CoreLogic Best of the Best 2024

In late 2024, CoreLogic Australia dropped the best of the best Report for the Australian Housing Market. Sydney, Melbourne, and Noosa Heads feature in the Top 10 Sales Nationally. Sydney and Melbourne still lead the way with the most expensive sales. However, Queensland's Sunshine Coast and Gold Coast outperform Brisbane for the most expensive houses sold in 2024. Perth also sells houses well into the 20+ million dollar bracket! Unsurprisingly, Regional Queensland has outperformed regional NSW and VIC, mainly due to the prestige market developing on the Gold and Sunshine Coast; both locations have a domestic airport with easy access and an international airport in the GC or Brisbane less than 2 hours away.

We focused on the mid to upper quartile of the Australian housing market, but the real gains were in the lowest quartile. Despite high interest rates and global uncertainty, the Australian housing market showed resilience in 2024, with home sales up 8% from the previous year, per CoreLogic's report. In the year leading up to November, there were 528,000 home sales nationwide, a 6.0% increase from the average over the past five years. Home values rose by 5.5% during that time, bringing Australian homes to over $11 trillion.

CoreLogic Head of Research, Eliza Owen, said:

"The market's initial strength in 2024 gradually waned due to declining demand, rising levels of advertised supply, and a shifting outlook for inflation and interest rates. Beyond the market conditions, the key theme throughout the year was one of variability."

Market growth conditions were quite different, with annual value changes between a -2.3% drop in Melbourne and a 21.0% increase in Perth. Regional markets showed variety, with values decreasing by 2.7% in regional Victoria and increasing by 15.5% in regional Western Australia.

"However, even in high growth markets of Adelaide, Brisbane and Perth, there are distinct signs of a cyclical slowdown, with the quarterly pace of gains easing over the course of the year. Interestingly, the quarterly value decline across weaker capital city performers has shown marginal signs of easing toward the end of 2024. This could signal some stabilising of values in weaker markets through 2025, and a narrowing of the range in capital growth over the next 12 months."

Buyers seek value

Due to high interest rates and affordability issues, the report reveals that buyers are moving towards cheaper parts of the market. From the beginning of the year to November, the lowest 25% of property values increased by 10.3%. This was much better than the middle and top 25% of home values, which may have seen limited growth due to high prices. In 2024, faster growth in affordable markets was seen in the Best of the Best rankings for capital cities. The highest growth house markets were in Perth, with half of the suburbs having a median house price under $661,000, the national 25th percentile. The best markets for unit growth were in Perth, Brisbane, and Adelaide, with each of the top 10 having a median unit value under $600,000.

It is to be noted that fewer wealthy buyers might enter the market if cash rates stay at 4.35% for a long time. This could make less expensive areas less desirable as demand drives prices up in more affordable markets. We’ve listed below the most expensive suburbs in each state and capital city.

Top 10 sales nationally

1. $51,500,000 Mar-24 142 Wolseley Road, Point Piper NSW

2. $43,500,000 Aug-24 53-55 Cranbrook Road, Bellevue Hill, NSW

3. $42,000,000 Nov-24 96 Victoria Road, Bellevue Hill, NSW

4. $40,000,000 Feb-24 14 St Georges Road, Toorak VIC

5. $38,500,000 Jul-24 1 Rawson Road, Rose Bay NSW

6. $31,750,000 Sep-24 1 Wentworth Road, Vaucluse NSW

7. $30,388,000 Mar-24 81 Fitzwilliam Road, Vaucluse NSW

8. $30,000,000 May-24 43 Witta Circle, Noosa Heads QLD

9. $30,000,000 Apr-24 7 Collins Avenue, Rose Bay NSW 1

10. $30,000,000 Mar-24 46 the Grove, Mosman NSW

Nationally, Mosman in Sydney's Lower North Shore once again recorded the highest total value of house sales over the 12 months to November at $1.652 billion. Bellevue Hill is ranked as the most expensive suburb for houses in the country, with a median value of almost $10 million.

Here are the best and worst performers for value growth.

Highest Total Value in sales.

