According to a Propertyology study, Sydney lost the median price of Australia's most expensive house in Byron Bay, in northern New South Wales, north of New South Wales.
New research has identified the 40 most expensive cities based on the price of housing, with the country's most valuable real estate located in a city ranked 73rd in terms of population. Byron Bay has 34,500 residents and its median real estate price was $ 987,500 in December.
The median price of housing in the regional city has increased by 64% in the last five calendar years.
In comparison, Sydney and Melbourne grew 44% in the same five years to record a median home price of $ 950,000 and $ 772,500, respectively.
The price gap between the two largest Australian cities and the most expensive is likely to widen further, according to Simon Pressley, head of research in pathology. The reason? House prices in Byron Bay continue to climb, while they are falling in Sydney and Melbourne.
Melbourne was not ranked among the top five most expensive regions by the median price of housing.
"At the top of Melbourne, in sixth place, are three other important regional sites: Kiama and Wingecarribee, both located in New South Wales, as well as the Victoria Surf Coast," said Pressley.
Wollongong, Noosa, Ballina and Canberra were ranked in the top 10 most expensive sites.
The data showed that seven of the ten largest, most expensive Australian cities are in regional areas, said Pressley.
Growth of the Byron Real Estate Market
Byron's median house prices have risen an average of 10.1 percent a year over the past 20 years – the highest growth rate of any Australian city, according to Pressley. In 1998, the median home price in Byron Bay was only $ 140,000
"It is stunning that Byron has posted double-digit average growth every year for two decades. I doubt that another city in the world has done that, "he said.
In addition, the average annual growth rate of Byron's population of 0.9% is well below the national average of 1.5% over the last 17 years,
.
"Byron's status is the ultimate proof that the size of the total population of a city or its annual growth rate [is] is not the biggest [driver] price of the Real estate because, as I always say, there are a lot of factors that influence the real estate markets, "said Pressley." In Byron's case, the demand for housing is mainly motivated by the wealthy couple, d Australian-born middle-aged census data show Byron's median household age is 44 – compared to a national average of 38 – and the number of children per household is also below average . "
The study also revealed that a higher percentage of households in Byron own their own housing (36%) compared to the national average (31%), despite the high value from their house.
Byron's prime location in northern New South Wales translates into strong buyer demand, which drives up prices. This idea is particularly true in recent years, as many of its new residents reside in Byron while they run businesses from home or go to other capital cities, said Pressley.
"Byron is only a two-hour drive from the highway leading to Brisbane or an hour flight from Sydney to Sydney via Ballina, and the Gold International Airport Coast is only an hour away, "he said.
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