Queensland suburbs nearing top-ten expensive postcodes,
Queensland’s luxury suburbs are edging closer to securing a spot in the top ten most expensive postcodes in Australia.
Although old-money Sydney suburbs remain at the top, the Sunshine State’s luxury market has seen substantial growth.
Ray White data reveals that areas like Main Beach and Surfers Paradise are nearly entering elite territory.
The top ten list is currently led by Bellevue Hill, with a median price of $12.29 million.
Following closely are Rose Bay, Vaucluse, and Watsons Bay, which have a median price of $11.71 million.
Additionally, Double Bay and Darling Point have moved up to third place, overtaking their position from 2019.
Ray White’s analysis specifically focuses on medians derived from the top 10 percent of sales.
This data provides a snapshot of the amounts wealthiest buyers typically pay for homes in these exclusive areas.
Meanwhile, Toorak, Melbourne’s high-end suburb that consistently sets state price records, has moved down the rankings.
The 2024 top ten list is completed by Mosman – North, with a median price of $9.65 million.
Following Mosman – North are Toorak, with a median of $9.27 million, and Mosman – South at $8.5 million.
Woollahra ranks next with a median price of $8.32 million, followed by Dover Heights at $8.17 million.
Bondi, Tamarama, and Bronte come in with a median of $7.5 million, while Hunters Hill/Woolwich has $7.44 million.
Ray White gathered the high-end inventory data from Neoval, which tracks the luxury market trends.
Ray White economist Nerida Conisbee stated that the classic “old-money suburbs” remain steadfast at the top of the list.
Both Bellevue Hill and Rose Bay/Vaucluse/Watsons Bay held the top two positions in 2019 as well.
“Bellevue Hill and Rose Bay continue to dominate as the most expensive suburbs for luxury homes in Australia,” Conisbee said.
“The top 10 percent of these markets now see average prices above $11 million,” she added.
Sydney remains the leader in the luxury market, with only one Melbourne suburb, Toorak, making the list.
However, beneath these high-end numbers, the luxury market is starting to shift, particularly in emerging prestige areas.
Queensland, in particular, has become a hotbed for large investments in the luxury market.
Conisbee explained that prices at the top end of the market in Main Beach, on the Gold Coast, have doubled.
The median price in Main Beach now stands at $6.63 million, up from $3.8 million in 2019.
“Not bad for a suburb that ranked 50th in terms of most expensive luxury markets in 2019,” Conisbee said.
Surfers Paradise North has also seen its top-tier sales surge to a median of $6.77 million, from $4 million.
Conisbee noted that these prices now align with those in Coogee and Clovelly, two sought-after Sydney suburbs.
Similarly, in Mermaid Beach, the top 10 percent of sales have reached a median of $5.6 million.
This is a notable increase from the $3.3 million median recorded five years ago, reflecting the area’s growing prestige.
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