Vaucluse and Double Bay secured the second and third positions, with Vaucluse experiencing a median price increase of AUD 1.22 million, resulting in a 15.2% annual price rise. These areas went through a rapid decline a year ago but began gradually recovering earlier this year.

Eliza Owen, Director of Research at CoreLogic, stated that the high-end market performed better than other markets at the beginning of this year's price increases, primarily driven by demand from buyers unaffected by credit constraints. "Like historical upswings, some of the strongest year-on-year capital gains to November have been concentrated in relatively high-end markets." However, she also noted that the high-end market represents only a small portion of the overall real estate market, and most people still rely on loans to buy homes.

In the unit market, Tamarama, Rose Bay, and Clovelly recorded the largest value increases, with the median prices in each area averaging over AUD 200,000. The median prices in these areas rose primarily due to demand from investors and overseas buyers.

In Bellevue Hill, a seven-bedroom, five-bathroom mansion at 24 Victoria Road became the highest-priced property sold this year, fetching AUD 76 million, closely followed by a four-bedroom, four-bathroom residence at 70 Kambala Road in the same suburb, selling for AUD 61.5 million.

Across Australia, in the 12 months ending in September, Mosman in Sydney's Lower North Shore had the highest total value of house sales, reaching AUD 1.462 billion, while Surfers Paradise also saw a transaction total value of AUD 1.175 billion.

However, the Director of Research at CoreLogic predicts further sluggishness in Sydney and Melbourne's property prices next year, with the high-end market being hit first. Last month, Sydney house prices rose by only 0.3%, the smallest increase since the uptrend began in February, while Melbourne house prices experienced a monthly decline of 0.1% for the first time. The rate hike in November further weakened these markets.

Owen noted that while the softening market conditions have had a greater impact on Australia's high-end real estate market to date, this situation may change next year. "This is not uncommon; price declines eventually spread to more affordable markets after a period of time. For this reason, even markets that have performed very strongly could see a slowdown in growth rates by 2024. However, if monetary policy eases, market conditions could strengthen again before the end of the year."

Nationwide, Rochester in the remote areas of Victoria was the worst-performing real estate market in Australia, with property values plummeting by 26%, while property prices in Mudgee in the remote areas of New South Wales fell by 11.4% in the past year. Perth dominated eight out of the top 10 regions with the fastest-growing property prices, with Brookdale, Armadale, and Hilbert experiencing annual price increases of over 30%.