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Australia’s Exclusive $5 Million-Plus Property Club: A Shifting Landscape
Becoming a member of Australia’s ultra-exclusive $5 million-plus property club may seem like an unattainable dream for most Australians. Even for those privileged enough to belong, there’s no guarantee they’ll remain within its prestigious ranks.
Sydney’s picturesque Palm Beach, known to many as the fictional Summer Bay from the TV series Home and Away, has recently exited this exclusive club. The median property price in Palm Beach dropped from its peak of $5.98 million in early 2022 to its current position at $4.8 million.
It may be Sydney’s answer to the Hamptons, but Palm Beach is no longer in the $5m property club. Picture: realestate.com.au
Another notable exit is Woollahra in Sydney’s Eastern Suburbs, where median house prices have declined from $5.42 million in mid-2022 to the present $4.5 million.
However, two newcomers have emerged this year, as harborfront Mosman and beachside Clontarf quickly made their way into the prestigious list.
So, what qualifies a suburb for membership in the $5 million-plus club? Water is a recurring theme, with nearly every suburb either situated beside or offering stunning views of a beach, harbor, or the ocean. Unsurprisingly, Sydney dominates this list.
Water is a common theme among Australia’s $5m+ suburbs. Picture: realestate.com.au/buy
According to PropTrack data, there are now 12 suburbs that form the $5 million-plus property club. To qualify, a suburb must have recorded at least 10 property sales in the past year. This criterion excludes tightly held suburbs, such as Australia’s most expensive suburb, Point Piper.
Here are the suburbs with a median price of $5 million or more:
- Bellevue Hill, Sydney – Eastern Suburbs: $9,000,000
- Vaucluse, Sydney – Eastern Suburbs: $9,000,000
- Woolwich, Sydney – Ryde: $7,500,000
- Tamarama, Sydney – Eastern Suburbs: $7,425,000
- Dover Heights, Sydney – Eastern Suburbs: $6,400,000
- Toorak, Melbourne – Inner: $5,815,000
- Longueville, Sydney – North Sydney and Hornsby: $5,725,000
- Double Bay, Sydney – Eastern Suburbs: $5,500,000
- Rose Bay, Sydney – Eastern Suburbs: $5,350,000
- Clontarf, Sydney – Northern Beaches: $5,337,500
- Bronte, Sydney – Eastern Suburbs: $5,300,000
- Mosman, Sydney – North Sydney and Hornsby: $5,031,500
These exclusive suburbs are primarily located in Sydney’s Eastern Suburbs, Northern Beaches, and Upper North Shore. Toorak in Melbourne stands out as the only suburb outside New South Wales with a house median exceeding $5 million.
Bellevue Hill and Vaucluse in Sydney’s east share the top spot, each boasting a median house price of $9 million. Woolwich on Sydney’s Lower North Shore, beachside Tamarama, and Dover Heights round out the top five.
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According to PropTrack economist Anne Flaherty, opportunities to buy in these suburbs are scarce due to intense competition. Greater Sydney holds the title of the most expensive capital city in Australia, particularly in the eastern suburbs close to the water, where properties often sell at significantly higher levels than elsewhere in the country.
Bellevue Hill, in particular, has been a robust performer in recent years and saw strong price growth during the pandemic, thanks to its highly desirable and tightly held location.
As more suburbs join the exclusive $5 million-plus median club, it reflects the willingness of buyers to invest substantial amounts in the most sought-after areas of Australia.
Toorak is the only suburb outside Sydney with a median home price of more than $5m. Picture: realestate.com.au
Toorak remains the only non-New South Wales suburb in the club, drawing both domestic and international buyers. Its appeal is heightened by the presence of high-end homes, spacious blocks of land, and expensive properties that fetch significant prices.
In some of these exclusive pockets, $5 million is just the starting point. Properties like 26-27 Olola Avenue, Vaucluse, with a staggering price guide of $45 million, or 45 Parriwi Road in Mosman, which offers three levels with ocean views, are examples of the luxury offerings in these areas.
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The allure of these ultra-exclusive suburbs and their limited availability continue to drive high prices. In this ever-evolving property landscape, more people are seeking opportunities to secure a piece of these exclusive and desirable areas.
Outside of these enclaves, properties above the $5 million price threshold can also be found. Whether it’s the 20-hectare estate property in Berry, the opulent 183 Wellington Street in Mosman Park, or the unique UFO-inspired Alkira Resort House in Cape Tribulation, the Australian property market remains diverse and exciting.
SOURCE: realestate.com.au