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October 2nd, 2004, 09:17 AM
On housing's ladder of opportunity it's still position, position position
The Australian, Tracey Grayson, October 02, 2004
ASK anyone to rattle off the names of Australia's most expensive residential suburbs and a few are almost certain to pop up: Toorak in Melbourne, Peppermint Grove in Perth, Ascot in Brisbane and Point Piper in Sydney.
Some areas are perennial favourites. However, like lava lamps, other suburbs come into and go out of fashion.
A Real Estate Institute of Queensland survey released this week compares the top 10 Brisbane suburbs by median house price in 1994 and 2004. It shows that inner suburbs in the east and west are challenging traditional northern favourites.
While the top three places in 2004 are held by the northern suburbs Ascot ($779,000), Hamilton ($730,000) and New Farm ($629,000), western suburbs St Lucia ($622,500) and Chelmer ($562,500) and eastern suburbs Hawthorne ($595,000) and Bulimba ($540,000) are close behind. REIQ research manager Fiona Bergin says it isn't surprising that areas once considered 'low brow' are becoming prestige: 'As a city develops, prestige zones become more consolidated, which is occurring in Brisbane.'
Sydney's most affluent suburb is Point Piper, where the median house price is a mighty $5.05 million, according to Australian Property Monitors statistics. Darling Point is second ($3.365 million) and Cremorne Point third ($2.68 million). Longueville - eighth in 1994 - has slipped to 14th position ($1.68 million) while Clontarf ($2.03 million) has risen from 13th to ninth.
In Adelaide in 1994, the most expensive suburb was Unley Park. Now it's Toorak Gardens with a median house price of $635,000, followed by Walkerville ($600,000) and Malvern ($570,000) according to figures from the Real Estate Institute of South Australia.
The change over 10 years has not been as dramatic in Perth. In 1994 the top suburbs were Peppermint Grove, Dalkeith, Cottesloe and City Beach. In 2004, Peppermint Grove retained top spot with a median price of $1.5 million, the the Real Estate Institute of Western Australia says, followed by Dalkeith ($1.2 million), Cottesloe and City Beach (both $850,000).
Melbourne's most expensive suburb is Toorak, with a median price of $1.53 million, the Real Estate Institute of Victoria says. Brighton is second ($970,000) and Hawthorn third ($825,000). In 1994, the top three places went to South Yarra, Albert Park and Camberwell. Toorak was absent as there insufficient sales in the suburb for it to be included in the statistics.
And across the water in Tasmania, the most expensive residential suburb is Battery Point, with a median house price of $620,000. Sandy Bay is second ($475,000) and Acton Park third ($446,250). Absent from the 1996 list but on the top 10 this year are West Hobart ($314,000), Bellerive ($310,000) and Rosny ($302,500).
The Australian, Tracey Grayson, October 02, 2004
ASK anyone to rattle off the names of Australia's most expensive residential suburbs and a few are almost certain to pop up: Toorak in Melbourne, Peppermint Grove in Perth, Ascot in Brisbane and Point Piper in Sydney.
Some areas are perennial favourites. However, like lava lamps, other suburbs come into and go out of fashion.
A Real Estate Institute of Queensland survey released this week compares the top 10 Brisbane suburbs by median house price in 1994 and 2004. It shows that inner suburbs in the east and west are challenging traditional northern favourites.
While the top three places in 2004 are held by the northern suburbs Ascot ($779,000), Hamilton ($730,000) and New Farm ($629,000), western suburbs St Lucia ($622,500) and Chelmer ($562,500) and eastern suburbs Hawthorne ($595,000) and Bulimba ($540,000) are close behind. REIQ research manager Fiona Bergin says it isn't surprising that areas once considered 'low brow' are becoming prestige: 'As a city develops, prestige zones become more consolidated, which is occurring in Brisbane.'
Sydney's most affluent suburb is Point Piper, where the median house price is a mighty $5.05 million, according to Australian Property Monitors statistics. Darling Point is second ($3.365 million) and Cremorne Point third ($2.68 million). Longueville - eighth in 1994 - has slipped to 14th position ($1.68 million) while Clontarf ($2.03 million) has risen from 13th to ninth.
In Adelaide in 1994, the most expensive suburb was Unley Park. Now it's Toorak Gardens with a median house price of $635,000, followed by Walkerville ($600,000) and Malvern ($570,000) according to figures from the Real Estate Institute of South Australia.
The change over 10 years has not been as dramatic in Perth. In 1994 the top suburbs were Peppermint Grove, Dalkeith, Cottesloe and City Beach. In 2004, Peppermint Grove retained top spot with a median price of $1.5 million, the the Real Estate Institute of Western Australia says, followed by Dalkeith ($1.2 million), Cottesloe and City Beach (both $850,000).
Melbourne's most expensive suburb is Toorak, with a median price of $1.53 million, the Real Estate Institute of Victoria says. Brighton is second ($970,000) and Hawthorn third ($825,000). In 1994, the top three places went to South Yarra, Albert Park and Camberwell. Toorak was absent as there insufficient sales in the suburb for it to be included in the statistics.
And across the water in Tasmania, the most expensive residential suburb is Battery Point, with a median house price of $620,000. Sandy Bay is second ($475,000) and Acton Park third ($446,250). Absent from the 1996 list but on the top 10 this year are West Hobart ($314,000), Bellerive ($310,000) and Rosny ($302,500).