Against all odds, 2021 was an extraordinary year of growth for Australia’s property market, with monetary and fiscal stimulus measures driving prices in some suburbs higher than ever before.
In fact, the “year like no other” saw units take the top 4 places on the list of Australia’s most expensive homes sold.
This is quite ironic given we saw house prices surge at double the pace of units throughout the year as a sea- and tree-change shift saw homeowners leave CBDs to regional areas amid extended Covid-19 lockdowns.
The elite property sales list shows that behind the $60 million apartments in Sydney’s Castlereagh Street were 3 high-end apartment sales, which sold in excess of $40 million each, all located in the newly completed Barangaroo tower on Sydney’s harbourfront.
The most expensive house, which came in 4th place on the list, sold in 2021 was 21 Copping Grove in Hawthorn, Victoria for a huge $40.5 million.
The landmark mansion fetched the second-highest price ever paid for a residential property in Melbourne, eclipsed only by the Stonington mansion in Malvern, which sold for $52.5 million in 2018.
The Copping Grove seller almost doubled his money after he bought the home for $22 million off-market in 2013.
Of the remaining houses on the list, 3 are located in Sydney’s Point Piper, 1 in Double Bay which is also in Sydney, and in 10th place is a house on Grange Road in Victoria’s elite suburb of Toorak.
The top 10 sales for the year totaled $407 million and ranged from $31,250,000 to $60 million.
Australia’s most expensive homes, 2021
|Ranking||Sale price||Dwelling type||Address||State||Sold in|
|1||$60,000,000||Apartment||Castlereagh Street, Sydney||NSW||May|
|2||$42,000,000||Apartment||Barangaroo Avenue, Barangaroo||NSW||September|
|3||$41,000,000||Apartment||Barangaroo Avenue, Barangaroo||NSW||March|
|4||$40,750,000||Apartment||Barangaroo Avenue, Barangaroo||NSW||May|
|5||$40,500,000||House||Copping Grove, Hawthorn||Victoria||May|
|6||$40,000,000||House||Wolseley Road, Point Piper||NSW||April|
|7||$38,500,000||House||Wunulla Road, Point Piper||NSW||March|
|8||$38,000,000||House||Wingadal Place, Point Piper||NSW||April|
|9||$35,000,000||House||Castra Place, Double Bay||NSW||June|
|10||$31,250,000||House||Grange Road, Toorak||Victoria||March|
Sydney’s eastern suburbs dominate again
When it comes to Australia’s most expensive properties, Sydney’s eastern suburbs dominated the list for both houses and apartments in 2021.
Corelogic data shows that Bellevue Hill had the highest median house price of $8.737 million, putting it ahead of nearby Vaucluse which had a median of $7,977 million.
Double Bay sits 3rd with a $6.433 million median property price while Tamarama and Rose Bay follow close behind with $6.043 million and $5.944million respectively.
Dover Heights ($5.812 million) and Bronte ($5.581 million) also featured high up on the list where Australia’s most expensive houses reside.
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% surge in the year to November.
This surge was double the pace seen for apartments in the same city.
Point Piper had the highest median price for apartments of $3.217 million, ahead of Barangaroo which has a median of $2.751 million, and Darling Point at $2.405 million.
Meanwhile, apartments in Milsons Point on Sydney’s lower north shore fetched a median of $2.149 million throughout the year while nearby Millers Point apartment prices had a $2.014 million median.
Manly on Sydney’s northern beaches is close behind with a $2.006 million median for its apartments.
Price increases have peaked
It’s likely Australia’s property market has seen the peak of value growth as worsening affordability constraints, a surge in vendor activity, and a recent tightening of housing finance conditions take effect, CoreLogic’s head of research Eliza Owen said.
She also noted the likelihood that Australia’s property sales and listings activity had also likely peaked.
“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 rates across property values in 2022,” she said.
“These forces are an accumulation of headwinds for property market performance. Softer growth rates are likely to coincide with fewer purchases, where sales and listings activity eventually move with momentum in price.”