The most expensive apartments across major Australian cities can be found in Sydney's Barangaroo, where the median unit price is close to hitting the $3m mark, according to a study by Knight Frank.
The median price for an apartment in Barangaroo was $2.9m in the third quarter of 2019. It is one of the three suburbs in Sydney where median unit prices are over $2m.
Apartments in Point Piper and Miller Point are also amongst the costliest, with respective median prices of $2.8m and $2.4m.
In Melbourne, Brighton has the highest median unit price at $947,500.
One suburb in Brisbane managed to outpace Brighton in terms of median value. Tennyson dominates Brisbane's luxury apartment market with a median price of $1.05m. The next Brisbane suburb on the list is Seven Hills, which has a median price of $679,900.
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Of all the major cities for luxury apartments, Gold Coast was the most popular spot for homebuyers. The city had the highest portion of apartment sales between $3m and $5m from the third quarter of 2016 to 2019 at 26%. Brisbane followed with 22% and Sydney with 21%.
The table below shows the ten most expensive suburbs for apartments in Sydney, Melbourne, Brisbane, Perth, and Golden Coast:
Most Expensive Prime Unit Markets in Major Australian Cities(Based on median unit prices)
|
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Sydney |
Melbourne |
Brisbane |
Perth |
Gold Coast |
|
Barangaroo $2.9m |
Brighton $947,500 |
Tennyson $1.05m |
Cottesloe $775,000 |
Main Beach $761,250 |
|
Point Piper $2.8m |
Toorak $929,675 |
Seven Hills $679,900 |
North Beach $750,000 |
Paradise Point $650,000 |
|
Millers Point $2.4m |
Balwyn Point $917,000 |
Bulimba $637,000 |
Mount Pleasant $697,500 |
Hollywell $635,000 |
|
Darling Point $1.9m |
Kew East $915,000 |
Camp Hill $632,000 |
Claremont $680,000 |
Burleigh Heads $610,000 |
|
The Rocks $1.54m |
Canterbury $911,000 |
Newstead $629,688 |
Wembley Downs $660,000 |
Benowa $577,500 |
|
Double Bay $1.32m |
Beaumaris $827,500 |
New Farm $604,000 |
Applecross $584,000 |
Broadbeach $540,000 |
|
Kirribilli $1.318m |
Black Rock $815,000 |
Bardon $580,000 |
Sorrento $582,500 |
Broadbeach Waters $540,000 |
|
McMahons Point $1.315m |
Brighton East $799,500 |
Teneriffe $572,500 |
Booragoon
$572,500 |
Runaway Bay $530,000 |
|
Cremorne Point $1.3m |
Hampton $726,250 |
Kenmore $567,825 |
Attadale $565,000 |
Miami $520,000 |
|
Milsons Point $1.29m |
Camberwell $720,000 |
West End $564,000 |
Carine $519,000 |
Mermaid Waters $465,000 |
