PHOTO: Sydney, Australia
One Sydney LGA is now home to such pricey property that its real estate is worth more than all the dwellings in two capital cities combined.
One of Sydney’s 12 local government areas is home to such pricey property that the total value of residential real estate within its boundaries is worth more than all the dwellings two capital cities combined.
The great price gap between Sydney homes and the rest of the country is evident in new research compiled by CoreLogic for News Corp that breaks down the total value of residential housing in Australia’s most expensive LGAs.
With a total value of housing sitting at $215.9 billion within its 254sq km, Sydney’s affluent Northern Beaches Council area is worth more than the collective value of both Canberra and Hobart at $143 billion and $62.3 billion respectively.
Sydney’s affluent Northern Beaches Council area is worth more than the collective value of both Canberra and Hobart. Picture: Supplied
Despite both the national capital and the Tasmanian capital experiencing extraordinary property price growth over recent years, real estate in the two cities is still worth $10 billion less than in the single Sydney LGA.
“Northern Beaches has nearly 100,000 dwellings, which is actually more dwellings than Hobart has so that obviously explains part of it, but then Canberra has another 171,000 dwellings.” Tim Lawless, head of research at CoreLogic explains.
However, what really pushes up the Northern Beaches is just the simple fact that houses are so expensive. The typical home price there is about $2 million.
“This highlights that there are enclaves around the Sydney market where housing prices are just extraordinarily high, and that’s the key reason we’re seeing some small regions across the city’s metropolitan area worth more than entire capital cities — or several capital cities combined,” he said.
Mr Lawless explained that analysing dwelling price growth in recent years it is clear that Sydney’s trajectory has been exceptional.
Priciest property per square kilometre. Source: CoreLogic.
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