PUBLICATION BY RAY WHITE
LUXURY AUSTRALIA’S REPORT
We’re delighted to introduce the first Ray White Luxury Report, providing unparalleled insights into Australia’s highend residential property market. As the nation’s leading real estate group, Ray White has an unmatched depth of data and expertise when it comes to luxury home sales.
This inaugural report leverages Ray White’s extensive data on property transactions across the country to offer a comprehensive overview of the luxury market. The report examines key trends and market performance in Australia’s most sought-after locations.
Ray White’s unique position in the market is a key strength of this report. As the agency that sells one in six homes priced above $5 million nationwide, we have an intimate understanding of the luxury property landscape. Our extensive national footprint and deep client relationships allow us to identify emerging trends and analyse market shifts with a level of granularity that is simply unmatched, as well as build our database of buyers in a higher price bracket.
Whether you’re a high-net-worth investor, a luxury homeowner, or simply have a keen interest in Australia’s premium real estate, the Ray White Luxury Report is an essential resource. Through incisive data analysis and expert commentary, this report offers a revealing window into the world of luxury property - providing the knowledge and insights you need to make informed decisions in this dynamic market.
Nerida Conisbee Chief Economist
EXECUTIVE SUMMARY
Australia’s luxury home market is in a unique position. With a growing wealthy population and historically high price volatility, the timing of luxury home purchases has never been more important. Currently, the market is experiencing an unprecedented surge in prices for prime and super-prime properties, largely driven by limited supply, as there are only so many properties that can be built in the most desirable locations near beaches, bays, and rivers. Homes with unique characteristics, such as exceptional views or proximity to water, are seeing even greater price appreciation.
The Australian luxury home market demonstrated strong long-term growth trends over the past decade (2014 to 2023) with luxury house prices outpacing median prices at 84 per cent compared to 70 per cent and luxury unit prices outpacing median prices at 58 per cent compared to 31 per cent.
Notably, Hobart led with a remarkable 122 per cent growth in luxury house prices and a 101 per cent growth in luxury unit prices. 2023 was a unique year though because for the first time in the past decade, median prices grew stronger than luxury prices.
In terms of transaction volume, the luxury home market experienced some notable shifts over the past decade. Melbourne dropped four per cent market share in luxury units and 12 per cent market share in luxury houses, while the Gold Coast emerged as a rapidly growing luxury unit market with a nine per cent increase in market share. Brisbane experienced substantial growth too with both luxury house and luxury unit prices surpassing the million-dollar threshold for the first time. Its luxury transaction growth rate in 2023 was the largest of any major city. Meanwhile, Sydney continues to dominate, accounting for 64 per cent of all luxury house sales nationally and 51 per cent of all luxury unit sales.
Overall, while 2023 saw stronger growth in median prices, the luxury market remains robust, particularly over a 10-year horizon. Regional disparities in growth rates and transaction volumes reflect varying market dynamics across Australian cities.
NATIONAL
PRICES
When comparing 2023 with 2014, luxury house prices increased by 84 per cent while median house prices grew by only 70 per cent. Hobart leads the growth rate race with 122 per cent across the last 10 years, while Brisbane follows close behind with 102 per cent growth.
Melbourne was the only major city where median house price growth exceeded luxury house price growth. Meanwhile, Perth showed the largest gap between growth rates with a 24.3 per cent gap between luxury and median house price growth rate. Sydney had the second largest gap at 21.8 per cent difference between luxury and median house price growth rates.
Likewise, luxury unit prices outpaced median unit prices by growing 58.3 per cent vs the latter’s 31.5 per cent. Hobart had the largest growth rate across major cities with 101 per cent for luxury and 102 per cent for median; it also happens to be the only city where median unit price growth was greater than luxury unit price growth.
Sydney is another standout as it not only has the second largest luxury unit price growth, but it also has the most expensive luxury unit prices, the largest difference between luxury and median price growth, and the largest difference between absolute luxury and median prices.
Overall, 2023 was a stronger year for median prices, but with an expanded time horizon of 10 years, luxury prices are the more bullish of the two.