Two regional markets took the top spots for value increase nationally, with WA's Beachlands house market rising 38.4% over the year. QLD's Dolphin Heads saw the highest value growth for units at an impressive 52.8%. Across the capital city markets, Perth dominated the list to take out all 10 spots for the most substantial increase in house values, with all suburbs delivering growth of 30% or above over the year. For unit markets, Brisbane (5), Perth (4), and Adelaide (1) rounded out the top 10 for most significant gains across the capital cities, with units in Perth's Armadale surging 45.6%.

The weakest performers among the capital city house suburbs for value growth were dominated by Melbourne (6), although the top spot of the list was taken out by Millner in Darwin, falling -11%. Similarly, the top 10 worst-performing unit markets were (almost) all found in Melbourne (9). Venus Bay (Regional VIC) was the weakest house market nationally, with values down -15.4%, while Sunshine units in Greater Melbourne had the most significant drop in unit values at -13.8%.

Most affordable suburbs

The top 10 list of "affordable" suburbs for houses in the capitals were concentrated in Darwin (6), with Moulden's median value coming in at $392,008, along with Brisbane (2) and Hobart (1) and ACT (1). Darwin also dominated the list for the most affordable unit markets in the capitals (8), with Bakewell's median value of $278,855.

Nationally, Norseman in the Goldfields-Esperance region of Western Australia topped the list of affordable house markets with a median value of $80,289. At the same time, across units, Laguna Quays in Queensland came in at number one with a median value of $142,689.

Best-performing rental markets

Rent values in Australia remained high in 2024, but even here, the strain on household demand was reflected in softer rental growth rates. Annual growth in rent values slowed to 5.3% in the year to November, down from 8.1% in the year prior and a high of 9.6% in the year to September 2022. This could be attributed to the high cost of living pressures and reduced net overseas migration.

Nationally, Noosa Heads houses had the highest rent growth in the year at 23.7%. Geraldton in WA topped the list for unit rent growth at 21.5%. Across the capital cities, Perth also dominated the list of suburbs with the highest house rent growth in the year to November (7), with Middle Swan in Greater Perth up 17.0%. Perth unit markets comprised 8 of the top 10 unit growth markets, led by a 19.5% lift across Melville.

NSW Top 5 Sales

1. $51,500,000 Mar-24 142 Wolseley Road, Point Piper NSW

2. $43,500,000 Aug-24 53-55 Cranbrook Road, Bellevue Hill, NSW

3. $42,000,000 Nov-24 96 Victoria Road, Bellevue Hill, NSW

4. $38,500,000 Jul-24 1 Rawson Road, Rose Bay NSW

5. $31,750,000 Sep-24 1 Wentworth Road, Vaucluse NSW

Sydney's Most Expensive Suburbs

1. Bellevue Hill Eastern Suburbs - Median Value -$9,994,537

2. Vaucluse Eastern Suburbs - Median Value -$8,652,302

3. Rose Bay Eastern Suburbs - Median Value -$6,424,613

4. Dover Heights Eastern Suburbs - Median Value -$6,259,269

5. Double Bay Eastern Suburbs - Median Value -$5,866,752

6. Mosman Nth Sydney and Hornsby- Median Value -$5,580,736

7. Longueville Nth Sydney, Hornsby- Median Value -$5,140,914

8. Bronte Eastern Suburbs - Median Value -$5,118,859

9. Northbridge Nth Sydney, Hornsby - Median Value -$5,064,845

10. Clovelly Eastern Suburbs - Median Value -$4,636,586

NSW Regional Most Expensive Suburbs

1. Thirroul Illawarra - Median Value -$1,210,761

2. Byron Bay Richmond - Tweed - Median Value -$1,193,051

3. Suffolk Park Richmond - Tweed - Median Value -$1,175,191

4. Shell Cove Illawarra - Median Value -$1,094,749

5. Lennox Head Richmond - Tweed - Median Value - $1,079,153

6. Gerringong Illawarra - Median Value -$1,054,267

7. Pottsville Richmond - Tweed - Median Value -$957,791

8. Newcastle Newcastle, Lake Macquarie - Median Value -$939,985

9. Kingscliff Richmond - Tweed - Median Value - $939,586

10. Bowral Sth Highlands and Shoalhaven - Median Value -$928,003

VIC TOP 5 Sales Price.

