Top 20 most expensive suburbs in Australia. Due to the enormous 11% increase in home values for Australian capital cities over the past year, there are now 437 suburbs across the country with an average property value of $1 million or more.


The rise in values has been strongest in Sydney, with property values up 18.4% followed by Melbourne, with property values up 11.5%. As displayed in the top 20 most expensive suburbs in Australia chart below, Sydney suburbs clearly dominate the $1 million + list, accounting for 17 of the 20 most expensive suburbs across the country. The number 1 suburb of Point Piper has an average property value of just under $5.6 million, a figure which was boosted in May this year by the $39.9 million sale of Villa del Mare.

20 Most expensive suburbs in Australia, as at June 2015

 

Rank Suburb State Median Value
1 Point Piper NSW $5,596,397
2 Centennial Park NSW $5,199,324
3 Vaucluse NSW $4,125,216
4 Bellevue Hill NSW $3,810,420
5 Tamarama NSW $3,534,024
6 Peppermint Grove WA $3,504,996
7 Whale Beach NSW $3,321,877
8 Dover Heights NSW $3,250,228
9 Toorak VIC $3,229,256
10 Watsons Bay NSW $3,209,424
11 Longueville NSW $2,996,228
12 Double Bay NSW $2,949,739
13 Palm Beach NSW $2,759,577
14 Dawes Point NSW $2,751,937
15 Mosman NSW $2,700,961
16 Clontarf NSW $2,682,852
17 Rose Bay NSW $2,680,167
18 Northwood NSW $2,575,393
19 Bronte NSW $2,524,985
20 Dalkeith WA $2,470,530

Out of the total 437 suburbs to make the $1 million + average property value, NSW had the greatest number of suburbs at 302, up from 232 the previous year. With 61 suburbs, Victoria has the second highest number of suburbs with an average property value in excess of $1 million and far less than NSW’s number. Across the rest of the country, 14.0% are in Vic, 3.2% in Qld, 2.7% in SA, 8.9% in WA, 0.0% in Tas, 0.5% in NT and 1.6% in ACT.

This list shows the effect of strong capital growth rates, with Sydney values rising substantially faster than all other major cities. Good news for property owners who have owned property in Sydney for at least 3 years as they are likely to have built up a large amount of equity in their home.

Australian suburbs with an average property value of $1 million or more, as at June 2015

 

Financial Year NSW VIC QLD SA WA TAS NT ACT TOTAL
2015 302 61 14 12 39 0 2 7 437
2014 232 51 10 9 46 0 3 4 355
2013 153 39 6 7 35 0 2 4 246
2012 136 37 7 7 28 0 1 4 220
2011 153 44 16 5 29 1 1 5 254
2010 151 42 21 9 31 0 2 6 262

While the number of Australian suburbs with an average property value of at least $1 million has increased dramatically over recent years, there has also been a large increase in suburbs with an average property value of at least $2 million. In 2014, 32 suburbs had an average property value in excess of $2 million, a figure which has now increased to 48 suburbs. Of these 48 suburbs, 40 are in Sydney, 5 are in Melbourne, 2 are in Perth and 1 is in Canberra.

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