Australia’s most expensive suburbs in 2024

June 30, 2024

Who wants to live in a millionaire suburb?

And we're not just talking million-dollar locations but $200 million mega mansions where Australia's two richest people, Gina Rinehart and Harry Triguboff, wouldn't feel out of place.

So pick up your cheque book and come on a deluxe ride around Australia's most expensive suburbs - and dare to dream.

Where Aussie millionaires love to live

Unsurprisingly, Sydney wins the gold prize for being the city with the most millionaires (and billionaires) in both Australia and New Zealand.

Fifteen billionaires and 126,900 millionaires live in the harbourside city, according to Henley Global data  - and let's not forget the 184 centi-millionaires, or those worth $100 million or more, either. 

Based on this data, Metropole adds that Sydney's wealth surged by 35% between 2012-2022 with the city now forecast to become one of the Top Five wealthiest cities in the world by 2040.

Yet when it comes to annual percentage growth in prime residential sectors -generally defined as the top 5% of property - Perth is now beating every other capital city in Australia.

The Knight Frank Prime Global Cities Index Q4 2023 report, a valuation-based index which analyses such sectors, gave Perth a number 15 spot on its list of 45 cities worldwide.

This ranking is based on the western capital city's 5.2% premium property price increase.

The Gold Coast's 4.1% increase gave it a number 17 ranking with Sydney claiming only a number 21 spot with a 2.7% uplift.

These locations far outpaced Paris, Berlin, New York and London.

However, Knight Frank's Global Super-Prime Intelligence report for Q4 2023 showed a different story again for Sydney.

    The report provides a quarterly snapshot of US$10 million-plus residential sales conditions across 12 key international markets.

    And, Sydney had the fourth-highest number of such sales in Q4 2023, recording 42 transactions of super-prime residential properties.

    This brought the total value of such sales to $US1.932 billion in 2023

    Only Dubai, London and New York recorded higher super-prime sales.

    Australia's most expensive suburbs in 2024
    Sydney's most affluent suburbs are home to some of the most expensive properties in Australia, with Perth standing out for hosting the nation's largest and priciest residential build.

    Australia's most expensive builds

    Sydney can also boast some of the highest-priced properties in Australia - but again, Perth stands out for having the nation's largest, and most expensive residential, build.

    Following the council approval of a 26-room, four-storey mansion in May 2024, Mataki Lim's Madalyn Manor has a construction value of $200 million.

    The 40,000sqm home will be built on a 475ha site at Chittering, in north-east Perth, and will feature four specialised kitchens, a four-storey wine cellar, a ballroom, car museum, multiple sports courts and a rooftop helicopter pad.

    Just behind Madalyn Manor is the $145 million project being planned by Australia’s youngest billionaire, the 28-year-old, "crypto casino" co-founder, Edward Craven.

    Mr Craven bought the 7,197sqm block in Melbourne's uber-wealthy suburb of Toorak for $80 million in 2022.

    The site's derelict "ghost" mansion has now been demolished with plans and designs for Mr Craven's new abode underway.

    Australia's most expensive sales

    While not quite as expensive as Mr Craven's or Mr Lim's eye-watering stunners, other prime luxury opportunities across the country are making headlines with their extraordinarily high prices not deterring buyers.

    Stonebrook in the Brisbane suburb of Chandler sold for over $12 million in May 2024.

    The six-bedroom, six-bathroom mansion is set on 5 acres and boasts a cinema, dressage arena, temperature-controlled wine cellar, separate self-contained guest wing and multiple sports areas.

    Meanwhile, a former Swiss consul residence at 7 Stonehaven Court in Melbourne's Toorak is still up for grabs with an "indicative price" of $16.8 million -$18 million.

    The Tudor revival residence has five bedrooms and six bathrooms and includes two additional kitchenettes, a 500-bottle wine cellar and a games room.

    In Sydney, you have 16 Tamarama Marine Drive in Bronte - an "absolute oceanfront trophy home with sea panoramas - which last sold for $1.98 million in 1998.

    Or try a 5,000sqm private estate at 22 Quarter Sessions Road in Church Point, which is open to expressions of interest of $8.5 million-$9 million.

    In Queensland, a five-bedroom, 11-bathroom waterfront property at Sanctuary Cove, on Hope Island, is now under offer at just $19.7 million.

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