The year 2022 was a tumultuous one for Australian real estate, but there were a handful of suburbs which maintained their billion-dollar status.
PropTrack has revealed the top suburbs which made it big in 2022 as the property market shifted from 2021’s unprecedented conditions.
“There are still a handful of suburbs that made the billion-dollar club in 2022, but with rising interest rates, home prices experienced nine consecutive months of declines nationally in 2022,” said PropTrack senior economist Eleanor Creagh (pictured above).“While some blue-chip suburbs managed to grasp on to their billion-dollar status, their total sales values were well down on the year prior.”
The billion-dollar suburbs nationwide based on total value of sales for houses and units in 2022:
|
Rank
|
Suburb
|
Total value of sales 2022
|
Year-on-year change
|
|---|---|---|---|
|
1
|
Mosman, NSW
|
$1,647,710,425
|
-27%
|
|
2
|
Brighton, VIC
|
$1,417,688,027
|
-15%
|
|
3
|
Kew, VIC
|
$1,044,394,803
|
-2%
|
The top regional hotspots for total value of sales:
|
Rank
|
Suburb
|
Total value of sales 2022
|
Year-on-year change
|
|---|---|---|---|
|
1
|
Surfers Paradise, QLD
|
$1,079,162,553
|
-27%
|
|
2
|
Port Macquarie, NSW
|
$933,448,331
|
+2%
|
|
3
|
Buderim, QLD
|
$760,504,914
|
-11%
|
“Looking at suburbs with the largest total value of sales in the 2022 calendar year, the suburbs that top the list are geographically larger or higher density, higher value suburbs with more properties transacted at higher prices,” Creagh said.
“In the coming months, we expect home prices will continue to fall as rising interest rates and the significant reduction in borrowing capacities weigh on buyers. This may see total sales values dip further in 2023, although price falls will likely ease if the Reserve Bank pauses its tightening cycle in the first half of the year.”
Metro suburbs with the highest total value of sales in 2022:
|
Rank
|
Suburb
|
Total value of sales 2022
|
Year-on-year change
|
|---|---|---|---|
|
1
|
Mosman, NSW
|
$1,647,710,425
|
-27%
|
|
2
|
Brighton, VIC
|
$1,417,688,027
|
-15%
|
|
3
|
Kew, VIC
|
$1,044,394,803
|
-2%
|
|
4
|
Glen Waverley, VIC
|
$967,030,589
|
-13%
|
|
5
|
Castle Hill, NSW
|
$932,117,854
|
-21%
|
|
6
|
Toorak, VIC
|
$891,639,127
|
-21%
|
|
7
|
Mount Waverley, VIC
|
$882,861,097
|
-11%
|
|
8
|
St Ives, NSW
|
$881,609,356
|
-8%
|
|
9
|
Randwick, NSW
|
$868,554,008
|
-30%
|
|
10
|
Manly, NSW
|
$841,739,500
|
-27%
|
Regional suburbs with the highest total value of sales in 2022:
|
Rank
|
Suburb
|
2022
|
Year-on-year change
|
|---|---|---|---|
|
1
|
Surfers Paradise, QLD
|
$1,079,162,553
|
-27%
|
|
2
|
Port Macquarie, NSW
|
$933,448,331
|
2%
|
|
3
|
Buderim, QLD
|
$760,504,914
|
-11%
|
|
4
|
Southport, QLD
|
$674,891,075
|
-13%
|
|
5
|
Hope Island, QLD
|
$633,729,513
|
-30%
|
|
6
|
Palm Beach, QLD
|
$580,845,774
|
-12%
|
|
7
|
Maroochydore, QLD
|
$579,087,861
|
-7%
|
|
8
|
Robina, QLD
|
$554,845,716
|
-4%
|
|
9
|
Orange, NSW
|
$505,498,832
|
-7%
|
|
10
|
Upper Coomera, QLD
|
$502,260,975
|
1%
|
The January PropTrack Home Price Index revealed Australian home prices nationally slipped 0.21% during December, however nationally, prices still remained 29% higher than their pre-pandemic levels.
“At a national level, property prices are now sitting 4.25% below their peak,” said PropTrack economist Anne Flaherty. “Performance has been mixed across markets, however the largest falls were recorded in the more expensive capital cities of Sydney, Melbourne and Canberra, while more affordable markets have displayed greater resilience.”
Meanwhile, CoreLogic revealed new listings coming to market were off to a relatively soft start in 2023 after a lacklustre listings season through spring and early summer in 2022.
On Wednesday, CoreLogic said the total number of properties listed for sale through the final quarter of 2022 was tracking well below average levels. They started the year with a 31.5% dip from the previous five-year average and were 2.9% lower than at the same time last year.
Tim Lawless, CoreLogic executive research director Asia-Pacific said the shortage of new listings came at a time of below-average demand.
“Through the December quarter last year, the number of home sales was estimated to be 27.3% lower than at the same time in 2021 and 6.6% below the previous five-year average,” Lawless said.
“If a normal, or above-average number of properties were being added to the market amid a slower rate of absorption, we would have seen total advertised stock levels rising which could amplify price falls.”
What trends do you forecast for property this year? Share your thoughts in the comment section below.
