As a result of its superior ultimate lifestyle possibility, Australia is one of the wealthiest countries in the world. But what is the most expensive suburb in Australia? Each year, the list of the most expensive suburbs frequently yields unexpected results.
The majority of Australia’s suburbs have great metropolitan locations. These properties are high-end getaways situated in some of Australia’s most breathtaking natural settings.
These suburbs include Bellevue hill, Vaucluse, Centennial park, Woolwich, Rose Bay, Dover heights, etc. Whereas many of the suburbs such as northern beaches have shown lower median house prices. Palm beach market appears to be on the down road for median house and unit prices.
The Forbes past year data, Canstar, and recent AVM (automated valuation model) prices are in between the range of $5m to $9m for many suburbs. But just note, that doesn’t mean they’re the best suburbs to live in Australia—some of our favourite neighbourhoods can be very affordable.
This article covers the most expensive suburb according to the yearly statistics.
Vaucluse, Sydney – $8,087,881
It won’t surprise you that Vaucluse is one of the most expensive suburbs in Australia and therefore has some of the most expensive houses in Sydney.
Vaucluse is renowned for being a wonderfully wealthy area with breathtaking views of the peninsula, seaside sanctuary, and beautiful beaches. It is considered Sydney’s gem due to its waterfront and harbour to the Sydney Harbour Bridge.
This neighborhood is home to both the Opera House and Harbour National Park.
A median-priced home in Vaucluse will run you an outrageous $8.08 million and $2,895 in rent. Over the past year, prices in the neighbourhood have significantly increased. Homes have increased by 13% while apartments have decreased by 3.9%.
Check out more properties for sale in Vaucluse.
Median house price/median sale price
Forbes adviser claims that in 2022, the housing market struggled as a result of mortgage rates rising eight times faster than expected to end the year at 3.1%. Put this in context by considering that the cash rate was only 0.1% at the beginning of 2022.
The national median house price is still 10.9% higher than it was at this time last year. Similarly with units, which fell 3.2% over the quarter yet remain 10.4% higher compared to the same period a year ago at a new median sale price of $768,999.
Is the price worth it?
The factors of high house prices may include the size of the house or the land, with many of these prime and prestige properties located on quarter acres or larger in inner city areas. It’s no surprise that demand plays a major role in markets with medium- to high-density housing (think townhouses, high-rise flats, and megamansions).
Australia’s real estate market is seeing an exceptional surge because of limitations in the government issuance of new land for residential construction, foreign investment in residential property, stronger restrictions on land use, high taxes, lack of investment in the construction sector, rapid demographic expansion, expensive postage duty, shortage of liveable land.
Throughout Australia, from the best places to live in Queensland to the best places to live in South Australia, more people are moving away from the city to avoid these high prices.
Attractions in Vaucluse
Aside from the luxurious mansions on some of the most expensive streets in Sydney, Vaucluse is also super well located— just 8 kilometres away from Sydney’s CBD in the northeast. You will find The Gap with Sydney Harbour bridge on the west of this suburb whereas the Tasman sea is located at the east.
Moreover, Watsons Bay, Dover heights, and Rose Bay are adjacent to the Vaucluse in the south. It’s one of Australia’s priciest neighborhoods, ranking in the top ten.
Attractions in Vaucluse include Vaucluse Harbour Lights, Dudley Page Reserve, Vaucluse Reservoir, Nielsen Park, Strickland House, Hermitage Foreshore Reserve, and Vaucluse House.
Sydney’s eastern suburbs have multiple attractions which are one of the factors to make these areas costly and increase the median house prices. Whenever you will try to find the best residential areas, the Sydney suburbs will appear on the list.
Vaucluse has one of the best private schools making it an expensive city for living in. Moreover, if you want to visit elegant cafes, or go on boutique shopping, Vaucluse being the most expensive city provides you with all.
Many prestigious properties have almost three bedrooms which are perfect for young families. You can enjoy the coastal living, art deco buildings, and a great location from the city centre.
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?
Vaucluse 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.
