REVEALED: Australia’s most expensive suburbs where houses average $7million – and only ONE of the glitzy areas isn’t in Sydney
- Sydney suburbs dominated the list, with lavish Darling Point again the yardstick
- Ritzy Toorak in Melbourne was the only suburb from outside of the Harbour City
- The real estate market at the top end has been resilient despite the coronavirus
Australia’s most expensive suburbs have been unveiled, and predictably all but one of the top 10 are in Sydney.
Sydney comfortably dominates the list of postcodes boasting multi-million-dollar houses, with ritzy Melbourne suburb Toorak the only exception among the market leaders.
CoreLogic’s Best of the Best 2020 Report revealed Australia’s highest median housing values, with the picturesque Darling Point again the yardstick at a jaw dropping $7.06million.
Darling Point (pictured above) has been deemed an elite suburb in Sydney for countless years
Houses in the trendy Melbourne suburb Toorak (pictured) don’t offer a hard sell for those with deep pockets
Second was Bellevue Hill with a median price of $5.72million, followed by Vaucluse at $5.39million and Double Bay at $4.76million, all situated in Sydney’s affluent east with many properties boasting harbour views.
Woolwich, with a median of $4.2million, sits nestled between the Lane Cove River and Parramatta River rounds out the top five.
With a median housing value of $4million, Toorak, located in Melbourne’s trendy south-east, is the only suburb not from the Harbour City in the elite bunch.
The highly sought after Mosman, with a median property price of $4.1 million, finished fractionally ahead of Toorak at $4million, with Tamarama at $4million, Rose Bay at $3.9million and Dover Heights at $3.7million next in line.
For those who don’t have the deepest of pockets, a number of suburbs in Adelaide’s north provided value for money – although the surging crime rate and high unemployment levels in the postcodes was a primary reason why.
The best median value for a house in Elizabeth North was just $176,386, closely followed by Elizabeth South at $188,116.
Neighbouring Davoren Park at $194,903 and Elizabeth Downs at $195,511 also offered bang for your buck.
Eliza Owen, CoreLogic’s head of Research Australia, said Australia’s residential real estate market remained resilient in 2020 despite the coronavirus pandemic, which resulted in the largest economic downturn since the 1930s.
The majestic Point Piper in Sydney (pictured above) can fetch obscene real estate prices around the $90million dollar mark
Cremorne (pictured above) is a few minutes drive from Mosman and boasts luxury Sydney views
‘Our report for 2020 highlights the resilience of luxury markets in Australia, where the highest median house value was once again in Darling Point, and the highest median unit value was found in Point Piper, as was the case in 2019,’ she said.
‘This is not to say these suburbs have been unaffected by the pandemic; indeed the high end of the Sydney market is generally more volatile to changes in economic conditions.
‘However, this volatility also tends to see a rapid recovery in the wake of lower mortgage rates and an improvement in consumer sentiment.’
Australia’s top 10 most expensive suburbs in 2020 – based on median housing values
1) Darling Point (Sydney – $7.06million)
2) Bellevue Hill (Sydney – $5.72million)
3) Vaucluse (Sydney – $5.39million)
4) Double Bay (Sydney – $4.76million)
5) Woolwich (Sydney – $4.2million)
6) Mosman (Sydney – $4.1 million)
7) Toorak (Melbourne – $4million)
8) Tamarama (Sydney – $4million)
9) Rose Bay (Sydney – $3.9million)
10) Dover Heights (Sydney – $3.7million)