The cheapest and priciest homes in each state’s top suburb revealed — and how to buy in
Savvy buyers know it is possible to snap up a bargain for two or even 10 times less than properties in the most expensive pockets of each state.
Australia’s top suburbs are known for their pricey mansions that can set buyers back tens of millions of dollars: however, many don’t realise there is usually a cheaper pocket within these suburbs where you can snap up a bargain for two to 10 times less than properties in the most expensive pocket.
The PropTrack analysis of home values by SA1 regions – small neighbourhoods made up of a handful of streets and typically home to a few hundred residents – has revealed each suburb’s most affluent area and where homebuyers might find pockets of affordability.
Unsurprisingly, Toorak is Melbourne’s most expensive suburb for houses, where the median in the priciest pocket is $14m.
It also has the largest variance in the country of median house prices between its priciest and most affordable pockets.
The pricey pocket is bounded by Albany, Hopetoun and Toorak roads and is home to colossal mansions on substantial plots.
However, a pocket of houses near the train corridor has a median price of $1.9m, an extraordinary difference of more than $12m.
In Sydney’s most expensive suburb – the famous Vaucluse, where many homes overlook Sydney Harbour and some waterfront properties have their own beach or boat mooring – the median price in the top pocket is $15m.
Meanwhile, the cheapest pocket is landlocked between other pockets on the oceanside, with a median house price of $3m.
The difference between the median house price in this cheaper pocket and those with the “iconic” view of Sydney Harbour Bridge and the Opera House is a staggering $11.8m.
But it isn’t just Sydney and Melbourne where the gap in price between houses in one suburb is so substantial.
In Queensland, Noosa Heads has the largest variance between the most expensive and cheapest pockets for the state.
The pocket of waterfront mansions on and around Noosa Pde has a median of $7.8m and is the priciest area in the beachside town.
However, a pocket of houses inland – so without the waterfront views – has a median of $1.4m, which means a 10-minute drive could save you $6.4m.
Several factors influence the variance in the price of houses in a particular suburb, particularly the size of the property and local amenities such as prestigious schools. But location has a significant influence and properties on the waterfront or with spectacular views can command a greater price than those near train lines or busy roads.
Pockets that overlook green space – such as parks, hills, and golf courses – also tend to have a higher median price than those with no views.
This is the case at Red Hill, Canberra, where the pocket that overlooks Red Hill Nature Reserve and Federal Golf Club has a median of $6.4m, while the cheapest pocket in Red Hill has no views, and the median price is $4.6m less, at just $1.7m.
Another factor that can bump up the median price of a suburb pocket is the size of the properties.
In more affordable suburbs, it is common for plots of land to be subdivided into smaller lots, and multiple townhouses replace what was once a single property.
However, in pricier suburbs, the reverse applies at times, with properties joined to make massive residences.
These larger homes can be well-looked-after heritage mansions, but are often brand-new architecturally designed statement properties.
In Adelaide, Glenelg North’s priciest pocket is nestled between the ocean and Patawalonga River, and the median price is $3.2m.
These houses are mostly newly built properties on double plots, and come with large windows to take advantage of the beautiful views. The properties on the riverside also have moorings for boats.
However, the cheapest pocket is far from the seafront and beside the highway, reflecting in the median price which is $2.4m less at $817,000.
Whatever suburb you look in, you will find some streets with more expensive homes than those in other parts of the suburb.
And, if you are looking to buy into a top suburb – such as Toorak, Glenelg North, or Western Australia’s Mosman Park (between Perth and Fremantle) – but don’t have the budget for the most prestigious properties, moving into the cheapest pocket can give you access to all the amenities and good schools that the residents of the most expensive pockets enjoy.
