With a population of just 34,500 people and a median house price of $987,500, the coastal town has surpassed Sydney and Melbourne. Why? because the coastal suburb has experienced a 10.1 per cent average growth in median house prices over the past 20 years - the highest rate of growth of any Australian city!
Most expensive places to buy a home in Australia
(According to median house price)
- Byron Bay - $987,500
- Sydney - $950,000
- Kiama, NSW - $910, 000
- Surf Coast, VIC - $835,000
- Wingecarribee, NSW - $814, 500
- Melbourne - $772,500
Australia's best performing capital city
However, if you're looking for a property market that continues to grow, look no further than humble Hobart in Tasmania. Hobart is Australia's best-performing capital city property market over the last 3 years, but only just scraped in at 40th place in the expensive property list, suggesting the waterfront city might be a good place to invest.
You can watch the full story in the clip above.
Where is Australia's cheapest place to buy a house?
New research by Corelogic has discovered that regional areas of Australias are the most affordable locations for home buyers, with median house prices well below that of the capital cities.
Mount Magnet in outback Western Australia is the nation’s cheapest suburb with a median house value of just $37,497, while Rosebery on the rugged west coast of Tasmania, won top place for affordable apartments, with a median unit value of $66,108.
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