Australia is the 6th largest country in the world and home to a population of 24.59 million. It has a developed economy and a relatively high gross domestic product per capita. In fact, this country has the highest average of wealth in the world. This wealth is reflected in the cost of living in Australia, from the price of basic goods to the cost of real estate. For example, ten suburbs in this country have homes with an average price of over $2.5 million. This article takes a closer look at some of these Australian suburbs.
The 5 Most Expensive Suburbs Of Australia
1. Point Piper
Point Piper is by far the most expensive suburb in Australia, located to the east of Sydney. Only 11 streets run through this suburb, which has an average home cost of around $9.89 million. The most expensive houses here are located along the waterfront on Wolseley Road. Of these, the Craig-y-Mor house sold for $32.4 million in 2008, making it the second most expensive property in the country. In terms of taxable income, Point Piper is the second richest in the country.
2. Darling Point
The second most expensive suburb in Australia is Darling Point, located to the east of the Sydney business district. It has a population of 4,190 individuals, who live in homes with an average value of approximately $5.35 million. The vast majority of the residences in this suburb, 87.3%, are apartments or condos. Additionally, the average median household income in Darling Point is just over twice the national average. The Cruising Yacht Club of Australia is also located here, close to the Rushcutters Bay Park.
3. Cremorne Point
Cremorne Point is the 3rd most expensive suburb in Australia, located to the north of Sydney between Mosman Bay and Shell Cove. It has a population of 1,978 and an average home price of approximately $3.47 million. Homeowners in this suburb tend to remain in their houses instead of selling, as is common in other suburbs. In 2015, for example, only 8 owners sold their residences. This suburb is home to the Cremorne Point Ferry, which runs to Sydney Cove and Mosman Bay on a regular schedule.
4. Bellevue Hill
Bellevue Hill is the 4th most expensive suburb in Australia, located to the east of Sydney. The average home value in this area is around $3.24 million. It has a population of 10,767, the majority of whom (56.3%) were born in Australia. This suburb is also home to a number of historic buildings, protected under the Register of the National Estate. In 2009, the previous French consulate sold for $23 million, making it one of the most expensive pieces of real estate in the area.
The 5th most expensive suburb in Australia is Woolwich, located along the northern shoreline of Sydney on a peninsula that juts out between the Parramatta and Lane Cove rivers. The average home value here is approximately $3.16 million. It has a population size of only 811, making it one of the smallest of these elite suburbs. The average household income in this suburb is roughly 2.5 times higher than the national average and most of the employed individuals work in a professional or managerial position. In 2015, only 9 homeowners sold their residences.
Australia's 10 Most Expensive Suburbs To Own A House
|Rank||Suburb||Median House Price (in AUD)|
|1||Point Piper||12.5 million|
|2||Darling Point||6.76 million|
|3||Cremorne Point||4.39 million|
|4||Bellevue Hill||4.1 million|
|8||Lavendar Bay||3.42 million|
|10||Dover Heights||3.23 million|