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Staff Reporter
Australia's top performing markets have been identified by RP Data.
Point Piper in Sydney's eastern suburbs recorded the highest median sales prices for both units and houses, while the suburb of Brewarrina in North Western Australia was found to be the suburb with the most affordable median sales price – sitting at just $35,000.
When compiling the analysis for the property market over 2011, RP Data analyst Cameron Kusher said that it was not surprising to find that 2011 was the weakest performing year for the residential housing market where based on capital city home values, falls of 4.0 per cent over the year were recorded.
Mr Kusher said the fact that housing credit growth has been extremely limited ultimately affected sales in 2011.
In addition, Mr Kusher said the low sales activity could be blamed on low consumer confidence and affordability barriers.
Despite this, some suburbs performed incredibly well throughout the year, including Sandy Point in Gippsland Victoria, which recorded a 49 per cent increase in median sales prices over the year to December 2011.
In terms of sales activity, Sydney's northern suburb of Mosman was by far the most popular suburb for houses, with more than $707 million of property exchanging hands over the year.
Meanwhile, Melbourne proved popular for units, with more than $461 million of property changing hands in 2011.
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