Source: Neoval
SALES AND MARKET SHARE
2019 to 2022 was a very strong period for both the luxury house and luxury unit market with sales growing by 1.8 times and 1.5 times, respectively. In the face of this, the luxury house market corrected itself with a 10 per cent drop in sales for 2023, while the luxury unit market corrected itself with an eight per cent decline.
For the first time in Australia in the past decade, luxury price growth in both houses and units was smaller than median price growth. Luxury house prices increased by 6.2 per cent while median property prices increased by 7.7 per cent. The discrepancy in luxury units wasn’t as wide but median price growth was still greater at 5.7 per cent compared with luxury price growth at 5.5 per cent. COUNT OF LUXURY TRANSACTIONS -
Source: Ray White
In terms of distribution, Sydney has dominated the luxury house market with 64 per cent of all transactions taking place within the harbour city. This is up by 13 per cent from 2014. Melbourne, which comes in second, with a loss of four per cent of its share to end 2023 with only 19 per cent of all luxury house sales. No other city comes close to attracting the demand that Sydney (or even Melbourne) commands. Perth even saw a seven per cent drop in share from nine per cent in 2014.
COUNT OF TRANSACTIONS AS PER CENT OF TOTAL LUXURY HOUSE TRANSACTIONS
Source: Ray White
Although Sydney grew two per cent to end 2023 with a 51 per cent share of all luxury unit transactions, the spotlight must be turned to the drama between Gold Coast and Melbourne. While Melbourne’s share more than halved in value, the Gold Coast showed a nine per cent share growth between 2014 and 2023.
COUNT OF TRANSACTIONS AS PER CENT OF TOTAL LUXURY UNIT TRANSACTIONS
Sydney
Source: Ray White
TOP SUBURBS
It should come as no surprise then that Sydney dominates the top 10 suburbs for luxury house sales in 2023. Mosman comes first with 145 sales; a figure double that of runnerup Vaucluse. Toorak, Brighton and Kew are the only suburbs on the list outside of Sydney.
TOP SUBURBS FOR LUXURY HOUSE SALES (2023)
Count of house sales over $5M
Sydney Mosman
Sydney Vaucluse
Sydney Bellevue Hill
Melbourne Brighton
Sydney Woollahra Melbourne Toorak
Sydney Austral City
Melbourne Kew
Sydney
Sydney Paddington Strathfield
Source: Ray White
Unlike with luxury houses, the top sales for luxury units are not as concentrated in one suburb, but it is still dominated by Sydney. Mosman in Sydney was the suburb with the most luxury unit sales in 2023 followed closely by Darling Point and Pyrmont. Toorak in Melbourne, which comes in fourth, and Broadbeach in Gold Coast are the only suburbs not in Sydney that appear in the top 10.
TOP SUBURBS FOR LUXURY UNIT SALES (2023)
Count of unit sales over $3M
Sydney Mosman
Sydney Darling Point
Sydney Pyrmont
Melbourne Toorak
Sydney Bondi Beach
Sydney Chatswood
Sydney Sydney
Sydney Bellevue Hill
Sydney Gold Coast Elizabeth Bay Broadbeach
Source: Ray White
SYDNEY
In 2023, Sydney luxury home prices sat at $3.9 million, 93.3 per cent greater than it was in 2014. During the same period, median prices grew by only 71.6 per cent to create the largest price growth gap among major cities. With median price at $1.4 million, Sydney also has the largest luxury to median house price ratio among major cities.
HOUSE PRICES PER YEAR - MEDIAN VS LUXURY
Source: Neoval
Trends in the house market are only magnified in the unit market. Here, Sydney showed an even larger difference not only in price growth, but also in absolute prices. In 2023, luxury unit prices were recorded at $2.1 million (+72.2 per cent vs 2014) while median unit prices were recorded at only $794,000 (+25.4 per cent vs 2014).
Source: Neoval
Zooming into 2023, this was the first year that Sydney’s median house prices grew greater than luxury house prices. Luxury house prices increased 5.9 per cent from 2022 while median prices increased 6.7 per cent. No trend changes were seen in unit market prices with luxury unit price growth at 5.4 per cent and median unit price growth at only 4.2 per cent.