1. $40,000,000 Feb-24 14 St Georges Road, Toorak VIC

2. $23,230,000 Apr-24 3808 Point Nepean Road, Portsea VIC

3. $23,000,000 Aug-24 5 St Ninians Road, Brighton VIC

4. $21,000,000 May-24 2 Hopetoun Road, Toorak VIC

5. $19,986,888 Mar-24 35 Harcourt Street, Hawthorn East VIC

Melbourne's Most Expensive Suburbs

1. Toorak Inner - Median Value - $4,749,740

2. Deepdene Inner East - Median Value - $3,532,264

3. Brighton Inner South - Median Value - $3,287,022

4. Malvern Inner South - Median Value - $3,121,913

5. Canterbury Inner East - Median Value - $3,028,516

6. Portsea Mornington Peninsula - Median Value - $2,784,191

7. Balwyn Inner East- Median Value - $2,783,829

8. Kew Inner East - Median Value - $2,715,067

9. Middle Park Inner - Median Value - $2,678,327

10. Hawthorn Inner East - Median Value - $2,631,613

Regional VIC Most Expensive Suburbs

1. Lorne Geelong - Median Value - $1,961,389

2. Aireys Inlet Geelong - Median Value -$1,698,825

3. Anglesea Geelong - Median Value -$1,514,602

4. Jan Juc Geelong - Median Value -$1,433,664

5. Point Lonsdale Geelong - Median Value - $1,406,268

6. Barwon Heads Geelong - Median Value -$1,401,134

7. Queenscliff Geelong - Median Value -$1,290,008

8. Torquay Geelong - Median Value -$1,249,262

9. Newtown Geelong - Median Value -$1,220,132

10. Fyansford Geelong - Median Value -$1,068,325

QLD Top 5 Sales

1. $30,000,000 May-24 43 Witta Circle, Noosa Heads QLD

2. $28,000,000 Feb-24 41-45 Hedges Avenue, Mermaid Beach QLD

3. $25,300,000 Jun-24 1A Fourth Avenue, Palm Beach QLD

4. $23,000,000 Nov-24 32 Sutherland Avenue, Ascot QLD

5. $22,500,000 Oct-24 10 Noosa Parade, Noosa Heads QLD

Brisbane's Most Expensive Suburbs

1. Chandler Brisbane - East - Median Value - $2,932,778

2. New Farm Brisbane Inner City - Median Value - $2,905,792

3. Ascot Brisbane Inner City Median Value - $2,588,983

4. Hamilton Brisbane Inner City - Median Value - $2,208,273

5. Hawthorne Brisbane Inner City - Median Value - $2,200,140

6. St Lucia Brisbane - West - Median Value - $2,162,507 7.

7. Bulimba Brisbane Inner City - Median Value - $2,141,466

8. Highgate Hill Brisbane Inner City - Median Value- $2,041,927

9. Brookfield Brisbane - West - Median Value - $1,996,014

10. Robertson Brisbane - South - Median Value $1,976,917

Regional Queensland's Most Expensive Suburbs

1. Broadbeach Waters Gold Coast - Median Value - $2,237,026

2. Sunshine Beach Sunshine Coast - Median Value - $2,156,771

3. Surfers Paradise Gold Coast - Median Value - $2,098,210

4. Minyama Sunshine Coast - Median Value - $2,071,496

5. Paradise Point Gold Coast - Median Value - $2,065,386

6. Noosa Heads Sunshine Coast - Median Value -$2,043,251

7. Currumbin Valley Gold Coast - Median Value -$2,010,305

8. Clear Island Waters Gold Coast - Median Value -$2,002,930

9. Bundall Gold Coast - Median Value -$1,942,127

10. Doonan Sunshine Coast - Median Value -$1,934,023

South Australia's Top 5 Sales

1. $12,500,000 May-24 4 Victoria Avenue, Unley Park, SA 5061

2. $8,300,000 Aug-24 16 Dutton Terrace, Medindie SA

3. $7,650,000 Feb-24 21 Whistler Avenue, Unley Park SA

4. $7,000,000 Oct-24 15 Trinity Street, College Park SA

5. $6,987,000 May-24 19 Cygnet Court, Glenelg North SA

Adelaide’s Most Expensive Suburbs

1. Toorak Gardens Adelaide - Central and Hills - Median Value -$2,427,222

2. Unley Park Adelaide - Central & Hills - Median Value -$2,398,921

