The best property markets of 2020

According to CoreLogic’s Head of Research Australia Eliza Owen, this year’s report highlighted the resilience of luxury markets in Australia, where the highest median house value was once again in Darling Point, and the highest median unit value was found in Point Piper, as with 2019.

“This is not to say these suburbs have been unaffected by the pandemic. Indeed, the high end of the Sydney market is generally more volatile to changes in economic conditions. However, this volatility also tends to see a rapid recovery in the wake of lower mortgage rates and an improvement in consumer sentiment.

More surprisingly, some of the suburbs impacted by the pandemic are represented in this edition of the Best of the Best report as having the highest sales turnover value in the year to September, Ms Owen noted.

For instance, in the suburb of Melbourne, unit values declined -3.4 per cent between the onset of the pandemic in March, and the end of September. The total value of sales is down -3.9 per cent in the year to September 2020 compared with the year to 2019.

Still, the suburb of Melbourne has gone from having the sixth highest total sales value in 2019, to claim the number one spot in 2020, according to her.

So, where were Australia’s top performers in residential real estate over 2020?

Nationally, Darling Point in Sydney’s Eastern Suburbs had the highest median house value at $7,063,773 while Point Piper in the same Sydney area had the highest median unit value at $2,281,435.

For those looking for affordability, the lowest median house value was recorded in Norseman, Western Australia - Outback (South) at $58,582, while the lowest median unit value was recorded in Laguna Quays, Queensland - Mackay - Isaac - Whitsunday at $76,123.

In terms of 12-month value change, Sunshine Beach in Queensland’s Sunshine Coast emerged as the winner for houses with 27.6 per cent growth, while Horsham in Victoria’s North West was the winner for units with 25.7 per cent growth.

The greatest 12-month change in rents for houses was seen in Port Elliot at South Australia’s South East at 23.7 per cent growth, while the greatest 12-month change in unit rents was seen in Mittagong at New South Wales’ Southern Highlands and Shoalhaven at 20.6 per cent growth.

Finally, the highest rental yields for houses at 14.6 per cent was seen in Collinsville at Queensland’s Mackay - Isaac - Whitsunday area, while the highest rental yield for units at 14.1 per cent was seen in South Hedland at Western Australia’s Outback (South).

States and Territories

CoreLogic has also crunched the numbers across every state and territory, highlighting the relative popularity of lifestyle markets and the impact of COVID-19 on rental markets Australia-wide.

According to Ms Owen: “Regional Australia out-performed the combined capital cities market. With the exception of the highest median value suburbs, our Best of the Best report is dominated by high performing regional areas across the country.

“Sunshine Beach on the Sunshine Coast has seen the highest annual capital growth in houses nationally, compared with 2019 when St Kilda in Melbourne saw the highest housing growth.”

Alternatively, rental market performance has been highly disparate, she said.

Find out the top performers per state and territory in 2020:

New South Wales

Highest median house value: Darling Point, Sydney - Easter Suburbs ($7,063,773)
Highest median unit value: Point Piper, Sydney - Eastern Suburbs ($2,281,435)

Lowest median house value: Ungarie, Central West ($65,847)
Lowest median unit value: Moree, New England and North West ($132,695)

Greatest 12-month house value change: Bombala, Capital Region (22.6 per cent)
Greatest 12-month unit value change: Griffith, Riverina (18.6 per cent)

Greatest 12-month house rent change: Manyana, Southern Highlands and Shoalhaven (22.8 per cent)
Greatest 12-month unit rent change: Mittagong, Southern Highlands and Shoalhaven (20.6 per cent)

Highest rental yields for houses: Bourke, Far West and Orana (13.4 per cent)
Highest rental yields for units: Muswellbrook, Hunter Valley exc Newcastle (8.0 per cent)

Victoria

Highest median house value: Toorak, Melbourne - Inner ($4,008,852)
Highest median unit value: Brighton, Melbourne - Inner South ($1,114,661)

Lowest median house value: Rainbow, North West ($81,186)
Lowest median unit value: Numurkah, Shepparton ($164,334)

Greatest 12-month house value change: Murtoa, North West (22.4 per cent)
Greatest 12-month unit value change: Horsham, North West (25.7 per cent)

Greatest 12-month house rent change: Mortlake, Warrnambool and South West (15.7 per cent)
Greatest 12-month unit rent change: Moe, Latrobe - Gippsland (15.9 per cent)

Highest rental yields for houses: Mortlake, Warrnambool and South West (9.2 per cent)
Highest rental yields for units: Portland, Warrnambool and South West (7.1 per cent)

Queensland

Highest median house value: Teneriffe, Brisbane Inner CIty ($1,859,323)
Highest median unit value: Noosa Heads, Sunshine Coast ($892,839)

