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- CoreLogic’s annual Best of the Best Report has revealed the best performing locations around the country
- According to the report, St Andrews Beach on the Mornington Peninsula had the greatest value increase rate for residences in the country, at 58.6 per cent
- Meanwhile, Mosman, one of Sydney’s most expensive districts, reported 325 property transactions for over $1.8 billion for the year
- The top ten sales of the year totalled $407 million, with prices ranging from $31.25 million to $60 million
- Top sale price was 43/163 Castlereagh Street, Sydney, which sold for an eye-watering $60 million
The incredible momentum carried over from 2020, together with monetary and fiscal stimulus measures, has resulted in a historic year of growth and a litany of exceptional achievements for the Australian residential property market.
The market’s amazing achievements are reaffirmed in CoreLogic’s annual Best of the Best Report.
Detached house prices climbed by 24.6 per cent in the last year, above the 14.2 per cent gain in national unit values, according to CoreLogic.
Similarly, the 25.2 per cent gain in rural housing prices outperformed the combined capital city performance, 21.3 per cent, which CoreLogic’s Head of Research Eliza Owen attributed to a number of variables, including extended lockdowns until 2021 and distant work practices.
According to the Best of the Best Report, St Andrews Beach on the Mornington Peninsula had the greatest value increase rate for residences in the country, at 58.6 per cent.
Meanwhile, Mosman, one of Sydney’s most expensive districts, reported 325 property transactions for over $1.8 billion for the year.
According to the research, apartments topped the top ten list of Australia’s most expensive property transactions in 2021, with three units selling for more than $40 million apiece in the recently constructed Barangaroo skyscraper on Sydney’s harbour front.
The top ten sales of the year totalled $407 million, with prices ranging from $31.25 million to $60 million.
Best of the Best 2021 – National House Highlights*
Highest median house value: Bellevue Hill (NSW) – $8.73 million
Lowest median house value: Kambalda East (WA) – $90,155
Highest 12-month change in median house value: St Andrews Beach (VIC) – 58.6 per cent
Highest 12-month change in house rents: Bicheno (TAS) – 40.9 per cent
Highest gross rental yield houses: Kambalda West (WA) – 14.7 per cent
Best of the Best 2021 – National Unit Highlights*
Highest median unit value: Point Piper (NSW) – $3.21 million
Lowest median unit value: Woree (QLD) – $158,846
Highest 12-month change in median unit value: Yamba (NSW) – 56.6 per cent
Highest 12-month change in unit rents: Narooma (NSW) – 33.7 per cent
Highest gross rental yield units: Woree (QLD) – 10.7 per cent
Best of the Best 2021 – National Top Sale Highlights*
Top sale price: 43/163 Castlereagh Street, Sydney (NSW) – $60 million
Total value of top 10 sales: $407 million
*12 months to 30 November, 2021
Ms Owen stated in a year-end review that the projected value of Australia’s residential real estate had risen from $7.2 trillion at the end of November 2020 to a new high of $9.4 trillion in only 12 months.
Furthermore, sales volumes surged to an estimated 614,635 in the previous 12 months, the greatest level in nearly 18 years, while national housing values gained 22.2 per cent in the year to November, the largest increase since 1989.
A rise in vendor activity resulted in a huge increase in new listings, with about 51,000 new property listings added in the four weeks leading up to December 5, 2021. The number of new listings for the same time period in the prior five years averaged 41,800.
The number of auctions scheduled throughout the combined capital cities also hit a new high in the week of November 28, 4251, only to be broken two weeks later when over 5000 properties were auctioned off.