Sydney has lost its mantle as having Australia’s most expensive median house price to a location that is home to just 34,000 people, according to property market research firm Propertyology.
In their latest research report, Propertyology has identified the top 40 most expensive regions by median house price, with Australia’s most populous city losing its former number one position to Byron Bay that now has a median house price of $987,500.
With Sydney coming in second at $950,000 the Surf Coast region comes in at number four with a median of $835,000.
Boosting Surf Coast’s median average is Lorne which sits at a median of $1,200,000 and other coastal hamlets like Aireys Inlet at $900,000.
Jan Juc at $875,000 is ahead of Torquay’s median of $825,000 while Geelong’s overall median comes in number 24 with its median of $531,500 boosted by the likes of Barwon Heads which has a median of $965,000.
One Agency Torquay director Shaun O’Callaghan says that the performance of the Surf Coast on a national level is not unsurprising.
“The seachange effect has been occurring since 2000, and culturally Australians love the beach so the fact that the Surf Coast has boomed is a testament to that,” Mr O’Callaghan said.
“With increased congestion in the metro centres, and kids locked in to too much screen time, families are continuing to opt out of the rat race and coastal property values have steadily increased and more recently stabilised.”
Propertyology Head of Research Simon Pressley said the nation’s most valuable real estate is located in a city that actually ranks just 73rd in population size.
“With a population of just 34,500 people and a median house price as at December 2018 of $987,500, Australia’s most expensive city is Byron Bay in northern New South Wales,” Mr Pressley said.
“Byron’s median house price increased by a whopping 64 per cent over the past five calendar years, propelling it to the top of the national table.
“Sydney and Melbourne both produced a 44 per cent increase over the same five years to be $950,000 and $772,500, respectively.”
Mr Pressley said the price gap between Australia’s two largest cities and its most expensive one was likely to widen further given house prices in Byron Bay continue to rise while in Sydney and Melbourne they continue to fall.