Australia’s most expensive suburbs

Sydney is by far the nation’s most expensive housing market, with its top five suburbs more expensive than every other suburb in the country.

According to recent Corelogic data on median property values in the 12 months to January 2016, Darling Point comes out on top as the most expensive suburb in the country.

In fact the Sydney premium becomes very evident when looking at the five most expensive suburbs in each state.

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The data shows that the five most expensive suburbs for houses in NSW are all in Sydney, each with a median value of over $4 million.

In comparison, the most expensive suburbs for houses in Victoria and WA are in excess of $3 million each, in SA the median prices reach $2 million, in QLD, NT and ACT the numbers are lower at $1 million each, while in Tasmania median house prices in the top five most expensive suburbs are still less than $850,000 each.

Similarly for units, all of the five most expensive suburbs in NSW (Sydney) have median values of more than $1 million. 

Tennyson in Brisbane is the only other suburb outside of Sydney with a median unit value of more than $1 million.

The data show that there is a significant premium added on property in Australia’s largest city, partly due to the abundance of waterfront homes which contributes to the higher overall cost of housing.

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Meanwhile Sydney’s employment opportunities remain robust and employers are limiting the opportunities for workers to work remotely, further exacerbating high prices.

Australia's most expensive median value properties by state

Source: CoreLogic RP Data