Luxury units, defined as those in the top 5% of unit prices, now average $1.6 million across Australia, reflecting a 2.9% rise in the past year and a substantial 27.6% increase over five years, Ray White analysis showed.
In comparison, the average price for all units is $668,409, just a fraction of the high-end market.
Sydney continues to dominate, boasting the country’s most expensive luxury units at an average of $2.2m. Regional Queensland, driven by the Sunshine Coast and Gold Coast, follows with an average of $1.5m and the highest five-year growth rate at 62.2%.
Sydney claims eight of the top 10 most expensive suburbs for luxury units.
Double Bay-Darling Point tops the list with an average price of $6.2 million, followed by Bellevue Hill at $5.6m. Other high-value areas include Woollahra and Bayview-Elanora Heights, both averaging $4m.
“The Eastern Suburbs claim four spots, while the Northern Beaches secure two,” said Atom Go Tian (pictured right), Ray White’s senior data analyst.
Beyond Sydney, Noosa Heads and Main Beach in Queensland stand out for their blend of luxury and natural beauty.
Queensland has emerged as a growth leader, with high-performing markets across the Sunshine Coast and Gold Coast.
Buddina-Minyama boasts a five-year growth rate of 72.2%, the highest in the country, despite having the lowest luxury unit price in the top 10 at $2.1m.
At the other end of the spectrum, Coolangatta is the priciest Queensland market, with luxury units fetching $3.5m.
“Queensland’s markets have seen growth rates ranging from 65.5% to 72.2%, making them a standout in recent years,” Go Tian said.
Despite rising prices, demand for high-end units remains robust.
“Besides very high price points, all suburbs have also seen positive one-year and five-year price growth, indicating that demand remains strong for these ultra-prestige areas,” Go Tian said.
With Sydney leading in absolute value and Queensland excelling in growth rates, Australia’s luxury unit market continues to attract buyers seeking premium living and long-term investment opportunities, Ray White reported.
More on unit market prices on the Ray White webpage.
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