TOP OF THE MOST EXPENSIVE AREAS IN AUSTRALIA

These are super expensive areas that most Australians can only dream of, even those who own these luxury properties worth over $5 million, cannot guarantee their stability there. 

Sydney’s idyllic Palm Beach – also known as the fictional town of Summer Bay in the TV series Home and Away – dropped out of the rankings after the average property price fell from a peak of $5.98 million in early 2022 to $4.8 million today.

Also falling off the list is Woollahra in Eastern Sydney, with the median house price falling from $5.42 million in mid-2022 to $4.5 million.

However, there are also two new locations joining the list this year, with harborside Mosman and seaside Clontarf quickly taking over.

What constitutes an area above $5 million?

“Water” is a common answer, most sites are adjacent to or have views of a sea, harbor or ocean.

Unsurprisingly, the harbor city of Sydney dominates the list.

PropTrack data shows there are 12 areas establishing real estate clubs worth over $5 million. To qualify, an area must have recorded at least 10 real estate transactions in the past year. This means tightly controlled areas – like Australia’s most expensive region, Point Piper – are not included.

Areas with Median Prices $5 million or more

Source: PropTrack

Dominated by Sydney’s East Sydney, North Beach and Upper North Shore regions, Melbourne’s luxury area of Toorak was the only location outside New South Wales with a median house price above $5 million in the year to September.

In first place in the $5 million-plus rankings in eastern Sydney are Bellevue Hill and Vaucluse, each with a median house price of $9 million.

Next in line are Woolwich on Sydney’s Lower North Shore ($7.5 million), Tamarama ($7,425,000) and Dover Heights ($6.4 million). Here are the top five locations on the list.

PropTrack economist Anne Flaherty said data shows home buying opportunities in these areas are rare.

“Greater Sydney is the country’s most expensive city, with huge price differences,” Ms Flaherty said.

“Buying a home anywhere in Greater Sydney is extremely difficult, so we see that, in potential areas of the city – especially in the east that is considered “near water” – the competition for real estate here is not only very high, but the prices are also much higher than elsewhere in the country,” she explains. 

“Therefore, when the opportunity arises, buyers will bid fiercely to succeed in owning real estate in these areas.”

Bellevue Hill ranked top and has been performing strongly for many years, Ms. Flaherty said.

“During the pandemic, this has actually been one of the suburbs that has seen the sharpest price increases in the country thanks to a variety of factors.

“A perfect and tight position of regulations. People came in with large sums of money to bid on a home in Bellevue Hill.”

More and more suburbs are entering the exclusive group with average prices above $5 million, Ms Flaherty said, reflecting buyers’ willingness to shell out big bucks for their own private residence in desirable areas of Australia.

“We will continue to see more people looking for opportunities to buy property in these areas,” she said.

“The fact that they are tight I think is very important and partly explains why they sell for such a high price.”

Toorak is the only suburb with a median house price above $5 million. 

It’s no surprise that Toorak remains the only suburb to take a place in the rankings, Ms Flaherty said.

“Toorak’s history as Melbourne’s most elite suburb attracts buyers, both domestic and international.”

“One thing that’s different about Toorak is that there are many extremely high-end homes, large estates and expensive homes.

“The presence of many high-end properties in that area, with very high selling prices.”

Matt Davis from Kay & Burton Stonnington said the high-end market above $5m in Toorak was quite attractive at the moment. Two recent sales campaigns attracted many international and domestic buyers.

“Toorak has weathered the market storm better than others… it’s a sought-after location.

“Quality houses or apartments, often receive great interest… if the properties are priced correctly, they will be accepted by the market.”

Homes over $5 million.

Up for auction this week, 26-27 Olola Avenue, Vaucluse is set to fetch a staggering $45 million.

North-facing views of the port, on a 2266m² land plot, the design includes five bedrooms, six bathrooms, stone fireplace, a large tennis court, an entertainment area and swimming pool. 

Joint selling agent David Malouf from Highland Property said the house, which spans two plots, is the largest block of houses and one of the few in Vaucluse to be protected. 

The combination of the ownership of two properties in Vaucluse and the perfection of the house, creates an exceptional transaction.

“We received greater interest than expected, making the property even more special,” he said.

In Mosman, 45 Parriwi Road, a three-storey, three-bedroom, three-bathroom home with sea views, has been put on the market through its initial search campaign. 

The house has been owned by a family since 1961, and features a design with three floors all facing northeast, with the living area on the top floor measuring 11.7m wide.

Other features include tall skylights, custom wood paneling, a swimming pool and a master suite with a home office. 

In addition to these super luxury areas, there are many other properties with selling prices exceeding the $5 million threshold.

Just a short helicopter ride from the shores of Sydney Harbor is “Cedarvale”, a 20-hectare mansion at Berry on the New South Wales south coast, which will go up for auction next month with a reserve price of $7.2 million.

Berry had a median home price of $1.8 million in the 12 months through September, data from PropTrack shows.

The home of Rugby Australia Chairman Hamish McLennan and his wife Lucinda has six bedrooms, five bathrooms and comes with a private helipad. Mr McLennan is also Chairman of REA Group, which publishes realestate.com.au.

Located on Perth’s ‘billion dollar street’, 183 Wellington Street, Mosman Park, is on the market for the first time in 36 years, priced around $25 million – well above the area’s median house price of $1.8 million.

Billed as a “one-time opportunity,” the listing says the new owner could subdivide the 2,523 square meter property into two or three lots.

“Wellington Street is one of the most popular streets in Perth with panoramic views, unobstructed by any structures, due to the height restrictions of houses on the site.” 

Looking at the ultra-luxurious Saunders Street, houses along this street in Perth are comparable in price to the most expensive areas of Sydney.

And, one of the most extraordinary homes to come on the market in 2023, the award-winning Alkira Resort House at Cape Tribulation, is for sale for more than $7 million.

Completely energy-independent and designed by architect Charles Wright, Alkira is located on a man-made lake – home to plants and animals such as turtles, fish and rare ornamental sunflowers from South America.

Remotely located, popular tourist mecca Cape Tribulation in north Queensland did not have enough transactions over the past year to provide an accurate average price.

Source: https://www.realestate.com.au/