The luxury suburbs where house prices are getting cheaper
Those fortunate enough to buy now, however, may see their purchase appreciate as interest rates start to fall.
Australia's 'luxury suburbs' are areas where the median house price exceeds $4.09 million in Sydney and $2.52 million elsewhere, as defined by Ray White's Luxury Report for 2025.
The fastest growing luxury neighbourhood in Sydney over the past year was the Coogee-Clovelly area, recording an increase of just 2.35 per cent but to a relatively high median house price of $4.45 million.
There was similarly modest growth in the Castle Cove-Northbridge area, up 2.16 per cent to $4.19 million, and Bondi Beach-North Bondi, up 2.02 per cent to $4.19 million.
In Melbourne, the nine luxury suburbs recorded annual change between a fall of 0.58 per cent and a rise of 0.59 per cent, the report found.
Median house prices inched lower in Toorak, down 0.12 per cent, Brighton, down 0.24 per cent, and Malvern-Glen Iris, down 0.58 per cent.
But it was a different story in the west, where house prices in Perth's Nedlands-Dalkeith-Crawley region and in City Beach rose more than 8 per cent each.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News.com.au
16 hours ago
- News.com.au
Ex-police station with a backyard jail cell sells for $1m+
A former cop shop in Melbourne's south east featuring a backyard jail cell locked in a seven-figure sale yesterday. The ex-police station at 1082 Nepean Highway, Highett, now a five-bedroom home, proved to be hot property when it sold for $1.115m under the hammer. Ray White Carnegie director Tom Grieve declined to comment on the sales price but the Herald Sun attended the auction. Mr Grieve said police enthusiasts and history buffs were among the auction crowd. 'Somebody who came to watch the auction actually wanted to buy the door of the jail cell which is quite cool, it's quite heavy with all the bolts and latches,' Mr Grieve said. The house's buyers, Jess and her partner, said they were hoping to renovate the abode and potentially rent it out down the track. 'At the moment we are keen to get in and get the carpet up,' Jess said. 'Who knows what we will find, I am excited to see what it's going to bring.' She said they would likely retain the old jail cell as a storage space. The couple have previously renovated their first home, finding 1940s-era newspapers and milk bottle slips in the process. The Highett residence was listed with $1.2m-$1.3m asking range. In the city's east, one of Saturday's priciest sales was a circa-1892 house at 37 Mayston St, Hawthorn East, which changed hands for $3.831m. Jellis Craig Boroondara's Mark Salvati said the 'firecracker' auction kicked off with a $3.5m bid. 'There were two bidders and it was like ping pong between the two of them,' Mr Salvati said. He noted this his agency's Melbourne branches had been seeing high clearance rates in recent weeks. According to PropTrack, Victoria recorded a preliminary 66.6 per cent clearance rate from 410 early auction results this week. A total 795 homes across the state are slated to go under the hammer next week. Ray White Victoria's chief auctioneer Jeremy Tyrell with the Reserve Bank set to meet on Monday and Tuesday, a potential rate cut 'could really see the dam walls of supply burst open'. 'Buyer confidence during the week was very strong as competition ramped up with buyers keen to get in ahead of the market before any further rate drops,' Mr Tyrell added. 'As the real estate market begins to see positive growth across the state and in the capital, the stage is set for a big spring selling season.'
