They are home to the business elite, sportspeople and celebrities – and they don’t come cheap.
A list of the top ten most expensive suburbs in Australia in 2015 has been revealed.
Most of the suburbs are within Sydney and Melbourne, cities that regularly feature in top ten lists of the world’s most liveable cities but are also very pricey.
Despite a slower growth rate in the housing market in the third quarter, the average median house price for Australia’s eight capital cities rose 2.3 per cent, reaching $698,826, Bendigo Bank-Real Estate Institute of Australia figures show.
The median price of housing in Sydney rose by 22.6 per cent over the year to breach the $1 million mark – the highest nationally and almost three times the median price for Hobart.
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Sydney is the seventh most expensive city in the world to buy a home, while Melbourne takes 18th spot, figures by Monocle magazine reveal
The median price of housing in Sydney rose by 22.6 per cent over the year to breach the $1 million mark, the highest nationally
A nationwide survey of Australians found that less than 30 per cent of Sydneysiders think it is a good time to buy a home. The figure in Melbourne was 52.7 per cent
Melbourne follows in a distant second with a median house price of $668,030, according to the Domain House Price Report.
Perth, Canberra and Darwin are the other three cities that hit the $600,000 plus mark, while buying a house in Brisbane and Adelaide remains relatively affordable – with median prices of $490,855 and $479,285 respectively.
In global affairs magazine Monocle’s yearly Quality of Life survey, Sydney was ranked the seventh most expensive city in the world to buy a home, beating Paris and Tokyo.
Melbourne took 18th spot, while Monaco, Hong Kong, London, New York and Singapore rounded off the top five.
Nine of out ten of Australia’s most expensive suburbs in 2015 are in Sydney. Only Toorak, in Melbourne’s eastern suburbs, made the top ten list
Out of the nine Sydney suburbs that made the list, six are located in the city’s east, two are in the lower north shore and one, the relatively unknown Box Hill, is in the north-west
Australian’s wealthiest appear to live in Sydney, favouring the city’s eastern suburbs over the conservative and upmarket north shore
The top ten most expensive suburbs, and their median prices, in Australia, according to realestate.com.au.
Darling Point, NSW – $5,651,000
Darling Point is a harbourside eastern suburb, 4km from the CBD, that is considered one of the most prestigious and exclusive areas in Sydney.
Its neighbours are the equally leafy suburbs of Edgecliff and Double Bay.
Nicole Kidman owned a home on Yarranabbe Road when she was married to Tom Cruise, and other notable past and present residents include media personality Ita Buttrose, the late prime minister Gough Whitlam and model Lara Bingle.
Darling Point: The harbourside suburb in Sydney’s east is one of the city’s most wealthiest and most prestigious areas
Darling Point: This property, Atherfield, is a gothic revival mansion that sits on 1,157sqm of land. It has five bedrooms and four bathrooms and is up for sale
Darling Point: Some famous people who have lived in Darling Point are actress Nicole Kidman, model Lara Bingle and the late prime minister Gough Whitlam
Box Hill – $3,953,500
The relatively unknown suburb of Box Hill, more than 40km north-west of Sydney, doesn’t boast water views, a beach or heritage-listed mansions.
But the area has been rezoned in recent years, evolving from a rural to a residential suburb and this likely contributed to Box Hill attracting cashed-up buyers, Jason Keen, of Ray White Box Hill, told realestate.com.au.
‘I see good steady, continued growth. In many ways we’re really only at the beginning of the development curve. Basically it’s the start of an entirely new suburb,’ Mr Keen said.
About 30,000 thousand new residents and almost 10,000 new homes are expected in the area that is closer to the town of Windsor than Sydney.
Box Hill: Box Hill is a little known suburb that lies more than 40km north-west of Sydney. It is located nearer the towns of Windsor and Richmond than Sydney’s CBD
Box Hill: The area was largely rural but has recently been rezoned, spurring building activity and attracting cashed-up local buyers despite its distance from the CBD and lack of train services
Box Hill: Some 30,000 thousand new residents and almost 10,000 new homes are expected in Box Hill in the coming years
Bellevue Hill, NSW – $3,950,000
Bellevue Hill is one of Australia’s wealthiest suburbs. Casino and media mogul James Packer, actress Toni Collette and former Australian Text cricketer Alan Kippax are among the famous Aussies who live or have lived in Bellevue Hill.
Despite a cooling Sydney market, the upmarket suburb has held its prices, with Leura, an eight bedroom, eight bathroom federation mansion with a ballroom fetching $30 million last month.
