PRESTIGE

Prestige Market Update

NERIDA CONISBEE

Address sense Sometimes choosing the street where you live is about more than just prestige

Every city has its most prestigious suburbs and most expensive streets. Wolseley Road, Point Piper, contains 16 of the most expensive homes in Australia, while Monomeath Avenue in Melbourne’s Canterbury is regularly referred to as the Golden Mile. In Perth, Saunders Street in Mosman Park was once crowned the city’s best street by real estate agents.

Surprisingly it’s not these streets that top the list of Australia’s favourites, according to data from realestate.com.au. The streets that received the highest views per listing are found in a mix of some of the most expensive and prestigious suburbs, while others are more affordable streets in our best family-favourite suburbs.

Topping the list of Australia’s favourite street in a prestigious suburb is Cross Street in Mosman, Sydney. Cross Street is a tightly held location with few sales, so when a property does come onto the market it creates a great deal of excitement.

The most expensive property sold on the street was 10 Cross Street, which changed hands for $15.8 million in 2017. Not surprisingly, the house is beautiful, with even better water views.

It is likely that the combination of a popular suburb with stately homes, in a leafy street with spectacular views is what appeals most to premium buyers. Looking at Sydney, stunning views are a key feature of preferred streets in luxury suburbs; Monash Crescent in Clontarf is on the water, as is Baden Road in Neutral Bay.

The desire to be close to the water in Sydney also surfaces when analysing keyword searches by property seekers on realestate.com.au.

If you’re looking for prestige without the pricetag, Battery Point is Hobart’s most expensive suburb, but with a median of $1.35 million it’s a lot cheaper than buying in Mosman. The most popular street is Battery Square, where it’s possible to get both water and mountain views. Next door in Sandy Bay, the influence of lowerbudget buyers wanting to live in one of Hobart’s best suburbs is evident. Norfolk Crescent isn’t Sandy Bay’s best street but it is the most popular in Hobart’s second most expensive suburb.

In Perth, Floreat is one of the city’s most expensive suburbs. Interestingly, the most popular street is Birkdale Place. While it’s well located, it is possible to buy more affordable homes there. In contrast, College Road in Claremont is a little grander.

Melbourne’s top streets in high-end suburbs are all luxury streets. Kinane Street in Brighton, Shakespeare Grove in Hawthorn and Alleyne Avenue in Elwood all contain multimillion-dollar stately homes.

Perhaps Australians are taking the advice to “buy the worst home on the best street” and applying it at a suburb level, clearly preferencing “modest streets in the best suburbs”. While I would like to live in Alleyne Avenue in Elwood, my budget is more in line with Birkdale Place in Floreat, and to live in a great suburb like Floreat is just as much of a success. Nerida Conisbee, realestate.com.au Chief Economist

Most in-demand luxury streets on realestate.com.au

Sydney NSW Cross St, Mosman 2088 Monash Cres, Clontarf 2093 Baden Rd, Neutral Bay 2089

Melbourne VIC Kinane St, Brighton 3186 Shakespeare Gr, Hawthorne 3122 Alleyne Ave, Armadale 3143

Brisbane QLD Harriet St, West End 4101 Abbott St, New Farm 4005 Latrobe Tr, Paddington 4064

Canberra ACT Hunter St, Yarralumla 2600 Bailey Pl, Yarralumla 2600 Frome St, Griffith 2603

Adelaide SA Oxford Tce, Unley 5061 Eton St, Malvern 5061 Adare Ct, Grange 5022

Perth WA Birkdale St, Floreat 6014 College Rd, Claremont 6010 Elphin St, Floreat 6014

Hobart TAS Norfolk Cres, Sandy bay 7005 Beach Rd, Sandy Bay 7005 Battery Sq, Battery Point 7004 :

Based on views per listing over a three-year time period