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YOU’LL NEED A WEDGE TO HANG THAT DOOR
Watch 6:32

YOU’LL NEED A WEDGE TO HANG THAT DOOR

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  1. Home
  2. Finance

This is Australia's most expensive place to buy property

And it isn't Sydney or Melbourne. - by Laura Barry
  • 10 Sep 2019
This is Australia's most expensive place to buy property
Getty

A small easy, breezy town on the east coast has become Australia's most expensive place to buy a home.

New research has identified the top 40 most expensive cities by median house price and Byron Bay has come out on top.

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)

  1. Byron Bay - $987,500
  2. Sydney - $950,000
  3. Kiama, NSW - $910, 000
  4. Surf Coast, VIC - $835,000
  5. Wingecarribee, NSW - $814, 500
  6. 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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  • Property
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Laura Barry
Laura Barry
Laura Barry is a writer, bookworm and interior design enthusiast with a love for reporting on all things homes, travel and lifestyle. When not tapping away at her keyboard, Laura can be found making endless cups of tea or perusing the shelves of Sydney’s many bookstores.

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YOU’LL NEED A WEDGE TO HANG THAT DOOR
Watch 6:32

YOU’LL NEED A WEDGE TO HANG THAT DOOR

{headline}

{headline}

The most affordable suburbs for first home buyers

The most affordable suburbs for first home buyers

These are the banks raising their mortgage rates

These are the banks raising their mortgage rates

5 legal ways to reduce your capital gains tax on investment property

5 legal ways to reduce your capital gains tax on investment property

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How you can save money on your home loan by going green

{headline}

{headline}

This is how long it takes to save a home deposit in Sydney

This is how long it takes to save a home deposit in Sydney

The potential property hotspots for 2020

The potential property hotspots for 2020

The January 2020 changes all first home buyers need to know about

The January 2020 changes all first home buyers need to know about

{headline}

{headline}

Why you should reconsider hosting an open house inspection

Why you should reconsider hosting an open house inspection

How to know if a home isn’t worth the listed price

How to know if a home isn’t worth the listed price

Three things you should never do at an open house inspection

Three things you should never do at an open house inspection

The suburbs in Australia where it’s cheaper to buy than rent

The suburbs in Australia where it’s cheaper to buy than rent

How to find the right suburb for your ‘forever’ home

How to find the right suburb for your ‘forever’ home

How to avoid capital gains tax when selling a house

How to avoid capital gains tax when selling a house

Five signs you're ready for home ownership

Five signs you're ready for home ownership

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