The Rise Of $4 Million Suburbs
Nearly double the price of 12 months ago.
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Houses in 465 suburbs – the equivalent of 5% of all housing markets in Australia – now command a $4 million media price, nearly double the price of 12 months ago.
The result is the combination of low-interest rates, high savings, and strong performance in sectors of the economy accelerates the growth according to research by Ray White.
Analysis of 9315 suburbs by Ray White found that one in 10 housing markets had a median price of more than $3 million. Triple what it was a decade ago.
More than half (52%) of all suburbs analysed posted a median price of more than $1 million and one in five is worth more than $2 million.
Over the next few months, 12 more suburbs are set to cross the $4 million threshold including Cammeray, Castle Cove and Castlecrag in Sydney’s lower north shore, Killara in the upper north shore and Balgowlah Heights in the northern beaches and Peppermint Grove in Perth.
Across the country, luxury house has boomed by 70% while premium apartment sales have climbed 40%.
Sydney sits at the top of the market with 2438 houses and 3113 apartments sold since the onset of COVID-19 while Melbourne transacted 744 houses and 396 apartments.
Perth is back on its way up with a 150% rise in the number of $10 million home sales to 181.
Within the country’s hottest luxury market, Sydney, Mosman recorded the highest number of luxury house sales, with 356 worth more than 3.56 billion while Vaucluse came in second with Vaucluse came second with 209 luxury houses changing hands, followed by Bellevue Hill with 184 sales, Bronte with 96 and Killara with 90.
Sydney’s Point Piper is the country’s most expensive suburb with a median house price in the country where the median house price is $15 million.
In Melbourne, Toorak remained the most expensive suburb in the state with median house price at $5.47 million, while Deepdene took the top spot for apartments with a $1.32 million median price.
Ray White defines luxury homes as those priced at more than $10 million and apartments over $3 million
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The actress and her husband, comedy writer Dave McCary, spent more than three years restoring the house, which is one of the priciest properties for sale in the Texas city.
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In 2021, actress Emma Stone purchased a historic estate in Austin, Texas, with a plan to move her family there. Four years later, she has instead decided to put the property on the market.
The actress and her husband, comedy writer Dave McCary, are asking $26.5 million for the newly renovated estate, according to Eric Moreland of Moreland Properties/Forbes Global Properties, one of the listing agents. The 1.25-acre property, located in the upscale Tarrytown neighbourhood, will be among the most expensive on the market in Austin.
Stone and McCary have spent more than three years renovating and restoring the Texas property, Moreland said.
A spokesperson for Stone didn’t respond to requests for comment. Moreland said the couple’s New York business interests have expanded since they started the remodel, and while they hope to live in Austin eventually, it doesn’t make sense for now.
The couple, who are co-founders of the production company Fruit Tree, own a roughly $12 million apartment in lower Manhattan, according to property records. Stone is slated to star in the upcoming contemporary Western film “Eddington.”
It’s unclear what Stone and McCary paid for the Austin property, since Texas is a nondisclosure state . The Georgian-style brick house dates to around 1940, making it one of the oldest estates in the area.
The roughly 10,000-square-foot estate includes a main house with four bedrooms and a two-bedroom guesthouse. The property also has a pool, a hot tub, and a garage with a screening room and entertaining space above.
As part of the renovation, the couple removed, cleaned and reused all the exterior brick. They also reconfigured some of the living spaces, opening the kitchen to the living room for a more modern layout. It took more than a year just to install the millwork in the screening room, said Moreland.
The contractors are now putting the finishing touches on the property, he said.
The “La La Land” actress has a track record of buying and selling her homes for significantly more than she paid. In 2022, she sold her blufftop Malibu, Calif., home for $4.425 million after buying it for $3.25 million in 2018, according to property records.
Last year, she sold her home in L.A.’s Comstock Hills neighbourhood for $4.3 million, significantly more than the $2.3 million she paid in 2019.
Austin saw an influx of new residents during COVID, but many of those are now returning to the East and West coasts, particularly workers in the tech sector.
While the market “has come down to earth a little bit” since the pandemic-era boom, Moreland said, he has seen a number of $20 million-plus deals over the past few months.
Moreland has the listing with colleague Diane Humphreys.
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