Queensland suburbs on the cusp of top ten most-expensive postcodes in Australia

Queensland’s luxury suburbs are knocking on the door of the top ten most-expensive postcodes in Australia.

Old-money Sydney suburbs reign supreme but the sunshine state’s luxury market is attracting mega millions more compared to five years ago, Ray White data shows.

Suburbs including Main Beach and Surfers Paradise are on the cusp of elite territory.

The top ten is crowned by Bellevue Hill (with a median $12.29 million), followed by Rose Bay/Vaucluse/Watsons Bay (median of $11.71 million).

The salubrious Double Bay/Darling Point has moved to third position this year from fourth in 2019, Ray White’s analysis reveals.

The medians are based on prices in the top 10 per cent of sales. By gleaning figures from only the biggest deals done, it provides a picture of what the richest buyers typically pay to live in these areas.

Toorak – Melbourne’s highest-end suburb, where state price records are broken – has shuffled backwards from third place five years ago.

The 2024 top ten is rounded out by Mosman – North (median $9.65 million), Toorak (median $9.27 million), Mosman – South (median $8.5 million), Woollahra (median $8.32 million), Dover Heights (median $8.17 million), Bondi/Tamarama/Bronte (median $7.5 million), and Hunters Hill/Woolwich (median $7.44 million).

Ray White compiled the high-end inventory from Neoval data.

Ray White economist Nerida Conisbee said the classic, “old-money suburbs” are not “budging” from the top of the list. Bellevue Hill and Rose Bay/Vaucluse/Watsons Bay also ranked one and two in 2019.

“Bellevue Hill and Rose Bay continue to top the list of most expensive suburbs for luxury homes in Australia,” Conisbee said in a statement.

“The top 10 per cent of these markets now have an average price above $11 million.

“Sydney continues to dominate, with one Melbourne suburb, Toorak, appearing. But beneath the high level numbers of the most expensive, the luxury market is now shifting.”

Analysis of emerging prestige markets shows Queensland is a hot bed of big money.

Prices at the highest end in Main Beach, on the Gold Coast, have more than doubled in five years, Conisbee said. The median in Main Beach stands at $6.63 million – a significant bump on the $3.8 million median in 2019.

“Not bad for a suburb that was sitting at 50th most expensive luxury market in 2019,” Conisbee said.

Surfers Paradise North’s top-tier of sales has surged to a median of $6.77 million (up from $4 million in 2019), which Conisbee said is on par with prices in Coogee and Clovelly in Sydney.

It’s a similar narrative in Mermaid Beach, where the top 10 per cent of the market now pay a median of $5.6 million, versus $3.3 million five years ago, for the privilege of living on golden sand.

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