Sydney's east dominates Australia's most expensive, multi-million-dollar suburbs

Sydney's east dominates Australia's most expensive, multi-million-dollar suburbs

The most expensive suburbs in Australia have been revealed, and one major city dominates the list of postcodes with multi-million-dollar houses.

CoreLogic‘s Best of the Best 2020 Report has revealed the nation’s highest median housing values, with the harbourside Darling Point leading the way at $7.06m.

In simple terms, that means 50 per cent of the houses in Darling Point are above $7.06m.

Darling Point is followed by Bellevue Hill ($5.72m), Vaucluse ($5.39m), Double Bay ($4.76m) and Woolwich ($4.2m).

The only suburb in the top 10 that isn’t in Sydney is Melbourne’s trendy Toorak with a median housing value of $4m.

Rounding out the top 10 most expensive suburbs are Mosman ($4.1 million), Toorak, Rose Bay ($3.9m) and Dover Heights ($3.7m).

In September, one Australian-based buyer paid $95m for a jaw-dropping waterfront mansion in Point Piper – the second-highest house sale ever recorded.

Atlassian co-founder Mike Cannon-Brookes bought the nearby Fairwater mansion for $100m in 2018. That’s Australia’s highest-priced house sale.

Meanwhile, suburbs in Adelaide North recorded the lowest median home values over the year. Elizabeth North’s median value was $176,386, followed by Elizabeth South ($188,116), Davoren Park ($194,903) and Elizabeth Downs ($195,511).

Eliza Owen, CoreLogic’s head of Research Australia, said Australia‘s $7.2 trillion residential real estate market was “remarkably resilient” despite COVID-19 causing the nation’s largest economic downturn since the 1930s.

“The Best of the Best report for 2020 highlights the resilience of luxury markets in Australia, where the highest median house value was once again in Darling Point, and the highest median unit value was found in Point Piper, as with 2019,” she said.

“This is not to say these suburbs have been unaffected by the pandemic; indeed the high end of the Sydney market is generally more volatile to changes in economic conditions.

“However, this volatility also tends to see a rapid recovery in the wake of lower mortgage rates and an improvement in consumer sentiment.”

Ms Owen said the luxury market’s rapid recovery was due to lower interest rates and an improvement in consumer sentiment.

She also predicted the property market would hold up next year given record-low mortgage rates, deferment of mortgage repayments for households impacted by COVID-19 and support for low income households as well as grants and concessions for owner-occupier purchases.