Got a lazy $6.42 million spare? Congratulations, you can buy a median-priced house – not the most expensive, in Darling Point -nestled on the shores of Sydney Harbour’s eastern suburbs.
That eye-watering figure headlines the top 25 most expensive suburbs in Australia by median house price. The remaining 24 are dominated by Australia’s largest city, Sydney.
The list, supplied by CoreLogic, is below. It breaks down by property type with Dawes Point, again on Sydney Harbour, the only suburb to make the list for apartment prices at $2.985 million.
Based on median gross household income level of $80,704 in 2013-14 released by the ABS, the price-to-income ratio to buy a median priced house in Darling point is currently a smidgen under 80 years. And that’s gross income, not after tax.
“The top 25 suburbs achieving the highest median values are those located in prime locations such as Sydney’s waterfront and the inner-city suburbs,” says Cameron Kusher, research analyst at CoreLogic.
“Toorak with a number 9 ranking and Peppermint Grove ranked number 17, are the only two suburbs shown that are not located in Sydney.”
Outside of New South Wales, Victoria and Western Australia, the most expensive suburb in Queensland is currently Tenerife with a median house value of $1,644,643, Springfield in South Australia at $1,737,499, Larrakeyah in the Northern Territory at $1,196,987 and Forrest in the ACT at $2,067,813.
CoreLogic notes that Tasmania was the only state or territory where no suburbs reached a median value of at least $1 million.
There’s always next month.
According to Kusher, there were 570 suburbs nationally whose median house price was over $1 million in June, with 43 registering a $1 million-plus median price tag for apartments.
“The number of suburbs has increased by 125% over the past 3 years,” says Kusher. “In New South Wales, the proportion of suburbs with a median value of at least $1 million has increased over time from 59.7% of national suburbs in 2008 to 68.2% in both 2015 and 2016.”
The chart below, supplied by CoreLogic, shows the number of suburbs with a median price tag of over $1 million, going back to 2008.