Australia’s priciest property sales of the past year have been revealed, showcasing the extreme gap between everyday homes and the ultra-premium end of the market.
Some trophy homes sold for up to 70 times the value of a typical Australian house, now sitting at $952,000 according to PropTrack.
REA Group executive manager of economics Angus Moore (pictured) said the premium tier hasn’t been the fastest-growing segment.
“In the past year or so, the premium segment of the market – the top 5% – has underperformed the market as a whole,” Moore said. “It’s up 5.5% nationally versus 7.5% over the year to October.”
Lower interest rates have helped fuel price growth across Australia, especially in lower-value segments where borrowing capacity plays a bigger role.
“The fact that we’ve seen a few rate cuts is helping offset mortgage costs,” Moore said.
“But affordability is still very challenging and home prices have still been growing quite quickly especially in Perth, Adelaide and Brisbane.”
Moore notes the prestige market is also benefiting from increased activity among upgraders.
“We have seen among recent cohorts of homebuyers that a higher share have been selling relatively quickly,” he said. “It would be consistent with people who have seen enormous increases in their home prices being able to upgrade sooner than they otherwise planned to.”
The standout luxury sales of the past year include:
These results highlight the concentration of top-end sales in a handful of prestige enclaves.
Sydney, Toorak, and Brisbane’s hilltops dominate the prestige map
Sydney’s eastern suburbs remain Australia’s prestige powerhouse, claiming nine of the city’s top 10 house sales.
“It’s a narrow peninsula that runs from the ocean across to the harbour, with a limited amount of land and some of the best schools in Sydney,” said Sotheby’s International Realty agent Michael Pallier. “It’s not very far from the CBD, and it’s beautiful.”
Melbourne’s Toorak accounted for six of the city’s 10 priciest sales.
“Toorak is the epicentre of the best real estate in Melbourne,” said Marshall White director John Bongiorno. “It is always in demand, being the premier suburb of Melbourne.”
In Brisbane, half of the top sales were clustered around Hamilton and Ascot, where tightly held hilltop homes command significant premiums.
“They stay with families for a long time,” said Place Bulimba agent Sarah Hackett. “They’re the forever homes.”
Major regional trophy sales include:
Moore notes interest rates influence prestige buyers differently:
“The drivers of some of these very top sales might be a little bit different for a more typically priced home,” he said.
“The very premium end of the market is more influenced by employment and business conditions among very high-income professions and entrepreneurs.
“Financing costs are still relevant but may not be as big a driver as is true for someone buying a more typical home.”
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