Australia's most expensive suburbs revealed

The high-end property’s median house price was almost $1 million more than Tamarama, which took out second place with a median house price of $4.3 million.

Sydney rounded out the top five positions on the most expensive suburbs list, with Bellevue Hill placing third followed by Vaucluse and Double Bay.

Melbourne’s Deepdene was the first non-Sydney suburb on the list placing sixth with a median price of $2.5 million.

Melbourne’s Toorak and Perth’s Dalkeith, both with median prices in the mid $2 million range, took eighth and ninth place respectively.

And Mosman was tenth on the list with a median price of $2.25 million.