Median house prices in Bellevue Hill rose more than 20 per cent in the six months to September. The prices of flats rose 17.6 per cent over the same period, taking the average unit price to $1,037,500.
Bellevue Hill: Bellevue Hill is in Sydney’s eastern suburbs. Despite Sydney recording a cooling property market in 2015, prices in Bellevue Hill have remained strong
Bellevue Hill: Some famous Australians who live or have lived in Bellevue Hill include media mogul James Packer, actress Toni Collette and former Australia Text cricketer Alan Kippax
Bellevue Hill: Median house prices in Bellevue Hill rose more than 20 per cent in the six months to September. The prices of flats rose 17.6 per cent over the same period
Vaucluse, NSW – $3,675,000
Another eastern suburb in Sydney, 9km from the CBD, affluent Vaucluse boasts extensive harbour views, taking in the Sydney Harbour Bridge.
For many years, Vaucluse – which is predominantly residential – was known as the wealthiest suburb in Sydney.
In 2013, Angelina Jolie and her family moved into Villa Igiea, a 1920s mansion in Vaucluse, while she directed Unbroken – which tells the story of American Olympian Louis Zamperini who was captured by the Japanese during World War II after his aircraft crashed in the Pacific.
Vaucluse: An eastern suburb about 9km from the Sydney CBD, many houses in Vaucluse command uninterrupted harbour views
Vaucluse: The suburb drew the attention of celebrity watchers in 2013 when Angelina Jolie moved into the area with her family while she was directing the movie Unbroken
Vaucluse: Angelina Jolie and her family, sans Brad Pitt, were sighted on the streets of Vaucluse when she moved into the exclusive suburb two years ago
Toorak, VIC – $3,400,000
Rounding off the top five is Toorak, in Melbourne’s eastern suburbs. Essendon coach James Hird, AFL identity Eddie McGuire and former Victorian premier Ted Baillieu are among some famous Australians who call this wealthy suburb home.
Last month, a mansion on Yar Orrong Rd was sold to a local buyer for a reported price of $20 million, believed to be the highest for the suburb in 2015.
Toorak is a well-known favourite for Melbourne’s ‘old money’ who live in mansions behind high gates, but there are many apartment-dwellers in the area where flats make up 48 per cent of residential dwellings.
Earlier this year, Daniel Radcliffe – of Harry Potter fame – listed and then unlisted a three-bedroom Toorak apartment his parents bought a decade ago and gifted him when he turned 18.
Toorak: Toorak is well-known for its mansions with high gates, but there are many apartment-dwellers in the area where flats make up 48 per cent of residential dwellings
Toorak: Essendon coach James Hird, AFL identity Eddie McGuire and former Victorian premier Ted Baillieu are among some famous Australians who call this wealthy suburb home
Toorak: Daniel Radcliffe, star of the Harry Potter movies, owns an apartment in Toorak. His parents purchased the property about 10 years ago and gave it to him when he turned 18
Tamarama, NSW – $3,250,000
Famously dubbed ‘Glamarama’ by locals, this beachside suburb lies 7km from Sydney’s CBD and is home to one of the first lifesaving clubs – the Tamarama Surf Life Saving Club, established in 1906.
A small beach visited mostly by residents of the area, Tamarama is often bypassed for its bigger, brashier neighbour Bondi. While actor Hugh Jackman is a regular sighting at Bondi, Tamarama too attracts its fair share of celebrities – The Biggest Loser’s Michelle Bridges was earlier this month spotted soaking up the sun with her partner The Commando.
In September this year, celebrity chef Bill Granger appeared to be marking a return to Tamarama, after swapping his Bronte digs for a $4.8 million three-storey beachfront property in Tamarama. Granger currently lives in London and it is not known when he will take up residence in Tamarama.
Tamarama: Sydneysiders refer to Tamarama as ‘Glamourama’ due to the beautiful, fit people who are regularly sighted on its beach
Tamarama: Tamarama beach is visited mostly by residents of the area, with tourists preferring its bigger, brashier neighbour Bondi
Tamarama: There is no shortage of houses with water views. Celebrity chef Bill Granger, who lives in London, recently paid $4.8 million for a three-storey beachfront property in Tamarama, similar to this one
Double Bay, NSW – $3,175,000
Known as ‘Double Pay’ for its dense concentration of high income residents, Double Bay was developed shortly after European settlement in the late 1700s.
It had initially served as a shelter for fishermen who fished in the harbour, a far cry from the exclusive suburb that it is today.