PER CENT PRICE GROWTH FROM 2022 TO 2023 - HOUSE VS UNIT
Source: Neoval
Despite such a dramatic increase in prices, Sydney is selling seven times more luxury houses and units now than it was 10 years ago. In 2023, Sydney sold 1,782 luxury houses and 683 luxury units. Although this is very high, relative to the past 10 years, luxury house transactions still dropped four per cent from 2022, while luxury unit transactions dropped two per cent. The shape of the trend is similar to that seen in national sales volume, but the drop between 2022 and 2023 was not as steep.
SYDNEY MIRRORS THE TRENDS FOUND IN NATIONAL; LUXURY EASED IN 2023
Source: Neoval
Mosman is Sydney’s top suburb for luxury houses with a significant gap from runnerup suburb, Vaucluse. Distribution of luxury unit sales, on the other hand, is more evenly spread out. Still, Mosman comes out on top, followed by Darling Point.
SYDNEY TOP SUBURBS FOR LUXURY HOUSE SALES (2023)
Count of house sales over $5M
Mosman
Vaucluse
Bellevue Hill
Woollahra
Austral
Paddington
Rose Bay
Strathfield
Dover Heights
Bronte
Source: Ray White
SYDNEY TOP SUBURBS FOR LUXURY UNIT SALES (2023)
Count of unit sales over $3M
Suburb
Mosman
Darling Point
Bondi Beach
Chatswood
Sydney Pyrmont
Bellevue Hill
Elizabeth Bay
Double Bay
Palm Beach
Source: Ray White
MELBOURNE
Melbourne was the only major city where median house price growth across the last 10 years was greater than the luxury house price growth, albeit the difference may be negligible enough to say growth rate has been equal. Luxury house price in 2023 sat at $2.5 million (+70.7% vs 2014) while median house price sat at $933,000 (71.1% vs 2014).
MELBOURNE HOUSE PRICES OVER THE PAST 10 YEARS
Source: Neoval
The price landscape in units couldn’t be farther from houses though. Melbourne’s luxury unit prices far outperformed median unit prices by growing 50.9 per cent vs the latter’s 27.4 per cent – almost double the growth rate. 2023 ended with Melbourne luxury house price at $1.3 million and median house price at $603,000.
MELBOURNE UNIT PRICES OVER THE PAST 10 YEARS
Source: Neoval
LUXURY
LUXURY
MEDIAN
MEDIAN
Considering the time between 2022 and 2023, Melbourne was the only city where luxury prices grew greater than median prices, but it was also the city with the lowest price growth across major cities. Luxury house prices increased by 4.5 per cent, just slightly higher than median house price growth rate of 4.2 per cent. Luxury unit prices increased 4.5 per cent, while median unit prices only rose 2.9 per cent.
PER CENT PRICE GROWTH FROM 2022 TO 2023 - HOUSE VS UNIT
Source: Ray White
In terms of transaction volume, Melbourne saw the most significant drop across all major cities with luxury house transactions falling by 24 per cent to 525 houses and luxury unit transactions falling by 20 per cent to 131 units. Despite this, Melbourne is still growing. Compared to 10 years ago, Melbourne is selling almost five times more luxury houses and two times more luxury units.
Source: Ray White
Toorak emerged as the most popular suburb for both luxury houses and luxury units with 65 houses and 29 units sold, respectively. The runner-up for luxury house sales was Brighton with 53 houses, then Kew with 39. For luxury units, Toorak was very much the dominant suburb. The runner-up, Melbourne (CBD), had almost half of Toorak transactions with 15 units sold.
