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Top 20 most expensive suburbs in Australia. Due to the enormous 11% increase in home values for Australian capital cities over the past year, there are now 437 suburbs across the country with an average property value of $1 million or more.
The rise in values has been strongest in Sydney, with property values up 18.4% followed by Melbourne, with property values up 11.5%. As displayed in the top 20 most expensive suburbs in Australia chart below, Sydney suburbs clearly dominate the $1 million + list, accounting for 17 of the 20 most expensive suburbs across the country. The number 1 suburb of Point Piper has an average property value of just under $5.6 million, a figure which was boosted in May this year by the $39.9 million sale of Villa del Mare.
20 Most expensive suburbs in Australia, as at June 2015
Out of the total 437 suburbs to make the $1 million + average property value, NSW had the greatest number of suburbs at 302, up from 232 the previous year. With 61 suburbs, Victoria has the second highest number of suburbs with an average property value in excess of $1 million and far less than NSW's number. Across the rest of the country, 14.0% are in Vic, 3.2% in Qld, 2.7% in SA, 8.9% in WA, 0.0% in Tas, 0.5% in NT and 1.6% in ACT.
This list shows the effect of strong capital growth rates, with Sydney values rising substantially faster than all other major cities. Good news for property owners who have owned property in Sydney for at least 3 years as they are likely to have built up a large amount of equity in their home.
Australian suburbs with an average property value of $1 million or more, as at June 2015
While the number of Australian suburbs with an average property value of at least $1 million has increased dramatically over recent years, there has also been a large increase in suburbs with an average property value of at least $2 million. In 2014, 32 suburbs had an average property value in excess of $2 million, a figure which has now increased to 48 suburbs. Of these 48 suburbs, 40 are in Sydney, 5 are in Melbourne, 2 are in Perth and 1 is in Canberra.
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