The best performing housing market in the country added almost 30 per cent to its property prices this year despite being in the middle of a global pandemic.
CoreLogic's "Best of the Best" report revealed Sunshine Beach, a suburb of Noosa in Queensland, had the best performing house prices over the past 12 months.
In just one year Sunshine Beach's house prices rose by an eye-watering 27.6 per cent, the largest capital gain in one year of any suburb in the country.
CoreLogic's Head of Research Australia, Eliza Owen, said COVID-19 prompted many to think of the lifestyle associated with such properties.
"The relative popularity of lifestyle markets is evident in our report, and regional Australia out-performed the combined capital cities market," Ms Owen said.
"With the exception of the highest median value suburbs, our Best of the Best report is dominated by high performing regional areas across the country.
"Sunshine Beach on the Sunshine Coast has seen the highest annual capital growth in houses nationally, compared with 2019 when St Kilda in Melbourne saw the highest housing growth."
The suburb with the highest median house value is Darling Point in Sydney, where the middle range of properties on offer go for an average of $7 million.
The suburb with lowest median value is Norseman in Western Australian, where you can pick up a house for just $58,582.
Ms Owen said Darling Point's win this year showed how luxury markets are relatively stable, despite global uncertainty.
"The Best of the Best report for 2020 highlights the resilience of luxury markets in Australia, where the highest median house value was once again in Darling Point, and the highest median unit value was found in Point Piper, as with 2019," Ms Owen said.
"This is not to say these suburbs have been unaffected by the pandemic; indeed the high end of the Sydney market is generally more volatile to changes in economic conditions.
"However, this volatility also tends to see a rapid recovery in the wake of lower mortgage rates and an improvement in consumer sentiment."
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The data also broke down the best performing suburbs in terms of capital gain for each state and territory.
For NSW it was Bombala in the Monaro Region (up 22.6 per cent), in Victoria it was Murtoa in the state's north-west (up 22.4 per cent) and for South Australia it was Port Elliot in the south-east (up 23.7 per cent).
In Western Australia it was Wannanup in Mandurah (up 17.2 per cent), in Tasmania it was Rosebery in the north-west (up 27.3 per cent) and in the Northern Territory it was Alawa in Darwin, which gained 24 per cent of value.
Last but not least, Flynn was the best performing suburb in the nation's capital, adding 15.5 per cent of value.
Australia's most expensive suburbs 2020
State: | Suburb: | Median Value: |
NSW | Darling Point, Sydney | $7 million |
Victoria | Toorak, Melbourne | $4 million |
Queensland | Teneriffe, Brisbane | $1.859 million |
South Australia | Unley Park, Adelaide | $1.4 million |
Western Australia | Peppermint Grove, Perth | $2.4 million |
Northern Territory | Lyons, Darwin | $720,580 |
ACT | Forrest | $3.125 million |
Tasmania | Battery Point, Hobart | $1.18 million |
*CoreLogic's Best of the Best Report 2020
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