The best performing prestige suburbs around Australia

When you think of the top prestige suburbs in Australia, places like Sydney’s Point Piper and Melbourne’s blue-ribbon Toorak automatically spring to mind. But the best performing A-listers this spring turn out to be ones that may have passed you by completely.

“The areas with the top-priced property that we’d normally think would be in the list, the more ‘Hollywood prestige’, have been quiet since the GFC,” says Domain Group senior economist Dr Andrew Wilson. “While volumes have now picked up, there hasn’t been as much price growth.”

Instead, when calculated on sales volumes and price growth over the past four to five years, as well as recent growth, the nation’s top performing prestige areas are surprises.

In Sydney, Castlecrag on the lower north shore, with its median price of $2.81 million, is now king, attended by its eastern beaches courtiers Rose Bay ($2.85 million) and Bronte ($2,917,500).  

“Castlecrag is a great suburb, and it’s undervalued,” says Christies International agent Ken Jacobs. “It’s so close to the city with a lovely bushland setting, has easy access to the water and as others come in with fresh eyes, they see it’s great value.”

Rose Bay deserves its place among the top picks too, says D’Leanne Lewis, principal of Laing & Simmons Double Bay. “People love the harbour views it has, the waterfront parks, the ferry, the great restaurants and the village lifestyle where you don’t need a car to get coffee or to the beach.”

In Melbourne, bayside Middle Park (median: $2,552,500) four kilometres south of the CBD came up trumps, leading the east’s Mont Albert ($1,807,550) and its neighbour Balwyn North ($1.8 million), recently in the news for its 87 per cent price leap in the last three years, as the strongest market driven by Chinese buyers in Australia. 

“Middle Park only has about 20 streets and it’s very tightly held,” says Oliver Bruce, director and auctioneer of Marshall White. “It’s a village lifestyle, very quiet with no through traffic and, with tree-lined streets and big family homes, it’s one of the most beautiful places in the city, with high capital growth.”

The private schools in the area have helped push Mont Albert close to the top of Melbourne’s list, believes Thai Tan of First National Real Estate Lindellas. “It also has the station and is close to the city and Box Hill with its shopping,” he says.

Ascot (median: $1,161,000) has taken out line honours in Brisbane, six kilometres north east of the CBD, which would also be Ray White chairman Brian White’s top choice. “It’s always been a prized suburb and growth has been quite strong,” he says.

Ray White Ascot principal Dwight Ferguson says its quality established homes on mainly large blocks set it apart. “They’re traditional colonial, heritage-style homes in an area that’s tree-lined and leafy with lots of parks.”

In Adelaide, Leabrook (median: $1,161,000) in the east came out as the top prestige suburb, Perth has Mount Claremont ($1,815,000) to the west and Canberra, Campbell ($985,000), south east of the CBD.

Sydney:

Penhallow, 16 Linden Way, Castlecrag
$13 million+ 

On the largest landholdings of the peninsula at 4400 square metres,  this magnificent architect-designed harbourside estate comprises two homes – the principal five-bedroom residence and a two-bedroom guest cottage – set in lush landscaped gardens. With spectacular views over Middle Harbour from almost every room, a pool, tennis court, billiards room and wine cellar, it includes every conceivable luxury, and is completely private. “It really is very special,” says Christie’s International agent Ken Jacobs, who’s selling the property via expressions of interest. “An acre of land over three titles with two houses and beautiful gardens and views.”

Melbourne:

Brownmoor, 14 Leopold Crescent, Mont Albert
$2.1 million+

Built in 1888 by hotel proprietor Edwin Dyer whose horse had won the Australia Cup 10 years earlier, this home became a boarding house, a music room and teachers’ rooms in turn before being completely renovated. Now a five-bedroom, two-bathroom period home with high ceilings, a marble fireplace, lacework verandahs and landscaped gardens, it’s a tasteful combination of history and contemporary comfort. First National Real Estate Lindellas agent Thai Tran has the listing.   

Brisbane:

17 Wattle Street, Ascot
About $2.5 million

Originally the home of the previous owner of Toorak House, who lived there for 46 years, it was bought two years ago by a couple determined to improve and update it. They raised the heritage timber facade  with its french doors and built another level underneath to create an elegant two-storey home of five bedrooms and four bathrooms with a separate downstairs office. “It’s a very beautiful house, but the owners now want to move out to pursue a rural lifestyle,” says Ray White Clayfield agent Michael Binder.