Alongside Switzerland, Norway and France, Australia ranks as one of the most expensive countries to live. Both Sydney and Melbourne make the top 10 for most expensive cities, ranking in at number 5 and 6 respectively, but which individual Aussie suburbs are hurting the hip pocket the most?
From purchasing a home to renting a room, we pinpoint some of the most expensive options on the market. As Sydney easily takes out most of the top spots, this article also looks to other states for their frontrunners on prices for both renting and buying.
Australia’s most expensive suburbs to buy
Got a spare million (or nine) sitting in your bank account? That’s what it will take to enter the property market in any of these top contenders for Australia’s most expensive places to buy a home.
Point Piper – NSW
In an article by realestate.com.au detailing Australia’s most expensive suburbs to purchase a property, Point Piper in Sydney took the top Spot. This waterside haven is home to Prime Minister, Malcolm Turnbull among a number of the countries elite. The average price here is a lofty $9,400,000.
Griffith – ACT
Griffith in Canberra is one of the highest priced locations in the nation’s capital. The median house price is $1,095,500 according to Domain.com.au in their wrap of Canberra’s most expensive suburbs last year.
Peppermint Grove – WA
The affluent suburb of Peppermint Grove in WA is one of our most pricey locations, with the median house price sitting at a hefty $3,800,000 according to realestate.com.au.
Australia’s most expensive suburbs to rent a house
Western Australia no longer holds the crown.
Just 12 months ago towns in the Pilbara region of Western Australia were dominating the list of most expensive rentals; however the slowing of the mining boom in the region has since led to a significant drop in prices. With Western Australia quickly falling from the shortlist, this leaves Sydney at the forefront.
Mosman – NSW
Realestate.com.au reports that if you want to live by Sydney’s harbour in Mosman, you need to be prepared to fork out around $1,500 a week. It’s a prime spot – home to the Taronga Zoo, great cafes and restaurants, shopping and incredible views of the water.
Seaforth – NSW
Those of you who love to be by both the beach and the city centre will understand the appeal of a location like Seaforth. This town is just over 10km north of Sydney’s CBD and is in close proximity to Manly. The average weekly rent here is around $1,000.
Australia’s most expensive suburbs to rent in a shared house
Research conducted by Flatmates.com.au found that the suburbs surrounding Sydney are by far the most costly to rent a room. Of a total list of 50 suburbs, a whopping 44 were found to be in Sydney.
Pyrmont – NSW
The inner-city hub of Pyrmont topped the list of most expensive suburbs to rent a room, with the average weekly rent falling in at $351 per room, per week. This prime waterfront location is situated just a stone’s throw away from Sydney’s CBD and major sites including the Sydney Harbour Bridge, Opera House, the Sydney Fish Market and the Star City Casino, so its attraction is no surprise.
Dutton Park – QLD
Let’s now venture north to Queensland’s most expensive share house rental location – Dutton Park. Entering the Flatmates.com.au list at number 41, the average weekly spend for a room is around $276 a week. Compared to some of Sydney’s most pricey options, you’d be saving almost $100 a week if you switched states, although it remains one of Queensland’s more expensive choices.
Southbank – VIC
Nestled on the south side of the Yarra River from the Melbourne CBD is Southbank – Melbourne’s most expensive share house suburb according to Flatmates.com.au. With many housing options boasting sweeping city views and situated in close proximity to restaurants, bars and public transport it’s easy to see the appeal. The average room in a share house in Southbank will set you back around $285 each week.
Sydneysider are hit hardest by property prices
Unfortunately for many house hunters across the country and in particular, aspiring Sydneysiders, living in close proximity to these highly desirable and sought-after destinations is likely out of grasp. That is of course unless you have some surplus dollars burning a hole in your pocket.
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