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Summary
- Despite the COVID-19 pandemic, the real estate sector of Australia showed high resilience.
- Darling Point topped the list by becoming the most expensive suburb in Australia, with a median house price of ~AU$7.06 million.
- In 2020, Mosman suburb gained considerable popularity with an impressive 220 homes sold.
Throughout the COVID-19 pandemic, many properties market trends emerged due to social distancing restrictions that were vital in suppressing a massive health crisis.
Overall, the real estate market in Australia has demonstrated high resistance towards the pandemic and property values have been resilient. As of November 2020, the Australian housing property values were 1.1% higher than the previous year, with the total estimated value of AU$7.2 trillion recorded for residential real estate.
At the end of 2020, Australian housing markets have experienced a broad recovery trend in the housing market conditions. Furthermore, the industry experts anticipate that the momentum will continue into 2021.
ALSO READ: Is the Australian property market moving out of control?
The table below shows the ten most expensive suburbs as per the CoreLogic report-
1. Darling Point, Sydney - Eastern Suburbs
Median housing price: AU$7,063,773
Darling Point is the highest valued suburb in Sydney. It has the most expensive housing market in the New South Wales (NSW) capital. This is one of the exclusive and prestigious suburbs and is 4km east of the central business district, Sydney.
For amounts as high as AU$7 million and even more, only ten houses were sold in Darling Point in 2020.
2. Bellevue Hill, Sydney - Eastern Suburbs
Median housing price: AU$5,722,032
Bellevue Hill is another harbourside eastern suburb of Sydney, NSW. It is located 5km east of Sydney’s central business district. Some of the most historic and stunning houses of Australia are situated in Bellevue Hill. This beautiful place is also famous for some of the best schools and is close to everything a person could need.
GOOD READ: Revealed: 10 most expensive suburbs in Sydney
3. Vaucluse, Sydney - Eastern Suburbs
Median housing price: AU$5,388,372
Vaucluse is the third priciest Sydney Eastern Suburbs on the list. It is one of the more affluent suburbs of Sydney with great views and is situated about 8 km from the Sydney central business district (CBD). There are some ancient and heritage listed houses in this suburb, including Greyciffe House, Vaucluse House, the Sacred Heart Convent, and Strickland House.
Source: © Krystof | Megapixl.com
4. Double Bay, Sydney - Eastern Suburbs
Median housing price: AU$4,759,221
Double Bay is a harbourside eastern suburb of Sydney, 4 km east of the central business district. The suburb is one of the best places to live with the finest restaurants. Notably, Double Bay is close to Edgecliff Train Station and several other bus routes.
ALSO READ: Australian property market going wild: Boom or Bubble?
5. Woolwich, Sydney - Ryde
Median housing price: AU$4,242,030
Woolwich is the fifth priciest suburb in Australia, located in Sydney – Ryde, 11 km northwest of the Sydney CBD.
Woolwich is mainly known for its quick access to the beach and is surrounded by fantastic water views, easy ferry to the city and beyond. It also has many old-school houses made up of old design architecture.
Source: © Katacarix.| Megapixlcom
ALSO READ: Which Australian suburbs have the most expensive homes?
6. Mosman, Sydney - North Sydney and Hornsby
Median housing price: AU$4,162,405
Mosman is an affluent harbourside suburb in Sydney - North Sydney and Hornsby. Mosman is one of the most delightful waterside suburbs and is a great spot to discover harbour walk. This suburb features many harbour beaches, including Obelisk, Cobblers, Balmoral, and Chinamans beaches.
Mosman gained popularity last year, with an impressive 220 homes sold.
7. Toorak, Melbourne - Inner
Median housing price: AU$4,008,852
Toorak is a green and picturesque suburb in Inner- Melbourne. It is the only suburb outside Sydney that managed to get in the top 10 list.
This suburb is home to some glamorous restaurants, boutique shopping, and many Melbourne's social elite. In addition, there are plenty of private schools and excellent shopping along Toorak Road.
For prices ~$4 million, 79 Australian families purchased new homes in Toorak last year.
8. Tamarama, Sydney - Eastern Suburbs
Median housing price: AU$4,002,227
Tamarama is a beachside suburb in the state of NSW. It is also known as 'Glamarama' because of the beautiful people adorning its beach.
In 2020, 11 homes were purchased by Australian families in Tamarama.
Source: © Mareesw | Megapixl.com
9. Rose Bay, Sydney - Eastern Suburbs
Median housing price: AU$3,862,952
Rose Bay is an affluent eastern suburb of Sydney. Rose Bay is located 7Km east of the Sydney central business district. It is close to the city and has a lot of sporting activities and beautiful views to offer.
A total of 55 Australian families bought houses in Rose Bay in 2020.
10. Dover Heights, Sydney - Eastern Suburbs
Median housing price: AU$3,666,840
Dover Heights is the last suburb on the list of the top 10 wealthiest suburbs in Australia. It is a beautiful place to live close to the best beaches in the world and Sydney CBD. The secluded and upscale place is one of the last stops on the bus in Sydney's eastern suburbs.
In Dover Heights, 51 houses were sold in 2020 to the newcomers.
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