️ Highlights:Here are the top 5 takeaways from the article:
1. The top ten Australian suburbs that achieved their highest ever sale in 2023 have been revealed, with both traditionally high performing suburbs and up-and-coming areas making the list.
2. Prices in many markets have reached record highs, erasing the previous falls and setting fresh records. This resilience is attributed to demand from large deposit buyers who are less affected by rate rises.
3. The top end of the market has outperformed this year, leading the recovery in the first half despite interest rate increases. However, affordable suburbs have also recorded strong growth.
4. The top ten record-breaking suburbs of 2023 are Milperra, NSW; New Farm, QLD; Taigum, QLD; Eyre, SA; Hurstville Grove, NSW; Newtown, NSW; Stoneville, WA; Junction Village, VIC; Blair Athol, SA; and Closeburn, QLD.
5. These suburbs saw significant increases in sale prices compared to their previous records, ranging from 75% to 119%. Factors such as waterfront location, heritage properties, land size, and development potential contributed to these high sale prices.
| Rank | Location | Record sale increase |
| 1 | Milperra, NSW | 119% |
| 2 | New Farm, QLD | 107% |
| 3 | Taigum, QLD | 101% |
| 4 | Eyre, SA | 99% |
| 5 | Hurstville Grove, NSW | 98% |
| 6 | Newtown, NSW | 97% |
| 7 | Stoneville, WA | 89% |
| 8 | Junction Village, VIC | 85% |
| 9 | Blair Athol, SA | 76% |
| 10 | Closeburn, QLD | 75% |
Highlighting Suburbs with Unprecedented Property Sales in 2023
The Australian property market in 2023 has seen some remarkable sales, with ten suburbs achieving their highest-ever sale prices. This trend, encompassing both traditionally high-performing suburbs and emerging areas, reflects the resilience of property prices despite economic challenges and higher interest rates.
1. Milperra, NSW: A luxury waterfront property in Milperra set a new record with a sale price of $4.1 million, marking a 119% increase from the suburb’s previous record.
2. New Farm, QLD: An iconic colonial home in New Farm sold for $20.5 million, more than doubling the suburb’s previous record and setting a new benchmark for Brisbane.
3. Taigum, QLD: Taigum’s most expensive property sale more than doubled with a $5.4 million transaction, showcasing the suburb’s growing appeal.
4. Eyre, SA: In one of Adelaide’s most affordable areas, a property sale nearly doubled the previous top sale, reaching $1.35 million.
5. Hurstville Grove, NSW: Two luxury homes in Hurstville Grove sold in one line, achieving a 98% increase from the suburb’s previous highest sale.
6. Newtown, NSW: A converted warehouse in Newtown fetched $13.5 million, nearly doubling the previous record in this inner-city favorite.
7. Stoneville, WA: A majestic residence in Stoneville set a new record with a $2.55 million sale, significantly surpassing the previous high.
8. Junction Village, VIC: A large estate in Junction Village sold for $2.55 million, almost double the suburb’s prior record.
9. Blair Athol, SA: Blair Athol saw a property sell for $2.15 million, far exceeding the suburb’s median price and previous record.
10. Closeburn, QLD: Closeburn achieved a new record with the sale of two homes on a large acreage, indicating a 75% increase over the previous record.
Conclusion
The record-breaking sales in these ten suburbs illustrate the diverse and dynamic nature of Australia’s property market. From waterfront luxury homes to historic estates and development potential properties, these sales highlight the varied factors driving property values in different regions. As the market continues to evolve, understanding these trends will be crucial for buyers, sellers, and investors navigating the real estate landscape.