Australia's most expensive suburbs will shock you with how much they cost. Image: Canva. Australia's most expensive suburbs by median house price are all concentrated in Sydney, the most expensive city in Australia, and one of the most expensive in the world.
Housing cost of living comparison
The most expensive place for housing in Australia is Sydney. Including utilities, it's 48.51% higher than the cost of Adelaide, which is the least priciest capital city. Monthly rent in a 2 bedroom apartment* is likely to cost you around $671 more a month in Sydney than in Melbourne.
The Australian Taxation Office (ATO) analysed the tax returns of more than 15 million Aussies from the 2020-21 financial year to come up with the rich list. Double Bay took out the top spot, living up to its 'Double Pay' nickname, with residents of the 2028 postcode raking in an average annual income of $266,381.
With 126,900 millionaires, Sydney made it to number 10 with the report noting especially strong growth in wealth in the Harbour City over the past 20 years, making it Australia's wealthiest city. It's also predicted to reach the top 5 wealthiest cities in the world by 2040.
No suburb in the country features a greater concentration of members of The List – Australia's Richest 250 than Toorak, where Melbourne's wealthiest families have gathered for decades. Think historic looking mansions guarded by large hedges set back from the street to ensure privacy.
What are the poorest suburbs in Australia? The lowest-earning suburb in Australia is Gurley in New South Wales, according to the ATO's latest figures.
Western Australia is the top region by GDP per capita in Australia. As of 2021, GDP per capita in Western Australia was 135,479 $. The top 5 regions also includes Australian Capital Territory, Northern Territory, New South Wales, and Victoria.
Cheapest Aussie cities to rent
So what about renters? Well, Adelaide is actually Australia's most affordable capital city for renters ($534), while Sydney is the most expensive ($711), according to the latest CoreLogic rental data.
Five of the country's top 10 richest towns are located in Western Australia, according to the latest census data, with Dampier taking the top spot with 22% of its residents earning more than $4,000 per week.
While Sydney topped the list of best cities to live, its position in other fields put it at fifth overall. See where other Australian cities ranked, and who took out the number one spot. Click through to see the top 20.
Sydney, NSW. Median multipe of 13.3. Prices have risen at six times the rate of inflation since 2020.
You know you're driving through an affluent neighborhood when you see large houses, perfect landscaping, and expensive cars. Use affluent to describe wealthy people or areas.
The poorest suburbs in Sydney are Blacktown, Fairfield, Liverpool, and Auburn. These are the least advantaged suburbs in Sydney, as determined by a combination of household income, occupation, and level of education.
Over on Sydney's lower north shore, Hunters Hill and Woolwich are situated on a small peninsula that separates the Lane Cove and Parramatta Rivers. Aside from some of Sydney's richest, the area is also home to a number of heritage buildings and impressive houses.
After maintaining the highest standard of community well-being for seven consecutive years, it comes as no surprise that the Australian Capital Territory (ACT) cemented itself as the best place to live in Australia. WATCH NOW: Wombats are itching to death in Canberra.
The least expensive suburb or most affordable suburb to buy residential property is Kambalda East, in the east of WA with a median house price of $118,525.
South Australia: Cheapest places to buy a house in Australia
These include: Coober Pedy, South Australia. Peterborough, South Australia. Port Pirie West, South Australia.
On a mean wealth basis, Australia was the fourth-richest country in 2021 behind Switzerland, the US and Hong Kong.
Australians are the richest people in the world, with a median wealth three times that of the average American, a new report has shown.
Australia's GDP per capita is currently nearly 80 per cent of that of the US, having risen from around 75 per cent in the mid-1980s. To provide a simple decomposition of the long-term evolution of GDP per capita, the Australian Treasury often uses the '3 Ps' framework.
Gold Coast. The Gold Coast is the Australian holiday destination that truly has it all. The sprawling city is surrounded by stunning sandy beaches, ancient rainforests, famous theme parks, and magnificent views in every direction.
The Outback is a remote, vast, sparsely populated area of Australia. The Outback is more remote than the bush.