A $60million apartment was Australia’s most expensive home in 2021 with Sydney taking eight of the top ten spots on an elite property sales list.
City centre apartments ironically commanded the highest individual property prices in Australia in a year which saw house prices surge at double the pace of units as more people moved to regional areas to escape lockdowns.
Sydney central business district apartments also took out the top four positions on CoreLogic’s Best of the Best 2021 list.
A $60million apartment on Castlereagh Street, with views over Sydney Harbour and Sydney Tower Eye, was the dearest home sold in Australia this year.
A $60million apartment was Australia’s most expensive home in 2021 with Sydney taking eight of the top ten spots on an elite property sales list. The unit on Castlereagh Street, with views over Sydney Harbour and Sydney Tower Eye, was the dearest home sold in Australia this year
LJ Hooker at Double Bay in May sold the four-bedroom luxury residence on the 43rd floor with five marble bathrooms, all with water views
LJ Hooker at Double Bay in May sold the four-bedroom luxury residence on the 43rd floor with five marble bathrooms, all with water views.
The owner had put the apartment on the market back in March 2018.
Barangaroo apartments in the Crown Resorts tower, on the northern end of Sydney’s Darling Harbour, took the next three spots, with sale prices of $42million, $41million and $40.75million.
The ultra-luxurious apartments are all on Barangaroo Avenue in the complex masterminded by billionaire gaming tycoon James Packer.
Sydney claimed eight of the top ten spots, as Melbourne took two other places.
Barangaroo had three entries as did harbourside Point Piper, in the eastern suburbs, which is home to former prime minister Malcolm Turnbull and Aussie Home Loans founder John Symond.
A boatshed on Wunulla Road, the street where the Turnbulls live, sold for $38.5million.
Melbourne’s inner-east entered the list at No. 5 with a five-bedroom Coppin Grove house at Hawthorn selling for $40.5million.
Another mansion at nearby Toorak rounded out the top ten list with a Grange Road home selling for $31.25million in March.
When it came to having Australia’s most expensive properties, Sydney’s eastern suburbs dominated the list for both houses and apartments.
Bellevue Hill had the highest median house price of $8.737million, putting it ahead of nearby Vaucluse ($7,977million), Double Bay ($6.433million), Tamarama ($6.043million), Rose Bay ($5.944million) and Dover Heights ($5.812million) and Bronte ($5,581million).
Australia’s wealthiest suburbs have typical house prices that are at least four times Sydney’s median house price of $1.361million, following a 30.4 per cent surge in the year to November which was double the pace for apartments in the same city.
Point Piper had the dearest mid-point price for apartments of $3.217million, ahead of Barangaroo ($2.751million), Darling Point ($2.405million), Milsons Point on the lower north shore ($2.149million), nearby Millers Point ($2.014million) and Manly on the northern beaches ($2.006million).
The Commonwealth Bank and Westpac are expecting Australia’s property market to slow in 2022 and fall by double digits in 2023 as the banks increase their fixed mortgage rates from historically-low levels of two per cent.
With Australian property prices in 2021 increasing by 22.2 per cent – the fastest pace since 1989 – CoreLogic said a slowdown was likely next year.
The owner had put the apartment on the market back in March 2018
City centre apartments ironically commanded the highest individual property prices in Australia in a year which saw house prices surge at double the pace of units as more people moved to regional areas to escape lockdowns. Sydney central business district apartments also took out the top four positions on CoreLogic’s Best of the Best 2021 list
‘The constraints of slightly tighter credit conditions, the erosion of housing affordability and a higher level of listings being added to the market are expected to see softer growth in property values through 2022,’ it said.
‘With higher barriers to entry, especially for new home buyers who do not have the benefit of accrued equity behind them, it is likely housing demand will be progressively impacted in the coming year as fewer households can afford to buy.’
The Reserve Bank of Australia in November 2020 cut the cash rate to a record low of 0.1 per cent but instead of helping first-home buyers, their numbers peaked in January.
While the 11,402 tally of first-home buyer loans in October was higher than the decade-average of 8,612, the Australian Bureau of Statistics housing finance data showed a decline for nine consecutive months.
The mid-point house and unit price in Australia of $698,170 is now so dear an average, full-time worker earning $90,329 a year would have a debt-to-income ratio of 6.2 even with a 20 per cent mortgage deposit that would see them paying off a $558,536 loan.
But CoreLogic is expecting foreign buyers to return to the market from next year, which could see more potential interest from China as Chinese international students come back to Australia.
Barangaroo apartments in the Crown Resorts tower, on the northern end of Sydney’s Darling Harbour, took the next three spots, with sale prices of $42million, $41million and $40.75million. The ultra-luxurious apartments are all on Barangaroo Avenue in the complex masterminded by billionaire gaming tycoon James Packer
‘As with domestic housing purchases, more liberated international travel in 2022 and 2023 may see a “catch-up” period of foreign acquisition of Australian real estate, as overseas investors and migrants can visit to inspect property,’ it said.
‘The return of foreign buyers and overseas visitors is likely to see a revitalisation of areas that have been traditionally popular with overseas arrivals, such as inner-city markets of Sydney and Melbourne.’
Under Foreign Investment Review Board rules, foreigners are allowed to buy a brand new house or apartment but not an existing property.
Melbourne’s inner-east entered the list at No. 5 with a five-bedroom Coppin Grove house at Hawthorn selling for $40.5million
A boathouse on Wunulla Road, the street where the Turnbulls live, sold for $38.5million. It was one of three entries on the top ten list at Point Piper, in Sydney’s eastern suburbs