A common perception about upscale living is that such extravagant properties are always located in the heart of a happening metropolis, which boasts of world-class infrastructure and sky-high buildings. However, with time, as the cities are becoming cramped and congested, the fast-growing suburbs are becoming the number one choice for owning an ostentatious dwelling.
The inner-city suburbs are becoming a strong investment ground for the high-net-worth individuals who are looking for waterfront properties and vast expanses to include badminton courts and outdoor swimming pools in their villas. Naturally, this quest for luxury properties for sale in Australia has amplified the prices of real estate in the fringe areas.
The best part about living in a suburb is that you get to enjoy the best of both the worlds as you stay close to the buzz of the city and are comfortably far away to bask in the glory of peace and tranquillity. While Sydney and Melbourne are still the priciest cities, some of their suburbs are not far behind. Let us look at the most expensive suburbs in Australia, which are catching the attention of the trophy home buyers.
1. Bellevue Hill, NSW
The Bellevue Hill suburb is home to the affluent strata with its dreamy harbour side location in the east of Sydney. Just five kilometres away from the bustling CBD, Bellevue Hill is known for being the retreat of several billionaires in the country. It recorded a staggering median house price of $5.4 million in 2018. The suburb is highly sought-after for its exquisite and heritage buildings which have raked millions of dollars in the past decade such as the Rona estate, Fairfax House, Rovello, Caerleon, etc.
The Rona estate was sold for a whopping $60 million in 2018 even though the stricter credit policy had been imposed and the house prices had started falling. Thus it can be said without a doubt that premium properties are showing no downward trend in this charming region.
2. St Leonards, NSW
With a median house price of $945,000, St Leonards has emerged as a significant place to reside for the rich and the famous. Just 5 km away from the Sydney CBD, this suburb on the lower north shore has a population of just 5,495 people. It is a vital commercial hub and is dotted with skyscrapers housing the offices of some of the biggest companies in the world such as IBM, Toyota Financial Services, Lenovo, etc. It is considered an economic powerhouse which doles out various job opportunities and has the best amenities in the vicinity.
3. Darling Point, NSW
The eastern suburb of Sydney is located close to Point Piper and has several heritage listings housed within its hinterland. Popular Hollywood actress Nicole Kidman resides in this region, which is also famed for its waterfront properties. The median house price for Darling Point was $2,715,000 till March 2019 and the average taxable income of the local population was $187,769 according to the ATO tax statistics for 2016-17. The suburb has several beautiful homes which are selling like hot cakes in the market.
4. Toorak, Victoria
This plush suburb of Melbourne is well-recognised for being home to the elite and influential people. Overlooking the Yarra River, Toorak has captured the attention of the super-rich who are making a beeline to own houses worth millions of dollars. The top end is doing very well with prestige homes in the range of $10 to 20 million getting sold quickly. There is a little slump in the $5 million category due to the restrictions on credit amount being offered by the banks. The median house price is $3.1 million and the market is going strong with increasing demand.
5. Tamarama, NSW
The beachside homes have always caught the fancy of the rich and the famous. This is the reason why luxury properties are entering the beach home market in a big way. Tamarama is not far behind with the median house price of $4,100,000 as per the data update till March 2019. It is locally popular as Glamarama as its sun-kissed beaches are visited by sunbathers and swimmers in large numbers. With the growing number of millionaires in the country, the demand for glamorous destinations for buying a home is also rising. Naturally, suburbs like Tamarama are winning big in this scenario.
6. Vaucluse, NSW
The cliff-top neighbourhood of Vaucluse is an eastern suburb of Sydney, which is known as a high-class residential region. The suburb gained huge publicity when one of its Hawaiian-style prestige homes above the Hermit Bay was sold for over $29 million in 2007. Later in 2016, another record was set in the region when the founder of the food delivery app Menulog bought four waterfront properties on Coolong Road for approximately $80 million.
7. Byron Bay, NSW
Once again a beachfront suburb scores over the others! Byron Bay with a median house price of $1,587,500 is among the most expensive suburbs in Australia. Located in the north-eastern end of NSW, Byron Bay is a resort town favoured by tourists for its subtropical weather and unspoiled beaches. There is a steady demand for luxurious properties in the suburb from interstate wealthy individuals. According to the latest reports, it has surpassed Sydney with its rise in prices.
8. Surf Coast, Victoria
Positioned in the south-western region of Victoria, Surf Coast has taken over the tag of being one of the most expensive suburbs in the country. With a median house price of $835,000, it is witnessing a boom in the real estate sector as buyers are moving towards the lush suburbs for a high quality of life and outstanding views. These suburbs have everything that a big city has to offer at a lower price, which is making them rank high in the priority list of the buyers.
9. Kiama, NSW
Falling under the Illawarra region, Kiama is a famous tourist destination with its magnificent surfing beaches and splendid caravan parks. The area boasts of a median house price of $910,000 and the dwelling prices have been going up for the last three years. The rental returns are also soaring as many well-off families are settling here to enjoy its mesmerising and scenic destinations.
10. Wingecarribee, NSW
Housing affordability in Wingecarribee is slowly becoming the stronghold of the prosperous population as the prices are increasing beyond expectations. Positioned in the Southern Highlands, the suburb is in high-demand as the cash-rich baby boomers are making their way into the suburbs. They are willing to pay high prices for comfortable living after retirement or enjoy these premium properties as a second home or long-term investment.
With so many suburbs falling under the excessive house price category, it is evident that loaded buyers are now moving away from Sydney and Melbourne. If you too are looking for luxury properties for sale in Australia, then it will be a good idea to check out the suburbs mentioned above for a stunning home in a charming neighbourhood.