Sydney's Point Piper tops median value for houses in 2016

Sydney's Point Piper tops median value for houses in 2016
Sydney's Point Piper tops median value for houses in 2016

The eastern Sydney suburb of Point Piper topped the country in median value for houses in 2016, says CoreLogic in its list of Top Performing National Suburbs.

The suburb’s median value was $6,629,180 and there were 10 sales recorded.

Darling Point, another eastern suburb in the city, followed close behind with a median house value of $6,628,801, according to CoreLogic.

The Point Piper median came without the formal inclusion of the Altona sale as its price has emerged as $61.8 million, having previously been understood to be $60 million plus.

But as an example of the median, Property Observer found a five-bedroom house at 2 Wunulla Road, Point Piper (above) which was sold in March this year for $6,450,000 under the hammer.

The deal was brokered by The Agency.

Sydney dominated the top 10 list of suburbs with the highest median value with five of the top 6 spots. The only outsider was Melbourne’s Toorak.

The high median price was consistent with recent CoreLogic data, which showed dwelling values in Sydney and Melbourne are rising at more than 10 percent per annum.

The increase in home values has taken the total value of residential property nationally to $6.7 trillion at the end of October 2016, according to CoreLogic.

The most expensive house sale Property Observer found on RP Data was at 158 Wolseley Road. This seven-bedroom waterfront house from the 1890s sold in May 2016 for $21 million through LJ Hooker.

It was on the market for more than 300 days. To put things into perspective, the house last changed hands for just $3,500 in 1998, according to RP Data. 

Sydney's Point Piper tops median value for houses in 2016

Another high-value sale in 2016 was a five-bedroom house at 8 Wentworth Place, Point Piper (below) that changed hands in November for $9,100,000.

The selling agent was Brad Pillinger of Pillinger. It last changed hands in November 1996 for $1.9 million. 

Sydney's Point Piper tops median value for houses in 2016

The cheapest, still above $4.5 million, was a four-bed house at 4 Wolseley Road, Point Piper that sold for $4,550,000 through BradfieldCleary in May.

Tags: 
Point Piper Trophy Sale

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