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An average house on the most expensive street in Australia now comes with a whopping $45million price tag as property prices continue to surge.
Wolseley Road, in Sydney's illustrious harbourside suburb of Point Piper in the eastern suburbs, has been the country's most expensive street since 2021.
The median price of a home on Wolseley Road increased by $12million in the last 12 months alone, according to data from real estate agency Ray White.
Some of Australia's wealthiest people have purchased prime waterfront properties on the elite street including founder of Aussie Home Loans, John Symond.
But Symond's home, which spans four blocks and is listed for $200million, is yet to find a bidder.
More recent property sales revealed Sydney FC owner Scott Barlow sold his five-bedroom home at 20 Wolseley Road for $60million in June last year.
The sale netted Barlow and his wife Alina a $15million profit, having purchased it the year prior.
Wolseley Road was just the crown jewel for Sydney's property market which filled out all but one spot on Australia's top ten most expensive streets.
Wolseley Road in Sydney's Point Piper is Australia's most expensive street, boasting a $45million average sale price between 2021 and 2024 (pictured: 20 Wolseley Road)
With waterfront views of Sydney Harbour, the street attracts massive price tags to match the mega-rich looking to snap up a piece of the prized road (pictured: 50 Wolseley Road)
The street came close to doubling the average cost of a home on runner-up Wentworth Road, in nearby Vaucluse, at $23.8million.
Melbourne's renowned St George's Road in Toorak was the only non-Sydney street to make the list with a $16.9million average price.
The figure was buoyed by millennial crypto king, Edward Craven, who dropped a staggering $80million for a 10-bedroom mansion on the road in 2022 at just 27-years-old.
While the sale smashed the Victorian sale price record, Craven is planning to tear down the 'ghost mansion' which hasn't been lived in for 30 years.
Ray White senior data analyst, Atom Go Tian, said one common feature of the streets was their access to nature.
'Eight of Sydney's top ten streets lie within a twenty-minute walk of the coastline, suggesting that proximity to water remains a crucial determinant of property values at the highest end of the market,' he said in a statement.
'Even the exceptions to this pattern reinforce the importance of proximity to nature: St Georges Road in Toorak sits right alongside Melbourne's Yarra River, while Lang Road can easily consider Sydney's Centennial Park to be its backyard.'
Mr Go Tian added that there is a 'striking' separation between the richest streets in Sydney and Melbourne compared to other capital cities.
Recent sales helped the average cost surge $12million in the past year, almost twice as much as second place Wentworth Road in nearby Vaucluse (pictured: 69 Wolseley Road)
Wolseley Road was the cream of the crop for Sydney's massive property market which holds nine of the top ten most expensive streets in Australia (pictured: 50 Wolseley Road)
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'Sydney's most expensive streets are almost six times more expensive than the leading streets in Brisbane, Perth and Canberra,' he said.
Darwin is instead home to all ten of the country's cheapest streets.
The three cheapest all fall within the remote southern suburb of Southport, where the average home costs between $100,000 and $106,000.
'This geographic pattern appears to be the inverse of what drives premium property values in Australia's most expensive locations,' Mr Go Tian said.
'While Sydney's premium streets achieve their status through proximity to both natural attractions and urban amenities, Darwin's most affordable streets reflect their distance from economic centres.
'The properties' location in Darwin - Australia's smallest capital city - combined with their peripheral positioning in the city's outskirts, creates conditions for markedly lower valuations.' |
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发表于 2024-12-14 10:36:13