Sydney tops property rich list

Source: SMH

Point Piper … the highest prices and highest incomes in the country.

If you’re after bragging rights over how expensive your home is, Sydney is the place to be.

Perth and Melbourne are the only other major cities that feature as magnets for the very wealthy but are a distant second and third behind the harbour city.

Sydney has 19 of Australia’s most expensive 25 suburbs, according to the RP Data Property Pulse released today. Perth has three, Melbourne two and Eagle Bay in Western Australia’s Margaret River region also gets a top 25 ranking.

The suburb with the highest median house price in Australia is Point Piper in Sydney, where the very impressive bricks and mortar will cost you around $7.4 million. That gets you a place only four kilometres away from the the centre of town, on average.

Point Piper residents have the highest average incomes in the nation, averaging just over $182,000.

‘‘If you own a house in Point Piper you have truly made it,’’ RP Data research director Tim Lawless said.

A cheaper joint, at $6.5 million, is available at Watson’s Bay, seven kilometres away from the city centre. In third place is Centennial Park, followed by Woolwich – both in Sydney.

Perth’s Peppermint Grove takes fifth spot, where your flash pad will set you back $4.3 million. It’s 10 kilometres from the city centre, but one would think there must be a bus service.

Melbourne is much more affordable. A Toorak mansion can be bought for a song: only $2.8 million.

But it’s 12th among the top 25. And all sports fans know that no one ever remembers the runners-up.

Bringing up the rear of the top 25 is Sydney’s Bronte, where your very sweet home will pull $2.01 million from your bank account.

The best deal may be in Hobart, at Battery Point, where one can settle down for just $861,000 and be only one kilometre from the city centre.

Battery Point attains the lowly rank of 365 but it is the only suburb in Australia where it costs less than $1 million to buy into the elite hosing market.

Mr Lawless said suburbs on the property rich list tended be in areas near the central business district, close to the water, or featured houses with a heritage value or houses perched on larger blocks of land.

Only three of the top 25 most expensive suburbs are further than 10 kilometres from the capital city central business district.

The population living within the most expensive 25 suburbs accounts for just 0.5 per cent of Australia’s population.

The property data does not say if the top 25 suburbs are tree-lined, but 15 of them have in their names: bay, point, grove, park, hill, heights or beach.

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