Which Australian suburbs have the most expensive homes?

Image Source: Pixabay

Despite the coronavirus pandemic that has greatly affected the world, Australia is still going strong by presenting the optimistic GDP numbers and the real estate prices.

Experts from the relevant fields have proven that Australia was outperforming initial figures set for the pandemic, which influenced the housing market to raise the cost for a home.

Overall, the real estate market in Australia showed high resilience towards the COVID-19 pandemic. In a report provided by CoreLogic with data from November 2020, the company presented the top 10 most expensive suburbs in Australia.

#1 – Darling Point

Darling Point proved to be, once again, the most expensive suburb in the Australian continent.

The elite suburb is positioned in the most high-end area of Sydney, Eastern Suburbs, which is only a few kilometres away from the city centre.

Being one of the most popular peninsulas in the area, Darling Point has some of the best beaches and breathtaking views on the Sydney CBD.

However, buying a house in Darling Point is not the easiest thing to do, as the prices are enormously high while the supply is limited.

For a whopping A$7 million on average, only 10 Australian families managed to purchase a home in Darling Point in 2020.

#2 – Bellevue Hill

Compared to the high-end Darling Point, Bellevue Hill’s median house price might not appear too exorbitant. It is located five kilometres away from the Sydney CBD.

Another Eastern suburbia that adorns the most luxurious real estate properties in the nation has a gigantic price tag of A$5.7 million for a family home. The report said 75 homes were sold in 2020.

Bellevue Hill is home to many famous people, from athletes, entertainers, celebrities, to many more. In an atmosphere like that, it is no surprise that one has to pay a fortune to own a house in the suburb.

The suburb is also famous for its private schools and private space. It is also an excellent destination for party enthusiasts.

Image Source: Pexels

#3 – Vaucluse

Vaucluse is the third priciest Eastern suburb.

Also a peninsula, it is positioned eight kilometres away from the CBD in the south-east area of the NSW capital.

The area contains many famous walks, lookouts, and reserves, which the residents in Vaucluse can access at any time of the day.

Vaucluse overlooks the Sydney Harbour Bridge, which is one of the most iconic locations in the city. So, the area is also popular with overseas visitors.

In 2020, 96 families could afford a high-end home in the retro part of Sydney for a median price of A$5.4 million.

#4 – Double Bay

Eastern suburbs are definite winners of this year’s wealthiest list, as Double Bay is another area that stole the show with its luxurious facilities.

However, Double Bay offers a lot more than just houses worth A$4.8 million on average.

Namely, residents of Double Bay can buy unique designer clothes in prestigious and vintage boutiques, have a coffee in a European-style environment, have access to the best beauticians and plastic surgeons in the city.

Double Bay did not sell a lot of houses last year, as the report said only 19 homes were sold.

#5 – Woolwich

Some may find it weird that the Ryde area managed to get on the richest list of suburbs, but Woolwich is like a needle in a haystack of Ryde.

Woolwich is mostly known for its quick access to the beach and a popular bay of Woolwich Baths. It also has many old-school houses that bring back memories of old styles of architecture.

The area has a rich settlers’ history, as several colonisers from abroad named Woolwich as Clarke’s Point and Onion Point in the 19^th century.

However, only 11 new residences were added to the area in 2020.

#6 – Mosman

Mosman is the second suburb on the northern side of the bridge that has the multimillion-dollar properties.

The suburb has beautiful beaches and modern buildings with a retro touch. However, if one wants to own a property at Mosman beaches, they will need to pay A$4.16 million for a home.

Mosman seems to gain more popularity by the year, as an impressive 220 homes were sold in 2020. It makes the biggest number of property sales among all the high-end suburbia in the country.

#7 – Toorak

The first suburb outside Sydney that managed to get on the list is Toorak in Melbourne’s inner city.

People carrying designer bags and wearing designer clothes is a common sight in Toorak, as the area has a European vibe with numerous fancy cafes and bars.

Toorak is also home to plenty of designer stores, which are only waiting to host the Toorak residents and visitors.

For a price of A$4 million, 79 families made Toorak their new home last year.

Image Source: Pexels

#8 – Tamarama

Back to Sydney’s Eastern suburbs, Tamarama is located extremely close to the all-time famous Bondi Beach.

Tamarama has around 80 metres of the coastal line. It is situated between the Coogee and the Bondi long walk.

The suburb has many available amenities such as outdoor barbecues, playgrounds, and fancy cafes.

Tamarama is sometimes referred to as Glamarama because many smartly-dressed people hang around the area.

Eleven homes were sold to new Tamarama residents in 2020.

#9 – Rose Bay

Due to Rose Bay’s location in the east of the city centre, viewers from the area can see both iconic symbols from Sydney – Sydney Opera House and Sydney Harbour Bridge.

Rose Bay is surrounded by other affluent suburbs on the list, such as Vaucluse and Dover Heights.

CoreLogic reported a sale of 55 homes in Rose Bay in 2020.

Interestingly, Rose Bay was used to train thousands of sailors during World War I.

#10 – Dover Heights

Last but not least, Dover Heights is the last on the list of the wealthiest suburbs in Australia.

The sought-after lifestyle in Dover Heights includes drinking fancy coffee, being regular at playing sports, and most importantly, enjoying the family life.

Dover Heights has been popular within young families that want to settle down, as well as individuals of the Jewish faith.

Fifty-one houses were sold for a median price of A$3.7 million in 2020 to the newcomers in Dover Heights.