A tiny town in outback Western Australia with less than 500 people is also home to Australia’s cheapest street in which to buy property.
Main Rd in Mullewa has a median house price of just $28,500, according to Ray White Chief Economist Nerida Conisbee.
Mullewa, which is 99km east of Geraldton and 450km north of Perth, is known for its abundance of wildflowers in spring, including being one of the only places in the world that the wreath flower grows.
It has a population of about 450 people.
This compares to a hefty median price of $32.5 million in Australia’s most expensive street – Wolseley Rd in Point Piper.
“The cheapest streets are all regional and all located in isolated towns dependent on either agriculture or mining,” Ms Conisbee said.
“Main Rd in Mullewa in regional WA has a median of just $28,500, which is 0.1 per cent the price of Wolseley Rd.
“The second cheapest is Railway Tce in Minnipa on South Australia’s Eyre Peninsula.”
Australia’s 10 cheapest streets:
Main Rd, Mullewa, $28,500
Railway Tce, Minnipa $32,500
Mallee Dve, Kambalda West $37,000
Altair St, Southern Cross $45,000
Aberford St, Coonamble $50,000
Wilson St, Broken Hill $52,000
Cavanagh St, Augathella $54,000
Blackbutt St, Kambalda East $55,000
Watson St, Clarleville $57,500
Parkes St, Wellington $60,000
The top 10 most expensive streets in Australia are, unsurprisingly, all in Sydney, including suburbs Bellevue Hill and Mosman.
“Topping the list is Wolseley Rd, Point Piper with a median price of $32.5 million and is not surprisingly home to some of Australia’s wealthiest people,” Ms Conisbee said.
“If Wolseley Rd is a bit out of your price range, you could perhaps try Bulkara Rd, Bellevue Hill with a median of $15.3 million.”
Australia’s 10 most expensive streets
Wolseley Rd, Point Piper $32.5 million
Bulkara Rd, Bellevue Hill $15.25 million
Wunulla Rd, Point Piper $13.7 million
Thompson St, Tamarama $13.25 million
Olola Ave, Vaucluse $13.01 million
Bradleys Head Rd, Mosman $10.45 million
Kardinia Rd, Mosman $10.13 million
Streatfield Rd, Bellevue Hill $10 million
Kambala Rd, Bellevue Hill $9.325 million
Iluka Rd, Mosman $9.23 million
Economic state of the states
In her update, Ms Conisbee also examined the economic growth of each state in the 12 months to June 2021.
“All states achieved positive growth in the 12 months to June 2021, with the exception of Victoria and the Northern Territory,” she said.
The state with the most economic growth was South Australia with Gross State Product (GSP) growth of 3.9 per cent.
Tasmania came in a close second with 3.8 per cent GSP growth.
“A key part of South Australia’s positive growth were strong agricultural conditions, particularly grain,” Ms Conisbee said.
“This then flowed onto wholesale trade. Manufacturing was also particularly strong although didn’t get to the levels seen in the state in the early 2000s.
“Across the country, agriculture was a key strength to state-based growth.
“Tasmania, coming in second for growth, also benefited from this.”
Ms Conisbee said managing the pandemic, particularly public administration and health, was a strong driver in many states.
The ACT recorded 2.8 per cent GSP growth.
“The ACT came in third with the growth of Government being the main driver,” Ms Conisbee said.
Western Australia placed fourth with 2.6 per cent GSP growth, while Queensland was fifth with 2 per cent and NSW recorded 1.4 per cent GSP growth.
Victoria and the Northern Territory were the only two states not to record positive GSP growth.
Victoria’s GSP fell 0.4 per cent, while the Northern Territory’s dropped 0.6 per cent.
“Extended lockdowns were very bad news for Victoria’s economy and led to a contraction of the construction industry,” Ms Conisbee said.
“More positively, very strong agricultural conditions, as well as public administration and health care, reflecting control of the pandemic.
“The Northern Territory’s fall was driven primarily by the drop in oil demand during the early stages of the pandemic.”
