Essential information, plus expert insight on what is shaping the national property market...
NEW SOUTH WALES
Most expensive suburb in Australia
The Sydney suburb of Point Piper has been identified as the most expensive in Australia.
According to research from RP Data, houses in the Sydney suburb have a median value of more than $5 million.
Despite this, the Sydney north shore suburb of Mosman provided estate agents with the highest gross value of sales. According to the data, $681 million worth of properties sold over 2012.
While the suburb proved lucrative for estate agents, the Australian property market has been sluggish throughout 2012, with median values slipping by 0.1 per cent across the combined capital cities.
“Property markets in Sydney, Brisbane, Perth and Darwin, where home values have corrected more than the other capital cities, may be the markets to watch,” said RP Data research analyst, Cameron Kusher.
Sydney’s outer suburbs lead price growth
A modest rise in Sydney’s median house price, led by the city’s outer suburbs, signals better times ahead, although lower transaction numbers remain a concern, the Real Estate Institute of NSW (REINSW) has reported.
According to the September 2012 REINSW Property Profile report, the city’s median house price rose 0.4 per cent in the three months to September 2012 to $567,000.
REINSW CEO Tim McKibbin said while the rise is a positive sign, it is still 3.1 per cent down on the median house price recorded a year ago.
“The residential property market has stabilised across all sectors and the downward trend that we saw over the last 12 to 18 months has levelled out,” he said.
“The more affordable end of the residential market continues to be strong, with the new stock coming to market unable to satisfy demand. This is unlikely to change in the foreseeable future, as our population increases and the inhibitors to development remain.”