MELBOURNE TOP SUBURBS FOR LUXURY HOUSE SALES (2023)
Count of house sales over $5M
Toorak
South Yarra
Armadale
Hawthorn
Canterburry
Source: Ray White
MELBOURNE TOP SUBURBS FOR LUXURY UNIT SALES (2023)
Count of unit sales over $3M
Toorak
Brighton
South Yarra
Kew
Hawthorn
St Kilda
Balwyn
Ray White
GOLD COAST
In stark contrast to Melbourne, the Gold Coast was the fastest-growing luxury unit market in Australia. Since 2020, luxury units on the Gold Coast have exploded to surpass its luxury house market. Transactions peaked at 133 luxury units sold, a 1.5 per cent increase from 2022 and an increase times 25 from 10 years ago. No doubt luxury houses are growing too on the Gold Coast, just not at the same rate as luxury units. The Gold Coast sold 97 luxury houses in 2023, a six per cent decrease from its peak in 2022. Still, this is 11 times more than 10 years ago.
COUNT OF LUXURY TRANSACTIONS - HOUSE VS UNIT
Source: Ray White
The number one suburb for luxury house sales was Palm Beach with 24 houses, followed closely by Hope Island with 17, Surfers Paradise with 16, and Broadbeach Waters with 15. When it comes to luxury units, Broadbeach is the most popular with 23 units sold, while the runner-up spot is shared by Mermaid Beach and Palm Beach which both sold 16 luxury units.
GOLD COAST TOP SUBURBS FOR LUXURY HOUSE SALES (2023)
Count of house sales over $5M
Hope Island
Surfers Paradise
Broadbeach Waters
Point
Currumbin
Mermaid Beach
Source: Ray White
GOLD COAST TOP SUBURBS FOR LUXURY UNIT SALES (2023)
Count of unit sales over $3M
Broadbeach
Mermaid Beach
Surfers Paradise
Main Beach
Coolangatta
Hope Island
Burleigh Heads
Benowa
Bundall
Broadbeach Waters
Source: Ray White
BRISBANE
Brisbane saw the second largest luxury house price growth among major cities with a 102.5 per cent jump between 2014 and 2023. It also had a very significant difference from the median house price growth rate which sat at 82.3 per cent over the same period. Brisbane ended 2023 with luxury prices at $1.8 million and median prices at $838,000.
BRISBANE HOUSE PRICES OVER THE PAST 10 YEARS
Source: Neoval
Luxury unit price growth was more muted at 50.8 per cent to end 2023 at $1.1 million. Still, this is a remarkable feat as this marks the first year that luxury unit prices passed the million-dollar threshold. Median unit price growth over the past decade, on the other hand, was at 35 per cent to end 2023 at $554,000. Similarly to luxury houses, luxury units can credit the majority of their price increase to the period between 2020 and 2023.
BRISBANE UNIT PRICES OVER THE PAST 10 YEARS
Source: Neoval
LUXURY
If we look only at 2023, Brisbane luxury house prices increased by 8.9 per cent while luxury unit prices increased by 10.1 per cent. Brisbane’s luxury unit price growth was the largest of any major city in 2023. Still, this was the first time in 10 years that median price growth for both property types exceeded that of luxury price growth.
PER CENT PRICE GROWTH FROM 2022 TO 2023 - HOUSE VS UNIT
Source: Neoval
Moving to transaction volume, Brisbane grew steadily during the years between 2014 and 2021 before dropping briefly in 2022 and then recovering strongly in 2023. Brisbane sold 126 luxury houses and 102 luxury units in 2023. Its luxury house growth rate was the largest of any major city at a 42 per cent increase vs 2022. Luxury unit transactions grew significantly as well at a rate of 26 per cent compared with 2022. Only Perth can boast a greater luxury unit growth rate.
Source: Ray White
Hamilton was the top suburb for luxury houses with 13 transactions, followed by Park Ridge with 11 transactions. New Farm came third in terms of luxury house transactions, but it came first in luxury units with 18 unit transactions. Newstead was the runner-up for luxury units with 13 transactions.
