N A T I O N A L
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 .
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