Fancy a house in Sydney’s eastern suburbs with a view of the harbour? If yes, you’d better get saving. It’s officially the most expensive area to buy a property in Australia.
The table below, supplied by CoreLogic RP Data, reveals the five most expensive suburbs for home and unit prices in every state and territory. The group based the results of median sales prices over the past 12 months where at least ten properties were sold.
The prices, particularly in Sydney and to a lesser degree Melbourne, are eye-watering.
Darling Point, nestled on Sydney Harbour and within walking distance of the CBD, officially tops the nation in terms of house prices at $6.84 million.
Centennial Park, followed by Vaucluse, take out second and third spots respectively at $6.36 million and $4.42 million.
In comparison, Melbourne’s most expensive suburb, Toorak, looks a comparative bargain at just $3.29 million.
In terms of higher density housing, Point Piper in Sydney, the next door neighbour to Darling Point, has the most expensive units in the nation at a smidge over $2.4 million.
Cameron Kusher, head of research at CoreLogic RP Data, puts the differential in prices between Sydney to other areas down to the city’s natural beauty.
“While Sydney trumps as the most expensive city, it’s important to note the abundance of waterfront homes which contributes to the higher overall cost of housing,” says Kusher. “Elsewhere housing is generally much more affordable; however, not everyone has a choice when it comes to potentially leaving Sydney and heading to another area of the country where housing is cheaper.”