Most Expensive Cities to Buy a House in Australia

February 15, 2024
Most Expensive Cities to Buy a House in Australia

Key takeaways:

  • Sydney’s Point Piper leads as Australia’s most luxurious suburb with a median house price of $15.9 million, showcasing unparalleled luxury and privacy.
  • Melbourne’s Toorak and Sydney’s Bellevue Hill and Vaucluse highlight the exclusivity of Australia’s real estate with their heritage mansions and breathtaking views.
  • Cottesloe in Perth offers a blend of beachside charm and upscale living, with a median house price of $3.25 million.
  • Emerging suburbs like Byron Bay and Noosa Heads are gaining popularity for their lifestyle appeal and potential for significant price growth.

While some of us are trying to hunt down the cheapest places to live in Australia, others are scouring the most expensive cities to buy a house in Australia.

The country’s luxury real estate market is as varied and vibrant as its landscape, offering a mix of coastal serenity, urban sophistication, and historic charm.

And no one will be surprised to know that the most expensive city to buy a house in Aus is… Sydney! But before we talk about the other cities, let’s give you a rundown of the runners up, with median house prices serving as a key indicator of exclusivity.

Most Expensive Cities in Australia

CityStateMedian House Price (Jan 2024)Unemployment Rate (Nov 2023)Population (Estimated)Other Specific Data
SydneyNSW$1,122,4303.9%5.5 millionStrong job market, cultural hub, limited land
MelbourneVIC$777,2504.2%5.2 millionDiverse economy, strong cultural scene, liveable city
CanberraACT$825,0003.6%461,000Government jobs, high living standards, planned city
HobartTAS$740,0004.8%239,000Scenic beauty, growing tourism industry, smaller city
PerthWA$720,0004.3%2.1 millionResource-based economy, sunny climate, coastal lifestyle
Gold CoastQLD$710,0005.2%749,000Tourism hub, popular beach destination, high rental yields
AdelaideSA$560,0005.2%1.4 millionAffordable living, wine region, growing healthcare sector

Then, Let’s focus on the top-tier suburbs in these cities where prestige, privacy, and panoramic views command premium prices.

Top 5 Most Expensive Suburbs

1. Point Piper, NSW

House for sale in Wolseley Road, Point Piper, NSW
  • Median House Price: $15.9 million

Point Piper is an embodiment of unparalleled luxury, boasting some of the best suburbs in Sydney Nestled in the Eastern Suburbs, it offers breathtaking waterfront views and a level of privacy coveted by high-profile residents, including Australia’s business elites and celebrities.

The suburb’s proximity to the Sydney CBD enhances its appeal, providing easy access to the city’s finest dining, shopping, and cultural venues.

The lifestyle here is one of quiet opulence, with properties that are architectural masterpieces, featuring state-of-the-art amenities and expansive gardens that cascade down to the water’s edge.

Explore more properties for sale in Point Piper NSW 2027.

2. Bellevue Hill, NSW

House for sale in Ginahgulla Road, Bellevue Hill, NSW
  • Median House Price: $9.371 million

Adjacent to Point Piper, Bellevue Hill is another jewel in the crown of Sydney’s Eastern Suburbs. This prestigious locale is renowned for its heritage-listed mansions, modern architectural wonders, and sweeping harbour views.

The suburb is a harmonious blend of natural beauty and urban convenience, offering residents a tranquil yet connected lifestyle.

Bellevue Hill is also home to some of Sydney’s most esteemed educational institutions, making it a highly sought-after location for families. The suburb’s leafy, winding streets lead to secluded residences that offer an escape within the city, epitomising the luxury of space and privacy.

Explore more properties for sale in Bellevue Hill NSW 2023.

3. Vaucluse, NSW

House for sale in Kimberley Street, Vaucluse, NSW,
  • Median House Price: $7.29 million

Vaucluse is synonymous with scenic beauty and seclusion. This waterfront suburb is famed for its majestic mansions that sit atop rugged cliffs, offering panoramic views of the Pacific Ocean.

