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New figures by CoreLogic RP Data have revealed Australia’s most expensive suburbs for houses and units.
The figures are based on median house and unit price values as at January 2016, and shows Sydney continues to dominate as the most expensive for both categories.
The harbor city’s Darling Point was ranked the most expensive suburb nationwide with a median house price value of $6,841,364.
This was followed by Centennial Park ($6,358,359), Vaucluse ($4,415,246), Bellevue Hill ($4,353,463) and Tamarama ($4,163,596).
Peppermint Grove in Perth recorded a median value of $3,333,093, followed by Melbourne’s Toorak and Deepdene with median values of $3,286,485 and $3,116,040 respectively.
Perth’s Dalkeith recorded a median value of $2,414,538, while Malvern in Melbourne recorded a median value of $2,386,194.
“While Sydney trumps as the most expensive city, it’s important to note the abundance of waterfront homes which contributes to the higher overall cost of housing,” CoreLogic RP Data senior research analyst, Cameron Kusher, said.
“Elsewhere, housing is generally much more affordable. However, not everyone has a choice when it comes to potentially leaving Sydney and heading to another area of the country where housing is cheaper.”
Sydney also dominated in median unit prices. The city’s Point Piper took out the top spot with a median value of $2,401,415, followed by Darling Point ($1,709,588), The Rocks ($1,613,001), Cabarita ($1,529,079) and Millers Point ($1,374,700).
Brisbane’s Tennyson recorded a median unit value of $1,033,864, while Melbourne’s Kooyong and Brighton recorded values of $958,364 and $931,060 respectively.
Rounding out the list was Melbourne’s Balwyn North which recorded a median unit value of $889,621 and Mont Albert North which recorded a median unit value of $879,625.
[Related: Landowners can challenge valuations: lawyer]
ABOUT THE AUTHOR
Emma Ryan
Emma Ryan is the deputy head of editorial at Momentum Media.
Emma has worked for Momentum Media since 2015, and has since been responsible for breaking some of the biggest stories in corporate Australia, including across the legal, mortgages, real estate and wealth industries. In addition, Emma has launched several additional sub-brands and events, driven by a passion to deliver quality and timely content to audiences through multiple platforms.
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