News Corp Australia
First published 5 Mar 2025, 5:00am
The price you’ll pay can vary depending on where you purchase, even within the same suburb. Picture: Supplied
Many factors come into play when pricing a property, and new research shows there can be a big difference within the same suburb.
A PropTrack analysis of suburbs broken down into SA1 regions — which are small neighbourhoods comprising a few streets — has revealed the areas with the largest variation in estimated house values.
In Tasmania, one of the most prestigious suburbs topped the list with over $1m difference between the most expensive and its cheaper areas.
The Golden Mile waterfront region of Sandy Bay is the most expensive, with the data putting the median house price at $2.08m.
Conversely, a smaller spot neighbouring Dynnyrne and Mount Nelson was priced at $978,000. That’s hundreds of thousands less than the suburb’s $1.257m median price.
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No.30 Nicholas Dr, Sandy Bay is for sale with Elders.
No.85 Princes St, Sandy Bay is seeking $2.1m-plus, listed with Peterswald.
Prestige property expert Abi Freeman described Sandy Bay as a suburb of contrasts.
The Elders Tasmania agent said there are pockets which are very desirable and achieve outstanding sales results, and other parts which are still reasonably priced and more affordable.
“The buyer demographics of downsizers, retirees, and professional couples are a major price driver for this suburb, which offers great lifestyle opportunities, prestige schools and proximity to the city,” Mrs Freeman said.
“Waterfront properties always achieve a premium and the Nutgrove area in Lower Sandy Bay is very desirable, with larger, level allotments close to beaches and parks.
“Sandy Bay has many wide, leafy streets, such as Fitzroy Pl and Lord St, with large homes that are ideal for professional couples with young families.
“Sandy Bay, and all it has to offer, will always be a place people will want to live.”
Petrusma Property has No.15 Pauldon Dr, Sandy Bay listed at $1.695m-plus.
No.45 Queen St is priced at “Offers over $1.685m”, with Petrusma Property.
Meanwhile, the dataset’s next largest gaps between cheap and expensive medians were mostly outside the capital city: Battery Point ($763,000), East Launceston ($724,000), Relbia ($685,000) and Longford ($640,000).
Across Australia, the median difference in values between the cheapest and priciest pockets within suburbs is $325,000 for houses.
PropTrack senior economist Eleanor Creagh said the big gap in pricing between the priciest and cheapest pockets in a suburb meant it was possible to buy into some premium suburbs with a limited budget, providing buyers were willing to compromise.
“Expensive suburbs often have a mix of property types, from mansions to townhouses and units, meaning a wide range of housing values within a suburb,” Ms Creagh said.
“Even in the priciest suburbs, there are pockets where property prices are significantly lower.
“Buyers with a constrained budget can still purchase in a pricey or prestigious suburb by compromising on property size, proximity to premium amenities, and view or location within the suburb.”
Sandy Bay’s most expensive listing today is No.3 Lasswade Ave, Sandy Bay. Elders has it listed at $4.5m-plus.
No.60 Derwentwater Ave was sold by Peterswald in just one week on the market.
Ms Creagh said some of the factors that made parts of a suburb cheaper than others included smaller lot sizes, older housing stock and higher density. Conversely, areas with newer, larger homes tended to be more expensive.
School zones can play a part, with some buyers often paying a premium for certain catchments or proximity to prestigious schools, which may not be a requirement for everyone, she said.
The data uses PropTrack’s automated valuation model to determine the median home value in each suburb and its SA1 regions.
| Suburbs with the largest price variance | ||||||
| Rank | Suburb | State | Property type | Max SA1 median | Min SA1 median | Dollar difference |
| 1 | Sandy Bay | TAS | house | $2,080,000 | $978,000 | $1,102,000 |
| 2 | Battery Point | TAS | house | $1,979,000 | $1,216,000 | $763,000 |
| 3 | East Launceston | TAS | house | $1,427,000 | $703,000 | $724,000 |
| 4 | Relbia | TAS | house | $1,616,000 | $931,000 | $685,000 |
| 5 | Longford | TAS | house | $1,134,000 | $494,000 | $640,000 |
| 6 | Newstead | TAS | house | $1,099,000 | $507,000 | $592,000 |
| 7 | Legana | TAS | house | $1,174,000 | $602,000 | $572,000 |
| 8 | Riverside | TAS | house | $1,059,000 | $498,000 | $561,000 |
| 9 | St Leonards | TAS | house | $1,043,000 | $485,000 | $558,000 |
| 10 | Launceston | TAS | house | $1,157,000 | $621,000 | $536,000 |
| 1 | Launceston | TAS | unit | $1,063,000 | $400,000 | $663,000 |
| 2 | South Hobart | TAS | unit | $953,000 | $448,000 | $505,000 |
| 3 | George Town | TAS | unit | $670,000 | $205,000 | $465,000 |
| 4 | West Hobart | TAS | unit | $910,000 | $466,000 | $444,000 |
| 5 | Howrah | TAS | unit | $849,000 | $467,000 | $382,000 |
| 6 | Burnie | TAS | unit | $626,000 | $269,000 | $357,000 |
| 7 | Rokeby | TAS | unit | $635,000 | $279,000 | $356,000 |
| 8 | Sandy Bay | TAS | unit | $919,000 | $567,000 | $352,000 |
| 9 | Claremont | TAS | unit | $620,000 | $294,000 | $326,000 |
| 10 | Newstead | TAS | unit | $678,000 | $357,000 | $321,000 |
| Source: PropTrack | ||||||
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