Sydney suburb’s crack $2m median

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The most expensive apartments across major Australian cities can be found in Sydney’s Barangaroo, where the median unit price is close to hitting the $3m mark, according to a study by Knight Frank.

The median price for an apartment in Barangaroo was $2.9m in the third quarter of 2019. It is one of the three suburbs in Sydney where median unit prices are over $2m.

Apartments in Point Piper and Miller Point are also amongst the costliest, with respective median prices of $2.8m and $2.4m.

In Melbourne, Brighton has the highest median unit price at $947,500.

One suburb in Brisbane managed to outpace Brighton in terms of median value. Tennyson dominates Brisbane’s luxury apartment market with a median price of $1.05m. The next Brisbane suburb on the list is Seven Hills, which has a median price of $679,900.

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Of all the major cities for luxury apartments, Gold Coast was the most popular spot for homebuyers. The city had the highest portion of apartment sales between $3m and $5m from the third quarter of 2016 to 2019 at 26%. Brisbane followed with 22% and Sydney with 21%.

The table below shows the ten most expensive suburbs for apartments in Sydney, Melbourne, Brisbane, Perth, and Golden Coast:

Most Expensive Prime Unit Markets in Major Australian Cities