Cost To Own a Mansion in Every State in Australia

Cost To Own a Mansion in Every State in Australia Manish Khanna
Manish Khanna
Tuesday 23 Feb 2021

The stunning locale of Australia has become a safe haven for the super-rich in the pandemic-stricken world. Expats and local high-net-worth individuals are finding solace in waterfront homes and mansions overlooking scenic vistas amid COVID-19. The hidden away luxury properties in every state of the country are offering an oasis to live an ostentatious and protected life away from the gridlock of the cities. While the economy was dwindling in the past year, luxury property for sale in Australia continued to show excellent returns. The trend is set to continue in the New Year with the demand surging and government offering the required stimulus with the lowest interest rates.

With limited supply in the highly sought-after cities of Sydney and Melbourne, the prices are tipped to soar in the premium property segment. During 2019-20, NSW displayed the highest and Darwin had the lowest median property prices. These prices keep fluctuating depending on demand and supply. Thus, if you are planning to invest in a trophy home in the country, then here is a rundown on the cost to own mansions for sale in every state.

1. Luxury Property In New South Wales

Darling Point in Sydney witnessed the highest median house value in 2020, which was also the highest in the entire country. Half of the homes in harbourside of the suburb soared to more than $7.06 million. Other million-dollar postcode regions in the state include the suburbs of Sydney, such as Bellevue Hill with median house value of $5.72 million, Vaucluse at $5.39 million, Double Bay at $4.76 million and Woolwich at $4.2 million.

In September last year, a Point Piper waterfront property was sold for a whopping $95 million, which is the second-highest house sale ever documented. The highest one being the $100 million sales of the Fairwater mansion in 2018. The exceptional prices indicate that the premium property market has continued to stay resilient even through one of Australia's worst economic times. The buyers' confidence and low mortgage rates have ensured that the segment regains its top spot without any upheavals.   

2. Luxury Property In Queensland

Interstate buyers are making the prime property rates go up in the regional parts of Queensland. The beachfront homes in Gold Coast are among the most sought-after properties in the region. The demand originating from Sydney and Melbourne is growing at a fast pace and surpassing the limited supply of million-dollar mansions in the state.

The ultra-rich population is looking for lifestyle and work-life balance in the current conditions and is making a beeline for opulent homes in Brisbane and Sunshine Coast. With the government making every possible move to insulate the housing market from the downturn, there have been no distress sales in the region and the prices are going up. The prices in Sunshine Coast and Gold Coast took a leap of 25% since the hinterland offers the perfect escape to the wealthy segment looking for ample sun and sand. The median house price in Sunshine Coast reached $1.8 million and Miami, a suburb of Gold Coast, recorded the median price of $835,000.

3. Luxury Property In Victoria

The demand for luxury property has been growing considerably in the state with million-dollar sales taking place at a fast pace. The shortage of supply and intensified consumer demand have buoyed the prices. Toorak, a suburb of Melbourne, showcased a median value of$4 million, which was a surprise for many. Although the prices plummeted during the lockdown, the buyers are trying to make up for the lost time by offering the desired values for opulent homes.

In January 2021, the median value for houses and units rose by 0.4%, making the national values reach a new record high. Sellers are also catching up with new listings coming up in the market, but the strong demand has ensured that the prices do not fall. With the lesser stock up for sale, the willingness of the buyers is growing and leading to higher values and this trend will continue in 2021.

4. Luxury Property In Western Australia

According to the latest estimates, closet to 1000 properties in Perth were sold for more than $5 million in 2020. The highest value recorded for a transaction in the past year was $14 million for a waterfront house in Dalkeith. The super-rich is not holding back despite the pandemic hitting the country and economy taking a tumble. The prices are expected to go up further in 2021 as the high-net-worth individuals are eyeing the top-tier properties in Western Australia.

The western suburbs of Perth have become the centre of attraction as they offer splendid views along the Swan River. Mosman Park experienced two transactions worth $8 million and $8.5 million in last twelve months and another two in the range of $6 million. City Beach and Cottesloe were other hotspots that grabbed a lot of attention from buyers.

5. Luxury Property In South Australia

Villas and lavish homes in Adelaide and inner-city suburbs are the newfound interest of the affluent real estate investors. The low number of COVID-19 cases and the liveability factors of the state have made it a preferred choice among house hunters. The rural areas are also witnessing a boom in the prices along with the suburbs.

The affordability part and the low-interest rates have helped in generating interest in the state and high-end real estate segment is experiencing an unprecedented surge in prices. The large spaces are finding more buyers who are resorting to working from home and want bigger and swanky homes where they can spend a lot of time without getting bored or feeling cramped.

6. Luxury Property In Tasmania

Tasmania was not far behind with its luxury real estate witnessing a steady market as its most expensive homes are still affordable in comparison to the structures in other capital cities. Launceston has garnered all the praise and attention from the affluent buyers and recorded several million-dollar sales in 2020. Rosebery in the north-west also went up by 27.3%. The beauty and laidback lifestyle are the crowning glory of the region, which is close to the coastline and boasts of enchanting wineries and the stunning Cataract Gorge.

Conclusion

With the pandemic ravaging the world, the demand for opulent homes away from the noise and congestion has increased. Thus, if you are looking for luxury property for sale in Australia, then keep the median price values in mind to choose the best location.