The top 10 most expensive suburbs in Australia in 2024 are worth a cool $55.1 million combined
Australia’s top 10 suburb median house prices add up to more than $55 million – and that’s a figure likely to surge further throughout 2024.
The nation’s blue-chip postcodes were in huge demand during 2023, and with little new supply coming onto the market, property prices generally remained high as a result and are now being predicted to grow strongly during 2024.
Seven of the top 10, according to the latest Domain House Price Report for the last quarter of 2023, were in Sydney’s eastern suburbs, with two on the city’s lower north shore and only one from another state – Melbourne’s Toorak.
“2023 was a strong year for the [Sydney] eastern suburbs property market and, with similar fundamentals underpinning the market as we enter 2024, we don’t expect a significant change,” said Ben Collier of The Agency.
“A constant factor has been the continued rise of the prestige property market, from luxury apartments to record-breaking houses, and as we enter 2024, this sector seems to remain as strong as ever.
“That’s because prestige buyers are typically unaffected by interest rate rises, which may have slowed down other market segments. There is also a significant undersupply of these types of properties, compared to the enormous demand.”
Sydney’s Bellevue Hill topped the list with a median house price of an eye-watering $9.17 million – up 3 per cent on the previous year and a staggering 60.2 per cent in the past five.
Next came nearby Vaucluse with a median of $7.9 million, which was actually down 12.2 per cent on the year, although up 46.6 per cent over the past five years.
| Suburb | Location | Median |
| Bellevue Hill | Sydney – City and East | $9.17 million |
| Vaucluse | Sydney – City and East | $7.9 million |
| Bronte | Sydney – City and East | $5.8 million |
| Mosman | Sydney – Lower North | $5.013 million |
| Toorak | Melbourne – Inner Urban | $4.725 million |
| Rose Bay | Sydney – City and East | $4.7 million |
| Northbridge | Sydney – Lower North | $4.65 million |
| Clovelly | Sydney – City and East | $4.56 million |
| Woollahra | Sydney – City and East | $4.35 million |
| North Bondi | Sydney – City and East | $4.275 million |
It should be mentioned that one of Sydney’s typically most expensive suburbs, Point Piper, did not officially register a median house price according to Domain data last year (the data requires a minimum of 50 sales for the year), which accounts for its absence from the top 10 list.
Records from Domain showed just five houses changed hands in Point Piper last year – one of which sold for $68 million and the other for $60 million.
Domain chief of research and economics Dr Nicola Powell said that even though a few of the top suburbs showed a price drop over the past 12 months, that often came on the back of earlier meteoric rises.
“You tend to find these premium locations leading price cycles,” she said. “They tend to see price growth sooner than other areas and experience greater rates of price growth.
“By the same token, they tend to see deeper declines when prices then fall. So, they can be strong in an upswing but vulnerable in a downturn.”
Knight Frank’s Global Prime Residential Forecast predicts that Sydney will have the highest growth in luxury residential property prices of all the Australian cities in 2024, with values growing by an anticipated 5 per cent.
Among these will be Bronte, the third most expensive suburb in Australia, with a median price of $5.8 million, up 13.4 per cent over the past year and a massive 78.2 per cent on the previous five.
| Suburb | Median | Annual Change | 5-year Change |
| Bellevue Hill | $9.17 million | 3.0% | 60.2% |
| Vaucluse | $7.9 million | -12.2% | 46.6% |
| Bronte | $5.8 million | 13.4% | 78.2% |
| Mosman | $5.013 million | 5.8% | 33.2% |
| Toorak | $4.725 million | -4.1% | 6.8% |
| Rose Bay | $4.7 million | -19.0% | 30.6% |
| Northbridge | $4.65 million | 4.4% | 40.1% |
| Clovelly | $4.56 million | 23.7% | – |
| Woollahra | $4.35 million | -4.4% | 31.8% |
| North Bondi | $4.275 million | -3.9% | 67.0% |
The next biggest price was on the other side of the harbour, in Mosman, with a median of $5.013 million, up 5.8 per cent in the past 12 months and 33.2 per cent in five years.
In fifth place was Melbourne’s Toorak, with a median of $4,725,000, slightly down by 4.1 per cent in the last year and up only 6.8 per cent in the past five.
That’s a suburb that Ross Savas, managing director of Kay & Burton, deals with regularly. “We’ve had 25 sales from August 15 2023 to December 15 in excess of $10 million, and ranging up to $65 million, although a lot of those sales go under the radar,” he said.
“But it’s not a high turnover market. We don’t see a massive amount of new properties coming onto the market. We had a tiny jump at the end of last year, but that’s all. Melbourne tends to be more conservative and people stay in their homes longer.”
Although Toorak owners are less likely to be impacted by interest rates, when they do fall, Savas believes that will inject new impetus into the market.
“People will have more confidence to spend,” he said. “But the next six months won’t see a lot of turnover, so prices will continue to grow.”
The next five places on the top 10 are taken up by Rose Bay, with a median of $4.7 million, Northbridge at $4.65 million, Clovelly at $4.56 million – up a stunning 23.7 per cent on the year – Woollahra at $4.35 million and North Bondi at $4.275 million.
Simon Exleton of the Pillinger prestige sales team in the eastern beaches said demand for those suburbs far outweighed supply, especially since the start of the pandemic when suddenly everyone craved a beachy lifestyle.
“We’ve had a really good run of sales, and from COVID, properties were probably selling 20 per cent over the odds,” he said. “Supply of property is so limited in these areas, and the lifestyle is so highly desirable, with great beaches and good schools, that demand constantly pushes prices up.
“We also have a lot of expats coming to the beaches when they move back to Sydney and depending on how strong the Australian dollar and American dollars are, they can often afford big money.”
One area that is up-and-coming enough to one day creep into the top 10 is Centennial Park, according to Collier, who said he recently had three sales over $20 million on Lang Road and had people buying houses for $12 million, $13 million and $14 million, and then spending $5 million to $6 million on renovations.
“Then they’ll also sell for around $20 million,” he said. “We’re currently seeing a big generational shift there with older families moving out and downsizers coming in and buying.”
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