All 20 of Australia’s most expensive suburbs boast median house prices above the $2 million mark. In fact, according to CoreLogic RP Data, there were an incredible 437 Aussie suburbs with 7 digit medians in 2015.
We give you a snapshot of where your city fits!
Unsurprisingly, Sydney is home to 17 of the country’s 20 most expensive suburbs. It also boasts 57.6% of those suburbs with median house prices of at least $1 million.
Point Piper has bragging rights as the most expensive suburb in Australia, with the median sitting pretty at $5,596,397. Unless you were born into royalty or invented a best selling iPhone app, its unlikely you will be able to buy your first home in Point Piper.
Next on the list is Centennial Park, which is the only other Australian suburb with a median over $5 million.
The western city has two suburbs in the top 20, with Peppermint Grove at number 7, and Dalkeith rounding out the list. The former is the most expensive suburb in Australia outside of NSW; its median price is $3,504,996. With Swan River on one side, and Stirling Highway on the other, Peppermint Grove is the epitome of luxury. Whether you’re looking for a yacht club, golf club, tennis club (or any kind of ‘members only’ club), you will likely find it here.
Melbourne is only represented once in the Top 20 list, with the Southeast suburb of Toorak coming in at number 9. It has an attractive median at $3,229,256, and a reputation for being home to many of Melbourne’s “elite”.
Behind Sydney, Melbourne has the second highest number of suburbs that have cracked the seven digits with 61 (14%), including five properties above $2 mil.
With no suburbs represented in the country’s top 20, the most expensive area in South Australia is Unley Park, which comes in at number 96. With a median house price of $1,716,073, the suburb far exceeds the state’s average price range. The Adelaide median hovers around $410k, and the city is home to just 2.8% of those suburbs above the million-dollar mark.
Teneriffe comes in at number 142 on the list, with a median of $1,512,061. It is Queensland’s first representation. Located right on the Brisbane river, the riverfront and city views make Teneriffe houses hot property.
Brisbane is a lot more affordable than its southern neighbour Sydney, with its median house price hovering around the $460k mark.
Darwin had two suburbs above 1 million, the highest of these being Fannie Bay at $1,084,050. This was recorded at number 357 on the list. However, since the latest CoreLogic data, its been reported that the suburb has slipped back into the high 6 digits, potentially leaving NT without any members in the million-dollar club.
While no suburbs of Canberra made the top 20, Forrest wasn’t far off, coming in a commendable 37th. Its median is an attractive $2,118,596.
Poor little Tassie. Sometimes it is easy to forget our island state, and it seems like the million-dollar club has too. There are no suburbs within Hobart that have median house prices above $1 million, likely due to its geographical distance from the mainland. Battery Point is the most expensive of the state, at approximately $860k. On the upside, the lower house prices make Hobart a fantastic and affordable place to buy. Plus, the city is full of incredible landscapes and natural beauty - just saying!
So there you have it - a snapshot of Australia's 'rich list' when it comes to hot property! If you had your heart set on one of these areas and it's now looking slightly out of reach - never fear. Chat to your local broker; they can give you some tips and tricks on how to increase your borrowing power and get you closer to your dream home, in your dream suburb! Unless your dream suburb is Point Piper... Then maybe it might be wise to lower your expectations, just a tad.
Information based on that provided by CoreLogic RP Data August 2015, and updated to reflect further data from May 2016. Due to the fluctuating property market, median prices may have changed.