3. Tusmore Adelaide - Central and Hills - Median Value -$2,172,462

4. Leabrook Adelaide - Central and Hills - Median Value -$2,156,419

5. Malvern Adelaide - Central and Hills - Median Value - $2,093,219

6. St Peters Adelaide - Central and Hills - Median Value - $2,087,072

7. Glenelg South Adelaide - South- Median Value - $2,029,713

8. Dulwich Adelaide - Central and Hills - Median Value - $1,976,085

9. Millswood Adelaide - Central & Hills - Median Value - $1,927,505

10. Erindale Adelaide - Central and Hills - Median Value -$1,875,250

Regional South Austral’s Most Expensive Suburbs

1. Port Elliot South East - Median Value - $794,791

2. Hindmarsh Island South East - Median Value - $791,875

3. Mount Compass South East - Median Value - $790,645

4. Middleton South East - Median Value - $765,605

5. Goolwa North South East - Median Value -$754,846

6. Carrickalinga South East - Median Value - $746,524

7. Encounter Bay South East - Median Value - $745,538

8. Chiton South East - Median Value- $733,335

9. McCracken South East - Median Value - $723,984

10. Normanville South East - Median Value - $722,363

WA Top 5 Sales

1. $25,000,000 May-24 177 Wellington Street, Mosman Park WA

2. $22,000,000 Feb-24 3 Owston Street, Mosman Park WA

3. $20,100,000 Apr-24 59 Keane Street Peppermint Grove WA

4. $15,500,000 Mar-24 20A Deane Street, Cottesloe WA

5. $15,000,000 Mar-24 74 Cape Clairault Road, Yallingup WA

Perth’s Most Expensive Suburbs

1. Peppermint Grove Perth - Inner - Median Value - $3,566,148

2. Dalkeith Perth - Inner - Median Value - $3,436,806

3. Cottesloe Perth - Inner - Median Value - $3,157,508

4. City Beach Perth - Inner - Median Value - $2,884,631

5. Swanbourne Perth - Inner - Median Value - $2,450,259

6. Mosman Park Perth - Inner - Median Value - $2,296,402

7. Nedlands Perth - Inner - Median Value - $2,283,467

8. Mount Claremont Perth - Inner - Median Value - $2,243,013

9. Daglish Perth - Inner - Median Value - $2,219,598

10. Applecross Perth - South West - Median Value - $2,216,497

Regional Western Australia’s Most Expensive Suburbs

1. 1. Yallingup Bunbury - Median Value - $1,628,489

2. Quindalup Bunbury - Median Value - $1,267,712

3. Dunsborough Bunbury - Median Value - $1,202,223

4. Stratham Bunbury - Median Value - $1,164,657

5. Lake Clifton Bunbury - Median Value - $1,067,274

6. Lower Chittering Wheat Belt - Median Value - $1,020,410

7. Gelorup Bunbury - Median Value - $991,531

8. Chittering Wheat Belt - Median Value - $972,091

9. Hay Wheat Belt - Median Value - $967,297

10. Leschenault Bunbury - Median Value - $931,199

Tasmania's Top 5 Sales in 2024

1. $9,510,000 Jan-24 1097 Cressy Road Cressy TAS

2. $7,600,000 Jan-24 3101 Channel Highway, Kettering TAS

3. $4,400,000 May-24 5 Ilfracombe Crescent, Sandy Bay TAS

4. $4,044,000 Aug-24 50 Onslows Road, Plenty TAS

5. $3,800,000 Mar-24 4 Weld Street, South Hobart TAS

6. $3,800,000 Mar-24 25A Anglesea Street South Hobart TAS

Hobart’s Most expensive suburbs

1. Battery Point Hobart - Median Value - $1,313,127

2. Sandy Bay Hobart - Median Value - $1,267,056

3. Acton Park Hobart - Median Value - $1,199,792

4. Sandford Hobart - Median Value - $1,055,761

5. Tranmere Hobart - Median Value - $1,049,210

6. Hobart Hobart - Median Value - $1,003,447

7. Seven Mile Beach Hobart - Median Value - $966,289

