Australia’s most expensive suburbs revealed in new house price data

A woman has revealed her surprise at the list of Australia’s most expensive suburbs, with the average house in the top areas costing more than $8 million.

A list of Australia’s most expensive suburbs has come as a “shock” to one woman, prompting her to question what the people who live there do for work.

PropTrack recently released its latest quarterly automated valuation model (AVM), which revealed where you can find the country’s top 10 most expensive suburbs.

An AVM uses advanced data analytics and mathematical models to accurately estimate the value of a given property.

Cherisse Morgan, a popular TikTok creator whose videos centre around mortgage and real estate information, recently shared the list with her followers.

“Australia’s 10 most expensive suburbs have been released,” she said in the clip, “and surprisingly, they are actually all in Sydney.”

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Every single one of Australia’s most expensive suburbs were in Sydney. Picture: Morgansmortgages/TikTok

The TikToker said she thought Melbourne would at least feature in the top 10. Picture: Morgansmortgages/TikTok

“I thought at least a couple of them would be in Melbourne, so that’s a shock to me.

“The auto valuation model pricing is to the right here, which basically just means the average price of a house in the suburb, which is insane.”

She pointed out Bellevue Hill in Sydney’s eastern suburbs came in at number one, with an AVM price of more than $8.42 million.

“I’m just curious what everyone does for work that lives in these suburbs,” Ms Morgan captioned her video.

The data showed the AVM for Bellevue Hill increased by a massive 13.17 per cent year on year.

TRG agent Oliver Lavers told realestate.com.au the suburb was one of the most sought after in Australia as it “provides the ultimate lifestyle opportunity”.

A six-bedroom, six-bathroom mansion recently sold by Mr Lavers, is the perfect example of some of the luxury properties available in the area.

The price guide for this home was $13 million. Picture: realestate.com.au

Bellevue Hill came in at number one of the PropTrack list. Picture: realestate.com.au

The property has 700sq m of internal living and sits on a 952sq m block.

The home sold within three weeks of going on the market, with a price guide of $13 million.

Last on the top 10 list is Point Piper, which is interesting as it is generally accepted to be the most expensive suburb in the city.

The area is full of mega-mansions, but realestate.com.au revealed it is difficult to get an accurate AVM for the suburb because these houses are rarely put up for sale.

This is why the data shows Point Piper coming in 10th place, with an AVM of $5.2 million for units, which is a 3.68 per cent decrease on last quarter and a 0.75 per cent rise in the past year.

Coming in at number two is Vaucluse, also in the eastern suburbs, with an AVM of $8.08 million.

This is a 13.22 per cent jump in the past year.

The top 10 list was based of the AVM price of the suburbs. Picture: PropTrack/realestate.com.au

Dover Heights and Double Bay were in third and fourth spots, with AVMs of $6.63 million and $6.36 million and yearly increases of 12.01 and 9.11 per cent.

The AVM for Rose Bay is listed as $6.08 million, bringing the suburb in at number five.

Longueville, on Sydney’s lower north shore, came in next at $5.8 million.

Rose Bay’s AVM increased 8.73 per cent year on year and Longueville’s jumped 11.81 per cent.

The AVM for Palm Beach in the northern beaches dropped 0.52 per cent since last year, bringing the price to $5.5 million.

LJ Hooker agent BJ Edwards told realestate.com.au that Palm Beach was now where “many of Sydney’s top wheelers and dealers come to play”.

“Since the beginning of the year, some areas along the northern beaches have seen significant changes and prices have quickly dropped between 5 per cent and 15 per cent,” he said.

“The Palm Beach market appears somewhat insulted from that downturn.”

Coming in eighth and ninth places are Mosman and Bronte, with AVMs of $5.49 million and $5.22 million, with increases of 7.65 and 1.76 per cent respectively.