WHILE the past year has been fairly subdued for the housing market, the top performing suburbs have been identified by RP Data.
In the exclusive east of Sydney, the harbourside suburb of Point Piper has recorded the highest median sale price for both units and houses in 2011, with one property fetching more the $27 million.
On the opposite end of the spectrum, the suburb of Brewarrina in North Western Australia was found to be the suburb with the most affordable median sales price – sitting at just $35,000.
RP Data analyst Cameron Kusher said 2011 had been a weak performing year for the residential housing market where based on capital city home values, falls of 4.0 per cent over the year were recorded.
Mr Kusher said the fact that housing credit growth has been extremely limited ultimately affected sales in 2011.
In addition Mr Kusher said the low sales activity could be blamed on low consumer confidence and affordability barriers.
Despite this, some suburbs performed incredibly well throughout the year, including Sandy Point in Gippsland Victoria, which recorded a 49 per cent increase in median sales prices over the year to December 2011.
In terms of sales activity, Mosman on Sydney’s north shore was by far the most popular suburb for houses, with more than $707 million of property exchanging hands over the year.
Melbourne unit market was very buoyant, with more than $461 million of property changing hands in 2011.