New data reveals Australia’s most expensive suburbs to buy property

New PopTrack statistics have laid bare the most expensive suburbs to buy property in the country, with 88 coming in with an automated valuation model (AVM) over $3 million.

An AVM is a statistically derived estimate of the value of a property, using sophisticated data analytics and algorithms to accurately estimate property value on a given date.

According to the new data, Melbourne misses out on the nation’s most expensive suburb, with that honour going to Sydney’s Bellevue Hill, its mansions and heritage estates recording the highest AVM of $8.42 million.

Sydney real estate agent Oliver Lavers told the suburb lands the holy trinity of amazing views, convenient location and proximity to prestigious schools to make it one the country’s most sought after locations.

“It provides the ultimate lifestyle opportunity,” he said.

“Everyone knows there has been a general shift in the market over the past 12 months, however the upper end of the housing market, including Bellevue Hill, hasn’t shifted and remains strong.”

Bellevue Hill’s AVM surged by over 13 per cent in the last year and while things might be cooling in general, many of these expensive suburbs around Australia have seen significant price growth in the last 12 months.

Sydney suburbs, perhaps not surprisingly, continue to dominate the next few positions on the list, with Vaucluse coming in second with an AVM of $8.08 million.

Vaucluse was followed by Dover Heights and Double Bay at $6.6 million and $6.3 million respectively.

The entire top ten spots are from the eastern suburbs of Sydney or their northern beaches, and it’s not until position 11 that Melbourne comes in with its trusty Toorak and an AVM of $5.13 million.

Melbourne’s second most expensive suburb, and a sharp beneficiary of the COVID-inspired move to the regions, is Portsea, which RT Edgar real estate agent Geoff Hall said is a unique market.

“Traditionally the playground of Melbourne’s rich and famous, many of the trophy properties along the cliff front have been in the same family for generations,” he told

“As such the area is tightly held and stock turnover is substantially lower than other Peninsula postcodes.

“Portsea buyers are quite specific with their buying criteria. They are typically attracted to the larger land holdings and want that full resort-style holiday home with a court and pool.”

Perth’s Peppermint Grove surged over 12 per cent in 12 months to record an AVM of $4.35 million, reflecting the strong results recorded in the west last year. It sits 18th on the list of Australia’s most expensive suburbs.

In Queensland, the suburb of Sunshine Beach recorded the highest AVM in their state of $3.1 million, while Brisbane’s most expensive suburb was New Farm at $2.76 million.

Adelaide’s Toorak Gardens was South Australia’s most expensive suburb, coming in at $2.11 million.

So what does the future hold for high end property markets around the nation? We know that prestige property has traditionally seen more volatility during price booms and downturns, so is the market set for some sharp decline as interest rates continue to rise after a year of such strong results?

PopTrack senior economist Eleanor Creagh points out the high end property markets in Sydney’s eastern suburbs and northern beaches have already shown decline in the last quarter.

“Interest rates have risen quickly this year and as borrowing capacities are constrained and buyers’ budgets shrink, Sydney is feeling these effects,” she told

“Many potential buyers have seen their budget shrink and that’s dampening demand for high-end housing, with sales falling as the pool of people qualified to purchase luxury properties is shrinking.”


Australia’s 10 most expensive suburbs


Dwelling type


AVM price 

QoQ change

YoY change

Bellevue Hill


Sydney – Eastern Suburbs






Sydney – Eastern Suburbs




Dover Heights


Sydney – Eastern Suburbs




Double Bay


Sydney – Eastern Suburbs




Rose Bay


Sydney – Eastern Suburbs






Sydney – North Sydney and Hornsby




Palm Beach


Sydney – Northern Beaches






Sydney – North Sydney and Hornsby






Sydney – Eastern Suburbs




Point Piper


Sydney – Eastern Suburbs




Source: PropTrack



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