BRISBANE TOP SUBURBS FOR LUXURY HOUSE SALES (2023)
Count of house sales over $5M
Hamilton
Park Ridge
Morayfield
Hawthorne
Ascot New Farm
Rochedale
Bridgeman Downs
Teneriffe
Kangaroo Point
Source: Ray White
BRISBANE TOP SUBURBS FOR LUXURY UNIT SALES (2023)
Count of unit sales over $3M
Suburb
New Farm
Newstead
Brisbane City
Kangaroo Point
South Brisbane
North Lakes
Teneriffe
Eight Mile Plains
Brendale
Toowong
Source: Ray White
PERTH
Perth ended 2023 with luxury house prices sitting at $1.7 million, a 49.3 per cent increase from 2014. Median prices, on the other hand, increased by only 25.1 per cent to end 2023 at $676K. Considering that prices only really began to increase in 2018, the growth of prices in Perth is astounding.
PERTH HOUSE PRICES OVER THE PAST 10 YEARS
Source: Neoval
The shape of trends in luxury units was similar with prices only beginning to increase in 2018, however, the growth rate for luxury unit prices was not as explosive. Between 2014 and 2023, luxury unit prices grew by only 15.3 per cent to just pass the $1 million mark. Median prices stayed flat with a growth rate of just 0.7 per cent to end 2023 at $453,000.
PERTH UNIT PRICES OVER THE PAST 10 YEARS
Source: Neoval
LUXURY
LUXURY
The story in Perth is very different when we zoom into just 2023. Among major cities, Perth saw the largest luxury house price growth with 15.12 per cent in 2023, five percentage points higher than the runner-up city. Median prices of houses in Perth grew the greatest of all major cities and all property types at 16.38 per cent. Even if it may not look like it in comparison, luxury unit price growth in 2023 was also very impressive at 8.93 per cent. This was the first time in the last decade that median prices grew greater than prices in the 95th percentile.
Source: Neoval
In terms of transaction volume, the luxury house market in Perth was the only one to decline two years in a row, whereas the luxury unit market was its antithesis with its stable and almost perfectly linear growth. Perth sold 67 luxury houses and 23 luxury units in 2023
COUNT OF LUXURY TRANSACTIONS - HOUSE VS UNIT
Source: Ray White
The top suburb for luxury house transactions was shared between Cottesloe and Dalkeith with 11 transactions respectively. Mosman Park followed not far behind with 10 luxury house transactions in 2023. For luxury units, the top suburbs were South Perth with eight unit transactions then North Fremantle with six unit transactions.
PERTH TOP SUBURBS FOR LUXURY HOUSE SALES (2023)
Count of house sales over $5M
Cottesloe
Nedlands Mosman Park
South Perth City Beach Swanbourne Applecross Peppermint Grove
Source: Ray White
PERTH TOP SUBURBS FOR LUXURY UNIT SALES (2023)
Count of unit sales over $3M
Suburb
South Perth
North Fremantle
Cottesloe
Claremont
Applecross West Perth
Dalkeith
Fremantle
Ridgewood
Peppermint Grove
Source: Ray White
ADELAIDE
Adelaide ended 2023 with luxury house prices at $1.6 million, 2.2 times more than in 2014 and a 9.2 per cent increase from 2022. For the first six years of the last decade, luxury house prices increased incrementally, but once the $1 million threshold was passed in 2020, luxury prices surged to peak in 2023. Median prices have followed a similar but more muted trend.
ADELAIDE HOUSE PRICES OVER THE PAST 10 YEARS
Source: Neoval
Luxury unit prices saw a similar burst in prices post-2020. Between 2014 and 2020, prices grew at an average annual rate of 1.3 per cent, but between 2021 and 2023, this rate jumped to an average of 11.9 per cent per year. Luxury unit prices peaked in 2023 at $994,000, just shy of the million-dollar mark.
ADELAIDE UNIT PRICES OVER THE PAST 10 YEARS
Source: Neoval
MEDIAN LUXURY
MEDIAN
LUXURY
Although the last decade was very positive for luxury prices as a whole, 2023 was slightly better for median prices. Median house prices grew 10.3 per cent compared with 2022, outperforming luxury house price growth by 1.1 per cent. Similarly, median unit price growth outperformed luxury unit price growth by 1.3 per cent. Still, this does not discount the fact that Adelaide had the second-fastest price growth among major cities during 2023.
