Residents of luxury homes in all regions of Australia have pianos, luxury wardrobes, designer furnishings, and private jets in their homes, but there is a huge difference. Yes, in what you'd expect, it's the price.
According to Domain, in Point Piper, Sydney's most expensive suburb, the median home price is $15 million, while in Hobart's most expensive suburb of Battery Point, the median home price is just $892,555.
According to CoreLogic, there are more than 500 suburbs in Australia with median home prices of over $1 million, 338 of which are in the Greater Sydney area.
Let's take a look at a comparison of the most expensive suburbs by state and territory in Australia.
POINT PIPER, NSW, median residential price $15 million.
Wolseley Street in Sydney's Point Piper suburb is the highest priced street in Australia with median home prices reaching A$15 million. But that doesn't seem like much when compared to the most expensive properties around. In recent years, Point Piper has had several properties priced at over A$40 million.
Location: 6.1km from Sydney's CBD
Solely owned property: 49.9%
Median age: 48 years
Residents per household: 2.3
TOORAK, Victoria, median home price $3.5 million
Despite Victoria's most expensive suburb of Toorak, Melbourne Residential median prices are relatively low, but their individual property prices are expected to exceed Victoria's. The suburb of Toorak A seven-bedroom property on Robertson Street is expected to sell for more than A$30 million. The median price of a Toorak suburb home has increased by 9.4 percent in the past 12 months.
Location: 8.2km from Melbourne's CBD
Solely owned property: 42.8%
Median age: 42 years
Residents per household: 2.2
PEPPERMINT GROVE, Western Australia, residential median house price $2.9 million
Perth once owned Australia's most expensive property. A property in Mosman Park was recorded as selling for A$57.5 million in 2009. But after the end of the mining boom, the property market in Western Australia's capital city has cooled considerably.
Currently, the most expensive suburb in Western Australia is Peppermint Grove, with the most expensive property selling for $22.7 million. A$2.9 million. The median price of a home in this waterfront suburb was A$2.9 million over the past 12 months. In one year, the median price of a home has fallen by 23.7%.
Location: 11km from Perth CBD
Solely owned property: 51.4%
Median age: 40 years
Residents per household: 2.8
FORREST, Capital Territory, median home price $2.2M
Located near Capitol, Forrest suburb It is Canberra's most expensive suburb, with a median home price of $2.2 million. The median home price has increased by 14.9% in the last 12 months.
Location: 4.8km from Canberra's CBD
Solely owned property: 36.8%
Median age: 42 years
Residents per household: 2.5
Unley Park, South Australia, median home price $1.85 million
In Adelaide Unley Park suburb, the most expensive property on Victoria Street with 4 bedrooms, on a 4,613sqm plot, priced at A$51.25 million. This also far exceeds its median home price of A$1.85 million.
Location: 4.6km from Adelaide CBD
Solely owned property: 46.3%
Median age: 43 years
Residents per household: 2.6
NEW FARM, Queensland, median home price $1.5 million
New Farm suburb in the East of central Brisbane, the median price of a home is A$1.5 million. Over the past 1 year, its median residential price has increased by 14.9%.
Location: 2.9km from Melbourne CBD.
Solely owned property: 21.1%
Median age: 36 years
Residents per household: 1.9
BATTERY POINT, Tasmania, median home price $892,555
That may seem a bit shabby compared to the million-dollar suburbs of Sydney and Melbourne, but Hobart also has its most expensive suburbs. The median price of a home in the Battery Point suburb is A$892,555. The median price of a home in this waterfront suburb has increased by 11.6 percent in the last 12 months.
Location: 1.1km from Hobart CBD.
Solely owned property: 32.4%
Median age: 41 years
2.1 inhabitants per household