8. Taroona Hobart - Median Value - $918,715

9. North Hobart Hobart - Median Value - $908,931

10. West Hobart Hobart - Median Value - $881,819

Regional Tasmania’s Most Expensive Suburbs

1. 1. Kettering South East - Median Value -$879,330

2. East Launceston & North East- Median Value - $869,370

3. Launceston &North East - Median Value - $750,390

4. Legana Launceston and North East - Median Value - $731,768

5. Swansea South East - Median Value - $728,421

6. Newstead Launceston & North East - Median Value - $722,360

7. Franklin South East - Median Value - $686,706

8. Shearwater West and North West - Median Value - $677,894

9. Turners Beach West and North West - Median Value -$669,023

10. Port Sorell West and North West - Median Value - $666,004

Northern Territory Top 5 Sales

1. $5,325,000 Apr-24 19 Kirkland Crescent, Larrakeyah NT

2. $3,000,000 Jul-24 216 Casuarina Drive, Nightcliff

3. $2,000,000 Oct-24 13 Perkins Court, Larrakeyah NT

4. $2,000,000 Apr-24 2 Notley Place, Parap NT

5. $2,000,000 Mar-24 2 Kuru Court, Brinkin NT

Darwin’s Most Expensive Suburbs

1. . Fannie Bay Darwin - Median Value - $884,376

2. Bayview Darwin - Median Value - $835,206

3. Nightcliff Darwin - Median Value - $785,850

4. Lyons Darwin - Median Value - $773,871

5. Stuart Park Darwin - Median Value - $766,701

6. Parap Darwin - Median Value - $761,513

7. Larrakeyah Darwin - Median Value - $760,370

8. Rapid Creek Darwin - Median Value - $759,091

9. Ludmilla Darwin - Median Value - $728,869

10. Virginia Darwin - Median Value - $719,498

Regional Northern Territory Most Expensive Suburbs.

1. Desert Springs NT - Outback - Median Value - $637,804

2. Cossack NT - Outback - Median Value - $622,278

3. Araluen NT - Outback - Median Value - $499,437

4. East Side NT - Outback - Median Value - $479,184

5. Braitling NT - Outback - Median Value - $439,051

6. Sadadeen NT- Outback - Median Value - $435,111

7. Larapinta NT - Outback - Median Value - $420,520

8. Gillen NT - Outback - Median Value - $418,748

9. The Gap NT - Outback - Median Value - $398,254

10. Katherine East NT - Outback - Median Value - $341,991

ACT Top 5 Sales

1. $8,000,000 Jan-24 4 Wickham Crescent, Red Hill ACT

2. $7,800,000 Aug-24 405/45 Honeysett View, Kingston ACT

3. $7,000,000 Aug-24 6 Moresby Street, Red Hill ACT

4. $6,100,000 May-24 4 Sorell Street, Forrest ACT

5. $6,000,000 Jan-24 9 Dampier Crescent, Forrest ACT 2603

Canberra’s Most Expensive Suburbs

1. 1. Yarralumla Australian Capital Territory - Median Value -$2,020,061

2. Campbell Australian Capital Territory - Median Value - $2,007,223

3. Red Hill Australian Capital Territory - Median Value -$1,951,091

4. Griffith Australian Capital Territory - Median Value - $1,875,940

5. Deakin Australian Capital Territory - Median Value -$1,872,604

6. O'Connor Australian Capital Territory - Median Value - $1,556,778

7. Ainslie Australian Capital Territory - Median Value - $1,505,686

8. Garran Australian Capital Territory - Median Value - $1,479,415

9. Turner Australian Capital Territory - Median Value - $1,472,588

10. Hughes Australian Capital Territory - Median Value -$1,441,246

For suburb-level performance metrics across each capital city and regional area and additional commentary, download the complete 2024 Best of the Best Report and click on the button below.

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