Double Bay came to world attention in 1997 when INXS lead singer Michael Hutchence committed suicide in a room at the five-star Ritz-Carlton hotel.
Double Bay: Double Bay has a heavy concentration of high net worth individuals and as a result is sometimes referred to as ‘Double Pay’
Double Bay: Double Bay was developed shortly after European settlement in the late 1700s and has evolved into one of Sydney’s most exclusive waterfront suburbs
Double Bay: The area, in its early days, served as a shelter for fishermen who fished in the harbour, a far cry from the exclusive suburb that it is today
Dover Heights, NSW – $3,100,100
Another stomping ground of the rich and famous, Dover Heights is home to Kings Cross identity John Ibrahim. When radio personality Kyle Sandilands fled his Terrey Hills mansion, in Sydney’s northern suburbs, he moved into a Dover Heights property owned by Ibrahim.
While making Australia’s top ten list, prices in Dover Heights appear to have suffered a significant fall. March 2015 figures cited by Business Insider show the area’s median house price was $3,600,000, as compared to the current median of $3,100,100.
Almost 10,000 residents in Dover Heights had an average taxable annual income of $139,099, according to the Australian Taxation office.
Dover Heights: This eastern suburb may have made Australia’s top ten list, but house prices here have suffered a significant fall
Dover Heights: March 2015 figures cited by Business Insider show the area’s median house price was $3,600,000, as compared to the current median of $3,100,100
Dover Heights: Dover Heights is home to Kings Cross identity John Ibrahim and was at one time also home to radio personality Kyle Sandilands
McMahons Point, NSW – $3,051,000
A harbourside suburb on Sydney’s lower north shore, McMahon’s Point used to be populated by the working class, with blue collar workers now giving way to the affluent and privileged.
McMahon’s Point is a small, quiet suburb known for its village atmosphere. It is just several minutes walk to the more famous Kirribilli where Prime Minister Malcolm Turnbull has his official Sydney residence.
While there is no shortage of vantage points to view the Sydney Harbour, Blues Point Reserve in McMahons Point offers an uninterrupted view of the ‘coathanger’ bridge and Opera House. Ferries run from McMahons Point Wharf, taking residents to the CBD and as far as Parramatta in the western suburbs.
McMahons Point: McMahon’s Point, in Sydney’s lower north shore, used to be populated by the city’s working class
McMahons Point: It is a small, quiet suburb known for its village atmosphere and is just several minutes walk to Kirribilli where Prime Minister Malcolm Turnbull has his official Sydney residence
McMahons Point: Blues Point Reserve in McMahons Point offers an uninterrupted view of the ‘coathanger’ bridge and Opera House
Longueville, NSW – $2,960,000
Longueville rounds off the top ten list of Australia’s most expensive suburbs. The lower north shore suburb lies on the banks of the Lane Cove River between Tambourine Bay and Woodford Bay.
Longueville’s most famous (former) resident has to be Academy Award-winning actress Nicole Kidman who grew up in the lower north shore.
One of her neighbours and childhood friends was journalist and news presenter Peter Overton. Past famous Longueville residents include artist Brett Whiteley, novelist Marjorie Barnard and tennis player John Newcombe.
Longueville: The only other Sydney north shore suburb that made the list, Longueville lies on the banks of the Lane Cove River between Tambourine Bay and Woodford Bay
Longueville: Actress Nicole Kidman was raised in Longueville. One of her neighbours and friends was news presenter Peter Overton
Longueville: Past famous Longueville residents include artist Brett Whiteley, novelist Marjorie Barnard and tennis player John Newcombe
In a survey of Australia’s most expensive suburbs released by realestate.com.au in July this year, Point Piper in NSW, topped the list, followed by Peppermint Grove, WA in second place and Vaucluse, NSW coming in third spot.
Bellevue Hill, Kirribilli and Potts Point, all located in NSW, took the fourth, fifth and sixth spots respectively.
The mid-year list also included Toorak, Vic (seventh), Tamarama, NSW (eighth), Longueville, NSW (nineth) and Double Bay NSW (tenth).
A recent survey by CoreLogic RP Data-TEG Rewards found that less than one in three people living in Sydney – the lowest nationally with just 29.7 per cent – think it’s a good time to buy.
People living in the ACT were the most optimistic about their home purchasing prospects, with 80 per cent believing it is a good time to buy.
Time to buy: Sydneysiders are the least optimistic about their buying prospects, with less than 30 per cent believing it is a good time to purchase a home