Lowest median house value: Blackall, Queensland - Outback ($87,790)
Lowest median unit value: Laguna Quays, Mackay - Isaac - Whitsunday ($76,123)

Greatest 12-month house value change: Sunshine Beach, Sunshine Coast (27.6 per cent) 
Greatest 12-month unit value change: Currumbin, Gold Coast (24.9 per cent)

Greatest 12-month house rent change: West Gladstone, Central Queensland (17.4 per cent)
Greatest 12-month unit rent change: South Gladstone, Central Queensland (15.3 per cent)

Highest rental yields for houses: Collinsville, Mackay - Isaac - Whitsunday (14.6 per cent)
Highest rental yields for units: Woree, Cairns (11.4 per cent)

South Australia

Highest median house value: Unley Park, Adelaide - Central and Hills ($1,397,758)
Highest median unit value: Eastwood, Adelaide - Central and Hills ($514,252)

Lowest median house value: Peterborough, Barossa - Yorke - Mid North ($79,740)
Lowest median unit value: Mount Gambier, South Australia - South East ($166,544)

Greatest 12-month house value change: Port Macdonnell, South Australia, South East (23.4 per cent) 
Greatest 12-month unit value change: Findon, Adelaide - West (22.2 per cent)

Greatest 12-month house rent change: Port Elliott, South Australia - South West (23.7 per cent)
Greatest 12-month unit rent change: Grange, Adelaide - West (8.4 per cent)

Highest rental yields for houses: Kingston Se, South Australia - South East (11.5 per cent)
Highest rental yields for units: Salisbury, Adelaide - North (7.1 per cent)

Western Australia

Highest median house value: Peppermint Grove, Perth - Inner ($2,417,712)
Highest median unit value: Cottesloe, Perth - Inner ($795,166)

Lowest median house value: Norseman, Western Australia - Outback South ($58,582)
Lowest median unit value: Kalgoorlie, Western Australia - Outback South ($124,429)

Greatest 12-month house value change: Wannanup, Mandurah (17.2 per cent)
Greatest 12-month unit value change: Cable Beach, Western Australia - Outback North (22.3 per cent)

Greatest 12-month house rent change: Bulgarra, Western Australia - Outback North (19.4 per cent)
Greatest 12-month unit rent change: South Hedland, Western Australia - Outback North (13.0 per cent)

Highest rental yields for houses: Newman, Western Australia - Outback North (14.0 per cent)
Highest rental yields for units: South Hedland, Western Australia - Outback North (14.1 per cent)

Tasmania

Highest median house value: Battery Point, Hobart ($1,183,751)
Highest median unit value: Hobart, Hobart ($699,320)

Lowest median house value: Queenstown, West and North West ($106,829)
Lowest median unit value: Upper Burnie ($223,301)

Greatest 12-month house value change: Rosebery, West and North West (27.3 per cent)
Greatest 12-month unit value change: Wynyard, West and North West (20.7 per cent)

Greatest 12-month house rent change: Zeehan, West and North West (18.4 per cent)
Greatest 12-month unit rent change: Prospect Vale, Launceston and North East (14.8 per cent)

Highest rental yields for houses: Zeehan, West and North West (12.0 per cent)
Highest rental yields for units: Brighton, Hobart (6.3 per cent)

Northern Territory

Highest median house value: Lyons, Darwin ($720,580)
Highest median unit value: Bayview, Darwin ($396,333)

Lowest median house value: Tennant Creek, Northern Territory - Outback ($188,732)
Lowest median unit value: Karama, Darwin ($200,430)

Greatest 12-month house value change: Alawa, Darwin (24.0 per cent)
Greatest 12-month unit value change: Nightcliff, Darwin (6.5 per cent)

Greatest 12-month house rent change: Malak, Darwin (9.8 per cent)
Greatest 12-month unit rent change: Fannie Bay, Darwin (10.7 per cent)

Highest rental yields for houses: Katherine, Northern Territory - Outback (8.2 per cent)
Highest rental yields for units: Parap, Darwin (7.7 per cent)

Canberra

Highest median house value: Forrest, Australian Capital Territory ($3,125,457)
Highest median unit value: Yarralumla, Australian Capital Territory ($1,043,409)

Lowest median house value: Belconnen, Australian Capital Territory ($488,054)
Lowest median unit value: Lyons, Australian Capital Territory ($301,271)

Greatest 12-month house value change: Flynn, Australian Capital Territory (15.5 per cent)
Greatest 12-month unit value change: Ngunnawal, Australian Capital Territory (12.1 per cent)

Greatest 12-month house rent change: Holt, Australian Capital Territory (7.7 per cent)
Greatest 12-month unit rent change: Lyons, Australian Capital Territory (5.6 per cent)

Highest rental yields for houses: Holt, Australian Capital Territory (5.3 per cent)
Highest rental yields for units: Lyons, Australian Capital Territory (6.9 per cent)