Source: Neoval
Moving to transaction volume, Adelaide’s 10-year trend has been very positive. In 2014, it only sold four luxury houses and seven luxury units. Fast forward to 2023 and luxury house transactions increased by 6.7 times to 27 while luxury unit transactions increased by 5.7 times to 40. This already accounts for the 7.5 per cent drop in luxury house transactions in 2022 and the more recent 25 per cent drop in luxury unit transactions in 2023.
Source: Ray White
The top suburb for luxury house sales was shared by North Adelaide and St Peters who both had three transactions in 2023. Medindie, Mitcham, Walkerville, and Unley Park came second with two luxury house transactions each in 2023. Distribution of transactions is not as evenly distributed for luxury units with Dulwich taking the lion’s share with eight transactions in 2023. The runner-up spot was shared by Adelaide, Glenelg, and Unley with three transactions each.
ADELAIDE TOP SUBURBS FOR LUXURY HOUSE SALES (2023)
Count of house sales over $5M
North Adelaide
St Peters
Medindie
Mitcham
Walkerville
Unley Park
Tusmore
Tennyson
Henley Beach
Beaumont
Source: Ray White
ADELAIDE TOP SUBURBS FOR LUXURY UNIT SALES (2023)
Count of unit sales over $3M
Dulwich
Glenelg
Unley
North Adelaide
Grange
Adelaide Glenelg South
Glenelg North
Somerton Park
Source: Ray White
CANBERRA
The capital saw the largest percentage drop in transaction volume for both property types. Luxury houses had the most significant drop as it was cut by more than half to end 2023 with only 23 luxury house transactions. Luxury units were cut by a third from its peak in 2022 of 42 transactions to just 27 transactions in 2023. Still, absolute sales volumes were higher than when it was in 2021.
COUNT
OF LUXURY TRANSACTIONS - HOUSE VS UNIT
Source: Ray White
Red Hill was the number one suburb for luxury house sales with eight transactions in 2023. Forrest follows with six luxury house transactions, then Kingston and Deakin with three transactions each. The order is almost reversed in luxury units: Kingston comes first with eight transactions followed by Forrest, Yarralumla, Red Hill, and Lyneham with three transactions each.
CANBERRA TOP SUBURBS FOR LUXURY HOUSE SALES (2023)
Count of house sales over $5M
Red Hill
Griffith
Source: Ray White
CANBERRA TOP SUBURBS FOR LUXURY UNIT SALES (2023)
Count of unit sales over $3M
Kingston
Forest
Yarralumla
Red Hill
Lyneham
Braddon
Narrabundah
Griffith
Turner
Source: Ray White
HOBART
Hobart saw the greatest house price growth among major cities from 2014 to 2023, with luxury house prices growing 122 per cent to end at $1.5 million and median house prices growing 112 per cent to end at $742,000. One factor this impressive jump can be attributed to was that Hobart luxury prices in 2014 were the lowest of any major city at $664,000 compared to the average at the time of $1.1 million.
HOBART HOUSE PRICES OVER THE PAST 10 YEARS
Source: Neoval
Hobart also commanded the largest 10-year growth for unit prices, but it was also the only major city where median unit price growth outpaced that of luxury units. Hobart started the last decade with luxury unit prices at $520,000 then peaked in 2023 at $1.04 million, a 100 per cent increase. Median unit prices, on the other hand, grew by 102 per cent from $279,000 to $564,000.
HOBART UNIT PRICES OVER THE PAST 10 YEARS
Source: Neoval
MEDIAN
MEDIAN
LUXURY
LUXURY
If we zoom into 2023 alone, both luxury house price growth and luxury unit price growth were overshadowed by their median counterparts. Luxury house prices grew by 4.6 per cent compared to median house price growth of 5.3 per cent, while luxury unit prices grew by 3.7 per cent compared to median unit price growth of 5.3 per cent. Relatively speaking, it was a muted year for Hobart in terms of price growth.
