Follow the money

Top 10 Australian Suburbs by Median Sale Price

Earlier this month RPData released their Spring Buyers Guide, a necessity for all property lovers seeking to uncover property hotspots in 2014, the comprehensive report focuses on property values by suburb and breaks down the most expensive and the most affordable suburbs by city, state and region, offering readers an up-to-date, inside snapshot of the Australian property market.

Interestingly, Melbourne metro offers slightly less in affordable houses (under $300,000) sitting at 2.0% when compared with Sydney at 2.5%.

The Australian suburb with the highest median house value in at the time of the report is handed to Peppermint Grove in Western Australia, moving up to the top spot from fifth position from the previous year. Coming in at second spot, moving up from 9^th position in 2012, with a median house value of $3,172,390 is the Sydney suburb of Bellevue Hill in NSW.

Sydney, the NSW property superpower boasts seven of the top ten most expensive suburbs in Australia and is home to some of the most expensive real estate in the world.

And the question so often asked why?

In my opinion, there are a vast number of underlying factors driving property prices in the inner Sydney suburbs. Three of the most influential factors contributing to this phenomenon are:

Supply and demand, regardless of micro market conditions the fact remains that Sydney holds the highest population in Australia bringing with it a consistent influx of new buyers entering the market this is one of the major factors driving demand for property
Sydney is the most mature and established market in Australia, and generally tend to increase the median price of property in the area
A shortfall of new housing construction in NSW and the high value and scarcity of vacant land in Sydney are also playing a large role in driving median prices up

10 most expensive suburbs in aus graph