News.com.au
2 days ago
- News.com.au
Revealed: Where Townsville buyers are flocking
The Townsville suburb buyers can't get enough of has been revealed, with 512 properties selling in the one area last financial year. The latest PropTrack data showed buyers were flocking to Kirwan, with 512 homes sold in suburb from July 2024 to June 2025. This placed it well above second place Kelso, where 288 homes exchanged hands in the same time. According to the PropTrack data, 5716 residential properties sold in the Townsville region in the year to June 2025. That works out to be about 16 per day. Coming in behind Kirwan and Kelso, Burdell had 254 home sale in the 2024/2025 financial year. Rounding the top five were North Ward, with 250 sales, and Mount Louisa, with 194 sales. A look at some of NQ's cheapest homes The most house sales were in Kirwan (449), Kelso (288), Burdell (254), Mount Louisa (194) and Bushland Beach (181). The most units were sold in North Ward (210), Townsville City (175), West End (91), Rosslea (67) and South Townsville (64). Ray White Townsville managing director, Giovanni Spinella said the number of sales would obviously be higher in suburbs with larger populations, but popularity also had an influence. 'The top five suburbs are also the most wanted suburbs in Townsville right now,' he said. 'Kirwan is a family location, North Ward is a lifestyle suburb, while Mt Louisa and Burdell are newer suburbs with modern homes. 'Those newer suburbs are not only popular with locals, but with the investor market looking for low maintenance properties.' Mr Spinella said in the current market, the popularity of a suburb often came down to affordability. 'Typically, Kelso, Rasmussen and Condon are still in the first homebuyer price bracket of $550,000 to $600,000,' he said. 'That is where most of the stock in that price point can be found. 'Kirwan has been exceeding that, but $550,000 to $600,000 can still get you a good home, and that's where we're still seeing high demand at open homes. 'Mt Louisa has been popular for similar reasons, hovering around that $600,000 to $700,000, which is still attainable for some first homebuyers. 'Investors are also pushing their budgets to that $650,000 price point as long as the returns are there.' The July PropTrack Home Price Index revealed Townsville home prices increased for the 25th consecutive month in July, up 16.69 per cent year-on-year and 1.21 per cent quarter-on-quarter to a median of $551,000.
News.com.au
3 days ago
- News.com.au
Townsville home prices up for 25th month
Townsville home prices have been trending up for more than two years, with property values in the north's capital hitting a fresh peak in July. The latest PropTrack Home Price Index revealed Townsville home prices increased 16.69 per cent year-on-year and 1.21 per cent quarter-on-quarter last month to sit at a median of $551,000. This was the 25th consecutive month of home price increases in Townsville. In the house market, the median price lifted 0.98 per cent in the July quarter and 15.91 per cent in the past 12 months to $589,000. The median unit price hit $428,000 in July, up 2.31 per cent quarter-on-quarter and 20.38 per cent year-on-year. Ray White Townsville managing director, Giovanni Spinella said property prices were still heading up in the region, but growth had begun to stabilise. 'Figures are getting back to single-digit growth,' he said. Mr Spinella said unit prices was outperforming the house prices, as first homebuyers sought affordability. 'They're considering their options and looking at townhouse and units as a first step into the market,' he said. Mr Spinella said demand and stock levels remained solid in Townsville. 'The lower end price points are still getting smashed and homes are selling within a few day of hitting the market. 'The high end is doing well … and the mid-range, upgrader market is performing consistently. 'Stock levels are still tight but we haven't see a decline in available stock on the market in last 12 months.' Seller Glenys Rowe is listing her West End Queenslander for sale and is confident selling in the current market. The veteran film producer said she was shocked how affordable Townsville was when she bought the home at 47 Stagpole St five years ago. 'I bought it for its fabulous architectural value, the history of it and the pleasure of living in a Queenslander,' she said. 'I'd pay big bucks for that. 'So I could never understand why Townsville prices were historically low as they were. 'They've turned a corner now and it's an appropriate price for what you get. 'But I think it's extraordinary what you get in Townsville (for your money).' REA Group economist Anne Flaherty said in wider regional Queensland, home prices rose 0.6 per cent in July to a fresh peak of $728,000, and sat 9.8 per cent higher year-on-year. 'Home prices in regional Queensland have almost doubled over the past five years, rising 90.3 per cent,' she said. While in Brisbane, the average cost of a house remained above $1m for the second consecutive month, sitting at $1.067m. 'Brisbane's median home value hit $919,000 in July, marking the city as the second most expensive capital, only behind Sydney ($1,194,000),' Ms Flaherty said. The PropTrack report showed Australia's median home price hit a new record high in July, rising by 0.3 per cent across the month and 4.9 per cent across the year to $827,000. 'The median value of a house is now sitting at $915,000 nationally, with units at $678,000,' Ms Flaherty said. 'Despite the Reserve Bank's surprise decision to keep interest rates on hold in July, prices rose in all cities bar Canberra. 'Yet the pace of growth did slow down in July, resulting in the smallest monthly growth seen this year.' Ms Flaherty said regional areas outperformed their capital cities counterparts in most markets, recording stronger growth over both the month and the year. 'South Australia remains the strongest market, with Adelaide and regional SA the two top performing regions in the country,' she said. 'While the number of homes for sale has slowed over winter, buyer demand remains strong, with auction clearance rates sitting at the highest level in more than two years. 'Home prices are expected to break into new territory later this year, with further interest rate cuts expected to add momentum to price growth.'
