The Perth suburb of Cottesloe has been named as Australia’s most expensive real estate location, with a median house price of $2 million.
The beachside suburb, seen by many as Perth’s most desirable place to live, pipped Mosman, which is located on Sydney’s North Shore, as the nation’s priciest location for detached houses, according to Tim Lawless, national research director at property analysis firm RP Data.
As well as being Australia’s most expensive suburb, Cottesloe, which is home to mining magnate Andrew ‘Twiggy’ Forrest and is WA premier Colin Barnett’s constituency, is also one of the country’s smallest, comprising just 3.9 square kilometers. Cottesloe’s median house price has risen by nearly $1 million in the past 10 years.
The average detached house in Mosman will set you back $1.92 million.
Sydney and Perth suburbs make up the 10 most expensive suburbs in Australia, but the WA state capital has seen the biggest increases in price in the past 10 years.
Prices in the riverside suburb of Nedlands, which ranks as the third-most expensive municipality in Australia, for example, have risen by $1.25 million in the past decade.
Sydney’s Woollahra, home to former Prime Minister Paul Keating, and Perth’s Mosman Park round out the top five most expensive suburbs with median detached house prices of $1.6 million and $1.5 million respectively.
At the lower end of the market, Australia’s cheapest suburb for housing is Central Darling in the far west of NSW, where the average detached house costs just $39,000.
In contrast to Cottesloe, Central Darling covers an area of 53,000 square kilometers.
Paroo in south-west Queensland and Coober Pedy in outback South Australia are the second and third cheapest suburbs in the country, with average prices of $60,000 and $70,000 respectively.
Despite the relative sizes of the cheapest and most expensive municipalities, Mr Lawless said geographic size is not generally a key factor in determining the size of the area’s property market.
“The size of the council has no real bearing on the size of the property market,” he said. “East Pilbara, for example, despite being the largest administrative region in Australia, recorded just five house sales over the last twelve months.”