Unit market prices jump sky high

Image at top: 5/103 Kangaloon Rd, Bowral

Defined as properties priced in the 95th percentile of all units sold, luxury units now command on average a $1.6 million price tag, marking a 2.9 per cent increase from the previous year and a substantial 27.6 per cent jump over the past five years. In contrast, the geometric mean unit price hovers around $668,409 – just over a third of their high-end counterparts.

Among capital cities and regional areas, Sydney leads the way as the most expensive luxury unit market, with unit prices averaging $2.2 million. Regional Queensland, encompassing the popular Sunshine Coast and Gold Coast, follows with luxury unit prices at $1.5 million and an exceptional five-year growth rate of 62.2 per cent – the highest among all regions.

Although Melbourne is the third most expensive luxury unit market, its growth has slowed to just 16 per cent over the last five years. It wouldn't be hard to imagine Brisbane moving up the ranks with its 50.9 per cent five-year growth and 9.6 per cent one-year growth rate.

Finally, regional New South Wales stands out, surpassing most capital cities to become the fourth most expensive market, driven by areas such as Byron Bay, Tweed Heads, and Newcastle.

The list of Australia's top 10 most expensive suburbs for luxury units is predominantly Sydney-centric, with eight out of ten locations.

The Eastern Suburbs claim four spots, while the Northern Beaches secure two. Double Bay - Darling Point leads the pack with an astonishing average price of nearly $6.2 million, followed closely by Bellevue Hill at $5.6 million. Woollahra and Bayview-Elanora Heights round out the list at $4 million each.

The two suburbs not found in Sydney are Noosa Heads on the Sunshine Coast and Main Beach on the Gold Coast, both renowned for their appeal to tourists and locals alike, offering a blend of natural beauty and luxury living. Besides very high price points, all suburbs have also seen positive one-year and five-year price growth, indicating that demand remains strong for these ultra-prestige areas.

While Sydney dominates in terms of absolute prices, Queensland has been making waves with its incredible growth rates. The Sunshine Coast takes two spots, Brisbane has another two, while the Gold Coast commands the remaining six. These high-performing Queensland markets have seen five-year growth rates ranging from 65.5 per cent to an impressive 72.2 per cent, with luxury unit prices spanning from $2.1 million to $3.5 million.

Buddina-Minyama on the Sunshine Coast leads the pack with a remarkable 72.2 per cent five-year price growth, although it paradoxically boasts the lowest luxury unit price in the top 10 at $2.1 million. At the other end of the spectrum, Coolangatta stands out as the most expensive, with luxury units fetching $3.5 million.