These are the suburbs where billions are being spent on housing
The suburbs where buyers have splashed the most cash on property across the nation this year have been revealed, with Sydney’s bluechip eastern suburbs, north shore and the Hills district continuing to perform well.
Mosman racked up the highest value in house sales year-on-year with a whopping total of $1.652bn spent on houses in the affluent suburb, according to the CoreLogic Best of the Best report.
DiJones Mosman agent Jacqui Rowland-Smith, who is currently selling a lavish four-bedroom home at 22 Sirius Cove Rd, Mosman, for $7.5m, said that sales in the aspirational suburb were largely driven by out-of-area buyers.
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“People come from all over the country and all over the world to live here,” Ms Rowland-Smith said.
“So even when a market softens, people can see more value here and they will still jump in.”
She added that more than half of the buyers she sees in Mosman are either expats or out-of- area buyers attracted to the lifestyle it offers.
In Sydney’s east, a hefty amount was also spent in Bellevue Hill ($946m), which was crowned the most expensive suburb in Australia with a typical house in the harbourside ‘burb costing a lofty $9.994m.
The Hills district also continued to perform well, in particular the northwest suburb of Castle Hill, where a total of $1.078bn was spent on houses in the 12 months to September.
CoreLogic head of research Eliza Owen said that even though markets across Western Australia, South Australia and Queensland saw strong growth this year, inherently high values meant that Sydney continued to take out the top spot for combined sales value and most expensive suburbs.
It is no surprise that Brighton continued to perform well in Melbourne, with $957m spent on houses in the bayside suburb.
Value plus
However, even more cash was splashed in the unassuming outer southwest suburb of Point Cook, which saw a total of $1.009bn in sales.
One Agency Property Partners Point Cook agent Sean Grech, who is selling a four-bedroom house at 5 Silverbay Ave, Point Cook, with a $1.185m-$1.225m price tag, said there was a mix of buyer demographics in the area.
Families looking for larger homes stand out, but it’s also suited to first-home buyers as there are really good entry-level homes for reasonable prices,” Mr Grech said.
“Investors have also started to slowly come back in the market, which is great.”
He added that properties in Point Cook sold well this year as buyers were releasing its bang-for-buck compared to suburbs closer to the city where you get “a lot less for a lot more”.
Coastal gold
CoreLogic’s data also revealed the regional suburbs with the highest total value of house sales, including the picturesque mountain town of Buderim overlooking the Sunshine Coast in Queensland.
A total of $731m in houses changed hands in Buderim in the 12 months to September, while Hope Island in the Gold Coast racked up $715m in sales.
As for unit and apartment sales in capital cities, Melbourne’s CBD came out on top with a total of $782m spent on apartments in the city, while Manly and Mosman in Sydney also attracted high sales values at $691m and $688m, respectively.
Surfers Paradise was the top-performing regional suburb for units, with a whopping $1.2bn spent on high-rise apartments in the seaside resort area.
$580m was also spent in Broadbeach on the Gold Coast.
Originally published on view.com.au
