Toorak outbids Mosman in property price war

Toorak is now the most pricey suburb in Australia, edging out Sydney's Mosman for the first time with a median price of $1,402,000 compared with Mosman's $1,400,000.

In Melbourne, over the 12 months from September 2000 to September 2001, median house prices increased by 33.2 per cent; for the December 2001 quarter the median price rose to $316,000. Sydney's median house price increased by just 11.1 per cent in the December 2001 quarter, from $315,000 to $350,000.

In the December quarter, Sydney's top suburbs in terms of median house price were Mosman ($1,400,000), Woollahra ($1,170,000), North Sydney ($900,000), Waverley ($865,000) and Hunter's Hill ($845,000). Sydney's cheapest house prices for the same period were in Campbelltown ($202,800), Wollondilly ($214,300), Penrith ($231,000), Blue Mountains ($242,500) and Hawkesbury ($243,000).

In Melbourne, over the same period, top median house prices were in Toorak ($1,402,000), Canterbury ($895,000), Albert Park ($733,750), Brighton ($720,000) and Armadale ($658,750). The cheapest suburbs for the same period were Broadmeadows ($145,000), Frankston ($150,000), St Albans ($164,000), Noble Park ($165,000) and Mooroolbark ($187,000).