CoreLogic’s “Best of the Best” report revealed Sunshine Beach in Queensland had the best-performing house prices over the past year. The Noosa suburb saw its house prices rise by 27.6%, the largest capital gain in one year of any suburb in the country.
Head of Research at CoreLogic, Eliza Owen, said COVID-19 prompted many to think of the lifestyle associated with such properties.
“The relative popularity of lifestyle markets is evident in our report, and regional Australia out-performed the combined capital cities market,” Ms Owen said.
“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.”
The suburb with the highest median house value is Darling Point in Sydney, New South Wales, where the median house price of properties on offer go for an average of $7 million. On the other hand, the suburb with the lowest median value is Norseman, Western Australia, where you can pick up a house for just $58,500.
Ms Owen attributed Darling Point’s win to the stability of luxury markets, despite global uncertainty.
“The Best of the Best report for 2020 highlights 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,” Ms Owen said.
“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.”