Source: Neoval
In terms of transaction volume, Hobart did not have a very good year in 2023. Luxury house transactions fell by 47 per cent to 14 transactions from its 2022 peak of 21. The impact on luxury units was not as drastic; transactions fell by only 14 per cent to 48 from its 2022 peak of 56. With this last change in sales, Hobart can be seen to sell five more luxury units for every luxury house.
Source: Ray White
Sandy Bay was the favourite suburb for both luxury houses and luxury units with five house transactions and 20 unit transactions in 2023. Old Beach was the second favourite suburb for luxury houses with two transactions, while Battery Point and Hobart shared the second spot for luxury units with nine transactions each.
HOBART TOP SUBURBS FOR LUXURY HOUSE SALES (2023)
Count of house sales over $5M
Sandy Bay
Bridgewater Old
South Hobart
New Norfolk North Hobart
Battery
Source: Ray White
HOBART TOP SUBURBS FOR LUXURY UNIT SALES (2023)
Count of unit sales over $3M
Sandy Bay
Hobart
Kingston Beach
Tranmere
North Hobart
Blackmans Bay
Sandford
Taroona
Source: Ray White
DARWIN
Darwin luxury house prices grew by 18.3 percent between 2014 and 2023, the smallest growth rate of any major city. This is because, for the first half of the last decade, luxury house prices in Darwin fell steadily at an average rate of 3.2 per cent per year before bouncing back to end the latter half just past the $1 million mark. Median house price growth between 2014 and 2023 was even smaller at just 4.7 per cent.
Source: Neoval
Darwin unit prices were the only ones that fell between 2014 and 2023. Darwin luxury unit prices dropped by 0.6 per cent from $728,000 in 2014 to $724,000 in 2023, while median unit prices dropped 11.8 per cent from $440,000 to $388,000. Darwin now has the lowest house and unit prices among major cities.
Source: Neoval
DARWIN HOUSE PRICES OVER THE PAST 10 YEARS
DARWIN UNIT PRICES OVER THE PAST 10 YEARS
MEDIAN
MEDIAN
LUXURY
DARWIN
If we consider just 2023, Darwin was one of the few major cities where luxury house price growth at 8.6 per cent surpassed median house price growth at 8.2 per cent. Luxury unit price on the other hand only grew 5.2 per cent from 2022, while median unit price grew 7.5 per cent from 2022. Importantly, Darwin’s price growth in 2022 was greater than the national average.
PER CENT PRICE GROWTH FROM 20222 TO 2023 - HOUSE VS UNIT
Source: Neoval
Besides having the lowest prices, Darwin also has the lowest number of luxury transactions among major cities. In 2023, it sold only five houses worth more than $3 million and only eight units worth more than $1 million. Because numbers are so low, percentage changes look very significant.
Source: Ray White
These five luxury house transactions can be found in the suburbs of Larrakeyah (2), Darwin City (2), and Palmerston City (1), while the eight luxury unit transactions can be found in Fannie Bay (4), Darwin City (3), and Larrakeyah (1).
DARWIN TOP SUBURBS FOR LUXURY HOUSE SALES (2023)
Count of house sales over $5M
Larrakeyah
Darwin City
Palmerton City
Berrimah
Stuart Park
Fannie Bay
Woolner
Rapid Creek
Johnston
Wagaman
Source: Ray White
DARWIN TOP SUBURBS FOR LUXURY UNIT SALES (2023)
Count of unit sales over $3M
Suburb
Fannie Bay
Darwin City
Berriman
Stuart Park
Palmerson City Larrakeyah
Woolner
Rapid Creek
Johnston
Wagaman
Source: Ray White
of Luxury Unit Sales
* Houses that sold for more than $5 million were considered to be luxury houses, and units that sold for more than $3 million were considered luxury units. This condition was held for all states except for Adelaide, Canberra, Hobart, and Darwin, where sale values are smaller. For Adelaide and Canberra, the condition for luxury houses was at least $4 million and the condition for luxury units was as least $2 million. For Hobart and Darwin, the condition for luxury houses was at least $3 million and the condition for luxury units was as least $1M.
** Luxury prices are defined in this report as the 95th percentile of the Neoval Distribution Index.
