Powered by MOMENTUM MEDIA
Broker Daily logo

Where are Australia’s most expensive streets?

Where are Australia’s most expensive streets?
expand image

One city dominates when it comes to the country’s most expensive addresses.

According to Ray White Group’s senior data analyst, Atom Go Tian, there is a striking “geographic concentration” when it comes to Australia’s most expensive streets.

Data from the national network indicates that nine of the top 10 are located in Sydney, with eight in the city’s eastern suburbs.

At the centre of Australia’s most expensive streets, according to Ray White’s research, Sydney’s Wolseley Road in Point Piper has maintained and strengthened its position as one of Australia’s most expensive streets, topping the list in 2021 and 2022.

The street’s median house price is $45 million, up 36 per cent from the previous year’s $33 million.

Wolseley Road’s median house price sharply contrasts its nearest competitor, Wentworth Road in Vaucluse, which stands at $23.8 million, less than half of Wolseley Road’s value. To round out the top three most expensive streets in Australia, eastern suburb’s Ginahgulla Street and Bellevue Hill tie with a median price of $22.15 million.

It’s been revealed that a driving height in popularity in these eight of Australia’s top 10 most expensive streets is that they sit within a 20-minute walk of the coastline, with Go Tian’s report saying that “proximity to water remains a crucial determinant of property value at the highest end of the market”.

The exceptions to this pattern on the list are St Georges Road in Melbourne’s Toorak and Coolawin Road in Sydney’s Northbridge.

Go Tian also said that numbers placed at five and six on the list reinforce the importance of proximity to nature, with St Georges Road sitting alongside Melbourne’s Yarra River and Lang Road, which is in walking distance to Sydney’s Centennial Park.

The “magnitude” of variance between Sydney’s most expensive streets and those in other capitals is hard to ignore, according to Go Tian. The NSW capital’s expensive streets are almost six times more expensive than the leading streets in Brisbane, Perth, and Canberra.

The geographic placement of the peak streets follows a distinct pattern within each city as well.

While Sydney’s most expensive streets are centred in the eastern suburbs, Melbourne’s wealthy Toorak is positioned as the suburb with the most expensive streets, having a proximity to the CBD. Brisbane is much more dispersed, with high-end streets placed across Teneriffe, Hawthorne, and Bulimba.

Perth still follows the same patterns with its highest property market firmly centred around the Mosman Park-Peppermint Grove area, with Jutland Parade in Dalkeith, boasting a medium price of $6.35 million.

Meanwhile, Canberra’s most expensive market leans towards South Canberra, particularly in the suburbs of Red Hill and Deakin, where properties in the National Circuit reach a median value of $4.43 million.

Adelaide’s most expensive property market is divided between Walkerville and Burnside, with Church Terrace leading the market at $3.42 million.

Hobart’s high-end real estate is centred in Sandy Bay, particularly along Red Chapel Avenue, where prices reach $2 million.

In Darwin, the top-valued street, East Point in Fannie Bay, has a median price of $1.81 million, underscoring the stark price gap between northern Australia and its southern counterparts.

While Sydney dominates the upper-end market with nine of Australia’s 10 most expensive streets, Darwin represents the opposite end of the spectrum, hosting the nation’s 10 cheapest streets. The market’s floor is found in Southport, where Ringwood Street ($100,000), Austin Street ($103,000), and Kersley Street ($106,000) cluster at remarkably low values. Additional affordable streets are located in Darwin suburbs of Zuccoli, Southport, and Bellamack, reflecting a concentration of low-priced properties in the city’s outer regions.

This geographic trend contrasts sharply with the factors driving Sydney’s high-end property values. In Sydney, proximity to natural attractions and urban amenities elevates the value of its expensive streets, while Darwin’s cheapest streets owe their low valuations to their distance from economic hubs and peripheral locations in Australia’s smallest capital city.

The disparity between cities is most evident in the range of property values. Sydney’s market is the most polarised city, spanning from Glenworth Valley’s $280,000 to Wolseley Road’s $45 million. By contrast, Canberra presents the most concentrated market, with Pejar Terrace in Taylor representing its least expensive street at $480,000.

The difference between these two cities is partly attributed to city size; Sydney spans 12,369 square kilometres, the largest among major cities, while Canberra, Australia’s political centre, is the smallest with just 814 square kilometres.

Other capital cities offer varied market floors. Perth’s lowest-priced streets range from $265,000 to $280,000, establishing the second-lowest entry point. Adelaide, Brisbane, Hobart, and Melbourne showed similar patterns, with their least expensive streets priced between $300,000 and $450,000.

More on Property
15 January 2025
December saw stagnated rent value growth, highlighting a potential easing of prices. Despite this, prices are still ...
14 January 2025
Australia’s housing market underperformed in 2024, but long-term growth remains strong, with real estate outpacing ...
09 January 2025
The first drop in home values in nearly two years is sure to have home owners worried and prospective home owners ...