Australia’s most expensive suburbs revealed

Francesca Krakue Wednesday, 17 February 2016 Comments 0
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Sydney has dominated the lists of Australia’s top 10 most expensive suburbs for houses and units, according to new figures released by CoreLogic RP Data.

Based on median house price value as at December 2015, the harbour city’s Centennial Park was top-ranked suburb with a value of $6,295,973.

Sydney’s Point Piper finished second with a median value of ($5,898,542), followed by Darling Point ($5,820,051), Vaucluse ($4,375,781), Bellevue Hill ($4,346,180), Tamarama ($3,762,594), and Dover Heights ($3,594,684).

Peppermint Grove in Perth was the only suburb outside of Sydney to rank in the top 10 list for houses, with a median value of $3,564,725.

The top 10 was rounded out by Sydney’s Double Bay ($3,323,665) and Whale Beach ($3,307, 451).

Meanwhile, the top 10 most expensive suburbs for units were all in Sydney, with Point Piper ranked number one with a median value of $2,219,503.

Darling Point was second with a median value of $1,665,104, followed by The Rocks ($1,664,513), Cabarita ($1,515,092), Millers Point ($1,479,816), Cremorne Point ($1,299,864), Huntleys Cove ($1,281,955), Balmain East ($1,252,908), Tamarama ($1,232,265) and North Ryde ($1,222,875).

The data also showed that nationally, a total of 503 suburbs held a median value above $1 million at the end of 2015 – up 31 per cent on the 12 months prior.

“There was a time when housing that cost more than $1 million was seen as exclusive,” CoreLogic RP Data research analyst Cameron Kusher said.

“However, with recent increases in home values, suburbs with a typical home value of more than a $1 million are becoming more common.”

[Related: Sydney buyers and sellers to ‘meet in the middle’]

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