Vaucluse’s appeal lies in its combination of accessibility and isolation, providing a serene retreat that remains within easy reach of Sydney’s CBD.

The suburb is enriched with natural parks, secluded beaches, and historic sites, offering a lifestyle that is both luxurious and laid-back. The community here values privacy and tranquillity, making Vaucluse a coveted address for those looking to combine coastal living with urban convenience.

Explore more properties for sale in Vaucluse NSW 2030.

4. Toorak, VIC

House for sale in Kooyong Road, Toorak, VIC
  • Median House Price: $6.7 million

Toorak is Melbourne’s quintessential suburb for luxury living, known for its grand residences, prestigious schools, and high-end shopping. It stands as a testament to timeless elegance, with its wide, tree-lined streets and beautifully maintained gardens.

Toorak’s architectural landscape is diverse, featuring everything from Victorian mansions to contemporary masterpieces, each property reflecting the suburb’s rich history and modern sophistication.

The lifestyle in Toorak is one of refined luxury, with exclusive clubs, gourmet restaurants, and boutique shops catering to the needs of its discerning residents.

Explore more properties for sale in Toorak VIC 3142.

5. Cottesloe, WA

House for sale in Cottesloe, WA
  • Median House Price: $3.25 million

Cottesloe, located in Perth, offers a unique blend of beachside charm and upscale living. Known for its pristine beaches, vibrant café culture, and stunning sunsets over the Indian Ocean, Cottesloe is a haven for those who seek a relaxed yet sophisticated lifestyle.

The suburb’s architectural landscape is a mix of historic homes and modern dwellings, all designed to maximise views and embrace the coastal environment. Cottesloe’s community is active and outdoors-oriented, with a strong emphasis on family-friendly activities and environmental conservation.

Explore more properties for sale in Cottesloe WA 6011.

Bonus Section: Up-and-Coming Expensive Suburbs

Emerging suburbs like Byron Bay (NSW) and Noosa Heads (QLD) are rapidly gaining attention for their potential for significant price growth.

Driven by lifestyle appeal, stunning natural beauty, and strategic infrastructure developments, these locations are becoming increasingly desirable for luxury property investors and lifestyle seekers alike.

For insights into similarly attractive markets, consider exploring the best suburbs in Brisbane, which highlight areas combining investment potential with an appealing lifestyle.

Suggested reading: Curious about the top living destinations? Discover our comprehensive guide on the best suburbs in Australia.


The allure of Australia’s most expensive suburbs lies not just in their prestigious addresses and luxury homes but in the unique lifestyles they offer.

From the serene waterfront of Point Piper to the cosmopolitan elegance of Toorak, each suburb presents a distinct blend of comfort, luxury, and natural beauty.

For those aspiring to upscale living, these suburbs represent the zenith of Australian real estate, where investment meets unparalleled lifestyle opportunities.

FAQ Section on Most Expensive Cities to Buy a House in Australia

What is the most expensive state to buy a house in Australia?

The most expensive state to buy a house in Australia can vary depending on factors such as location, demand, and market trends. However, cities like Sydney and Melbourne are often considered the most expensive due to their high property prices.

Where is the most expensive house in Australia?

Determining the most expensive house in Australia can be challenging as it depends on various factors such as location, amenities, and property features. However, affluent suburbs like Toorak in Melbourne and Vaucluse in Sydney are known for their luxury properties with high price tags.

Which city has the highest cost of living in Australia?

Cities like Sydney, Melbourne, and Canberra are known for having some of the highest costs of living in Australia. Factors contributing to this include housing prices, transportation costs, and general expenses.

Which area in Australia is the most expensive?

Suburbs like Vaucluse in Sydney and Toorak in Melbourne are among the most expensive areas in Australia due to their exclusive neighborhoods, luxurious properties, and desirable amenities.

Soho is your expert team in Australian real estate, offering an innovative platform for effortless property searches. With deep insights into buying, renting, and market trends, we guide you to make informed decisions, whether it's your first home or exploring new suburbs.
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