Report names Australia's richest streets, but prestige property prices under pressure
Property research firm RP Data has named tiny Sydney cul-de-sac Dunara Gardens as Australia's most expensive street, with the median value of the eight properties on the street estimated to be a staggering $9 million.
But property experts say prestige property prices are under severe pressure, with vendors unable to accept that prices have fallen by as much 10% in most exclusive suburbs.
Scott McGeever, principal of Brisbane property agency Property Searchers, says the prestige market is in bad shape for two simple reasons.
"There's a lack of buyers, and we have unrealistic vendors who are stuck in the 2007 prices. They are just not meeting the market and accepting that the market has fallen at least 5% to 10%."
While the list of Australia's richest streets includes a number of neigbourhoods offering views of the city and water, McGeever says this is no longer a guarantee of a huge price.
"Vendors in these areas still won't get the full price that they were getting 18 months ago."
Houses that need renovation work are particularly on the nose, with buyers simply unwilling to shell out extra money to fix up unloved properties.
McGeever sees few positive signs on the property horizon. He believes the prestige market is likely to experience further falls in the coming months, and worries the affordable end of the market may also be heading for a fall when the enlarged first home buyer grant runs out on 30 June.
"It's probably creating something of a false boom as people try to pile in before 30 June."
RP Data's list of Australia's expensive streets and their median prices, as published in The Australian Financial Review, is as follows:
Dunara Gardens, Point Piper - $9 million.
Rose Bay Avenue, Belleveue Hill - $8.5 million.
Miller Street, Brighton - $5.37 million.
Shandford Avenue, Brighton - $5.36 million.
Needham Street, Fig Tree Pocket - n/a.
Lawes Street, Hamilton - n/a.
Saunders Street, Mosman Park - $5.6 million.
Bishop Road, Dalkeith - $4.83 million.
Victoria Avenue, Unley Park - $2.3 million
The Avenue, Medinide - $2.28 million
Southern Cross Drive, Cronin Island - $3.27 million.