Australia’s most affordable suburb records top value in property sales

The total value of property sales across the nation is up by 30 per cent compared with five years ago, according to RP Data.

For the year to July 2010, total property sales amounted to $213 billion, a healthy climb from the same period five years before when total property sales reached $165.5 billion.

While a selection of Australia's most premium suburbs with a median house price well over the $1 million mark have topped the list of 40 suburbs, including Australia's most expensive suburb – Bellevue Hills in New South Wales – surprisingly Australia's more affordable suburbs have also hit the list.

At 27th place is the nation's number one cheapest place to buy, Devonport, Tasmania, with a median price of $250,000 and $62,947,353 in total value of property sales.

These statistics demonstrate increasing demand for dwellings and the growth in the values of property over the past five years, said RP Data senior research analyst Cameron Kusher.

"For vendors, these conditions equate to additional profit to be made from the sale and for property professionals it translates into additional commission," he said.

Of the top 40 suburbs with greatest total value across the nation, 36 suburbs are within capital city regions, while three of the remaining four are regional spots located on either the Gold Coast or Sunshine Coasts in southeast Queensland, said Kusher.
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