adelaide’s Unley Park||$1.4 Million|
|Western Australia||Peppermint Grove in Perth||$2.4 Million|
|Northern Territory||Lyons, Darwin||$720,580|
|Tasmania||Battery Point, Hobart||$1.18million|
*CoreLogic’s Best of the Best Report 2020