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ISCOVER
Staff Reporter
The Sydney suburb of Point Piper has been named the nation’s most expensive suburb, according to new research.
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RP Data’s research director Tim Lawless said with a median value of $7.38 million, properties in Point Piper are more expensive than anywhere else in Australia.
“If you own a house in Point Piper you have truly made it,” he said.
Based on ATO taxation statistics, Point Piper average individual incomes are the highest in the nation, averaging just over $182,000.
Point Piper also has a very high rate of home ownership, with recent Census data confirming that there are only 148 detached houses in the suburb of Point Piper and 57 per cent of them are owned outright.
Watson’s Bay located in the inner city suburbs of Sydney placed second on the rich list, recording a median property price of $6.47 million.
Rounding out the top three was Centennial Park, also located in Sydney, which recorded a median property price of $5.21 million.
According to Mr Lawless, a majority of Australia’s elite real estate markets are clustered around the harbourside suburbs of Sydney.
But while there are many areas on the Top 25 List, of note is the Gold Coast suburb of Main Beach, which is Queensland’s most expensive suburb for houses; a factor which is assisted by the absolute scarcity of houses compared with units in the suburb according to Mr Lawless.
Interestingly, Main Beach has a mere 88 detached houses within the suburb, equating to just 5.9 per cent of all dwellings.
Across the top 25 most expensive suburbs nationally, only three are located further than 10km from the capital city CBD with one of the exceptions being Eagle Bay in the Margaret River region where the median house value is $2.86 million, and the most expensive home currently on the market is priced at $10.5 million.
Battery Point is the only suburb in Australia where it costs less than $1 million to buy into the most elite housing market. Battery Point currently has a median house value of $861,560 placing the suburb at position 365 on the ‘Rich List’.
According to Mr Lawless, the vast majority of people can’t afford to buy, or for that matter, rent in these suburbs. In fact, the population living within the most expensive 25 suburbs accounts for just 0.5 per cent of Australia’s population.
Having said that, Mr Lawless said, with four consecutive months of growth it is safe to say the Australian housing market has moved into a recovery phase with Sydney and Melbourne now the two cities leading the way with values up 4 per cent respectively since the end of May.
“The Reserve Bank’s October rate cut is likely to provide further stimulus to the housing market and it will be important to monitor how consumers respond to the more affordable housing environment,” he said.
“The RBA will undoubtedly be aiming to find the ‘sweet-spot’ in their monetary policy that keeps a lid on housing prices while ensuring financial stability.”{jcomments on}
