As the most expensive suburb in Australia, Bellevue Hill continues to lead, solidifying Sydney’s position as the leader in the country’s luxury real estate market.
This suburb’s prestige comes from its waterfront properties, stunning harbour views, and proximity to the CBD.
With a median house price of $9,000,000, Bellevue Hill exemplifies the luxurious lifestyle found in Sydney’s eastern suburbs.
But as prices soar and demand intensifies across other Sydney suburbs, what makes this affluent enclave stand out year after year? Let’s dive into the factors that keep Bellevue Hill at the pinnacle of prestige.”
Suggested reading: Like reading about the most expensive suburbs in Australia? How about the best places to live in Australia. Here’s a hint: they’re not all the same suburbs.
The Top 12 Most Expensive Suburbs in Australia (2024)
The most expensive suburbs in 2024 are heavily concentrated in Sydney, particularly within the eastern suburbs.
These exclusive areas, known for their prime locations and premium amenities, continue to attract high-net-worth buyers:
- Bellevue Hill, Sydney – Median price: $9,000,000
- Vaucluse, Sydney – Median price: $9,000,000
- Point Piper, Sydney – Median price: $8,750,000
- Woolwich, Sydney – Median price: $7,500,000
- Toorak, Melbourne – Median price: $5,815,000
- Mosman, Sydney – Median price: $5,560,000
- Double Bay, Sydney – Median price: $5,220,000
- Rose Bay, Sydney – Median price: $5,175,000
- Dover Heights, Sydney – Median price: $5,150,000
- Cottesloe, Western Australia – Median price: $4,900,000
While the most expensive street in Sydney is actually found in Bellevue Hill’s neighbouring suburb, Point Piper – its ultra-luxurious Wolseley Road has seen the most expensive property sale this year at n eye-watering $51,500,000.
Price Growth in Australia’s Million-Dollar Markets
Despite rising interest rates and affordability concerns, Australia’s property market continues to thrive.
By August 2024, 29.3% of the suburbs analyzed in this report had a median house price exceeding $1 million.
This rise in house prices reflects the demand for prime waterfront properties and investment potential in sought-after locations like Sydney’s east.
Why Are These Suburbs So Expensive?
Several factors contribute to the high prices in these affluent suburbs. Proximity to Sydney Harbour and iconic landmarks like the Harbour Bridge boost the appeal of areas such as Bellevue Hill, Vaucluse, and Point Piper.
The availability of luxury homes, exclusive schools, and access to top amenities adds further value.
Additionally, limited supply and increasing demand for properties in these expensive suburbs drive price growth.
New Entrants to Australia’s Million-Dollar Club
This year has seen new suburbs join the ranks of Australia’s most expensive suburbs, particularly in Sydney’s outer suburbs and regions like Western Australia.
These suburbs offer both a desirable lifestyle and strong investment potential. Cottesloe, with its coastal charm, and Hamilton, a rising star in Brisbane, are prime examples of new additions to the million-dollar club.
Sydney
These areas, often located in Sydney’s outer regions or formerly more affordable areas, have seen significant price growth due to strong demand, limited supply, and increased development.
Beyond Sydney: Melbourne and Brisbane’s Rising Suburbs
While Sydney’s eastern suburbs continue to lead, cities like Melbourne and Brisbane are also seeing significant growth in their high-end markets.
Toorak remains Melbourne’s richest suburb, while Hamilton in Brisbane is becoming increasingly attractive to wealthy buyers.
These cities offer a balance of convenience and lifestyle, ensuring that demand for luxury properties remains high.
Future Trends in Australia’s Luxury Property Market
Looking ahead, the outlook for Australia’s luxury market remains optimistic.
While the rapid pace of price growth may slow, the demand for premium suburbs with waterfront access, exclusive amenities, and proximity to urban centers will continue to keep prices elevated.
Suburbs like Bellevue Hill, Double Bay, and Mosman will remain hotspots for buyers seeking luxury homes and investment opportunities.
People also ask
Which Australian city is best for living?
Melbourne is the most liveable city in the Australia and world. It is home to people who like to have thriving music, bars, cafes, and coffee houses along with all the basic living facilities.
Melbourne, like Sydney, has pricier and cheaper neighbourhoods. So, you don’t need to live on the most expensive street in Melbourne to enjoy what it has to offer. Other neighbourhoods can be more affordable.
The best city to live in also depends on your preferences. Some people prefer the cold places in Australia while others like the coast. The best part is Australia offers all the above.
What is the richest suburb of Sydney?
Bellevue Hill is one of Australia’s most expensive suburbs with peninsular and harbour views.
Where do rich people live in Australia?
Rich people in Australia live in the expensive suburbs with beautiful views and beaches. The median price for these suburbs is above $5 million.
