To say that 2018 has been a turbulent year in the Australian property market is an understatement.
Clearance rates in some of Australia’s capital cities have dropped, many lenders have increased their home loan rates, particularly for owner-occupiers, and the value of homes in the country’s two major markets have plunged.
In fact, according to the latest figures from CoreLogic, since the lofty heights of July 2017 the Sydney housing market has dropped by 9.5% - just short of the record peak-to-trough decline of 9.6% recorded between 1989 and 1991.
The Melbourne market has also experienced a downturn, with prices having fallen 5.8% from their peak in November 2017 to the end of November this year.
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But on the periphery of the market, 2018’s still been a busy year.
At the top end, buyers have shelled out staggering amounts for some of Australia’s most prestigious addresses, while at the other end of the scale buyers have well and truly taken advantage of some rural bargains.
So to give you a glimpse of what your money could have bought you in 2018, here are some of the most and least expensive homes to have gone under the hammer this year.
Most expensive homes of 2018
‘Fairwater’, Point Piper, NSW: $100 million
There’s no doubting top spot in 2018. That honour goes to tech billionaire and Atlassian founder Mike Cannon-Brookes and his wife Annie who purchased the home ‘Fairwater’ in the Sydney harbourside suburb of Point Piper in September for figure thought to be over $100 million.
The sale reportedly smashed the former record price for an Australian home which, ironically, belonged to fellow Atlassian cofounder Scott Farquhar and his wife Kim following their purchase of neighbouring Point Piper property ‘Elaine’ for $71 million in 2017.
‘Fairwater’. Source: Wikimedia Commons
Aside from the record-shattering $100 million purchase of ‘Fairwater’, there were a number of other notable sales across the country in 2018.
‘Rona’, Bellevue Hill, NSW: $58 million
Just up the road from ‘Fairfax’ in the Sydney suburb of Bellevue Hill, the eight bedroom, six bathroom estate ‘Rona’ reportedly sold for a whopping $58 million - a potential record for an Australian property not on the waterfront.
‘Stonington Mansion’, Malvern, VIC: $52.5 million
Heading south of the border, the former Australian Government House ‘Stonington mansion’ in the suburb of Malvern in Melbourne’s east smashed Victorian records in February with a supposed sales price of $52.5 million.
84 Victoria Road, Bellevue Hill, NSW: $30.5 million
Back to Sydney’s Eastern Suburbs, and according to Domain property data the six bedroom, six bathroom home at 84 Victoria Road, Bellevue Hill sold for a massive $30.5 million after a private treaty was reached in September this year.
21-23 Webb Road, Sunshine Beach, QLD: $18 million
It wouldn't be right to wrap up our list without a trip to the sunshine state and the resort town of Noosa on the state’s Sunshine Coast. According to property data from realestate.com.au, the seven bedroom, eight bathroom beachfront estate at 21-23 Webb Road was snapped up for a cool $18 million in March.
Cheapest homes of 2018
For first home buyers in Sydney and Melbourne it may come as a shock to learn that the 20% deposit they’re working to put together to buy a one bedroom apartment would be more than enough to purchase some of the cheapest homes sold in Australia throughout 2018.
19 Crawford Street, Richmond, QLD: $22,500
Homes don’t get much cheaper than this. According to Domain, the four bedroom property in Richmond sold for just $22,500 in May. But where exactly is Richmond you may ask? With a population just above 500 people, the town is roughly 500km west of Townsville and 400km east of Mount Isa in western Queensland.
304 Wilson Street, Broken Hill, NSW: $28,000
When it comes to cheap property in New South Wales, Broken Hill has been well known to offer some real bargains, especially compared to those in the state capital Sydney. And it didn’t disappoint this year. While it could probably do with a loving touch, figures from realestate.com.au show the Broken Hill property in Wilson Street sold for just $28,000 in April.
2-4 Empire Place, Wee Waa, NSW: $35,000
The bargains in New South Wales continued in 2018 with the sale of a three bedroom home in Wee Waa (40km north-west of Narrabri). Described as a ‘fixer upper’, the property sold for $35,000 just last month according to realestate.com.au.
155 Kingston Road, Risdon Park South, SA: $45,000
Sticking with the theme ‘renovators delight’, this three bedroom home in the suburb of Risdon Park South (a 2.5 hour drive north of Adelaide) sold for just $45,000 in January this year. According to realestate.com.au, that’s a $30,000 price drop since the property last changed hands in 2003.
Monto, Queensland: 22 Lister Street: $45,000
It’s back to Queensland and the small town of Monto for the last addition to our 2018 list. The two bedroom, one bathroom house sold for just $45,500 in September, but according to Domain, it’s already back on the market with a price tag of $50,000. Perhaps a contender for the 2019 list then.
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So whether you’re looking at a waterfront mansion or a rural retreat, if 2019’s your year to jump into the property market then you’ll probably need a home loan to help you make it happen.
Make life easy for yourself by checking out some of the hot deals below, or head on over to the Mozo home loan comparison hub to compare over 500 offers from 80 different lenders.