The billions spent on housing in these suburbs
This year may have been a softer market for real estate, but this wasn’t the case in all areas.
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 $1.652 billion 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 $7.5 million, said that sales in the aspirational suburb were largely driven by out-of-area buyers.
Global appeal
“People come from all over the country and all over the world to live here,” Rowland-Smith said.
“So even when a market softens, people can see more value here and they will still jump in.”
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She said 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 ($946 million), which was crowned the most expensive suburb in Australia with a typical house in the harbourside ‘burb costing a lofty $9.994 million.
The Hills district also continued to perform well, in particular the northwest suburb of Castle Hill, where a total of $1.078 billion was spent on housing 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 $957 million spent on houses in the bayside suburb.
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However, even more cash was splashed in the unassuming outer southwest suburb of Point Cook, which saw a total of $1.009 billion 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 $1.185 to $1.225 million 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,” Grech said.
“Investors have also started to slowly come back in the market, which is great.”
Properties in Point Cook sold well this year as buyers were realising its bang-for-buck compared to suburbs closer to the city where you get “a lot less for a lot more”, he said.
Coastal gold
CoreLogic’s data revealed the regional suburbs with the highest total value of house sales included the picturesque mountain town of Buderim that overlooks the Sunshine Coast in Queensland.
A total of $731 million in houses changed hands in Buderim in the 12 months to September, while Hope Island on the Gold Coast racked up $715 million in sales.
As for unit and apartment sales in capital cities, Melbourne’s CBD came out on top with a total of $782 million spent on apartments in the city, while Manly and Mosman in Sydney also attracted high sales values at $691 million and $688 million, respectively.
Surfers Paradise was the top-performing regional suburb for units, with a whopping $1.2 billion spent on high-rise apartments in the seaside resort area while $580 million was also spent in Broadbeach on the Gold Coast.
This story is republished from View under a Creative Commons licence. Read the original article here.
