Where is GROWTH?
ATOM GO TIAN RAY WHITE SENIOR DATA ANALYST
Australia has 31 ‘luxury suburbs’ - areas where the typical house price exceeds $2.52 million, with an exception for Sydney where the luxury threshold is higher at $4.09 million (reflecting Sydney’s different standards of luxury). Despite this higher threshold, Sydney still leads the country with 11 luxury suburbs, followed by Melbourne (nine), Perth (three), Brisbane (two), Gold Coast (two), and Canberra (two).
Perth’s luxury market is showing the strongest performance, with all three of its luxury suburbs appearing in the top 10 for price growth nationwide.
Nedlands-Dalkeith-Crawley leads with an 8.8 per cent year-on-year increase, pushing typical house prices from $2.57 million to $2.81 million.
City Beach follows closely with 8.67 per cent growth to $3.08 million, while Cottesloe saw prices rise by 5.9 per cent to $3.30 million, making it the most expensive among the top growth areas.
Brisbane’s two luxury suburbs also make the top 10 list, with Newstead-Bowen Hills growing by 6.35 per cent and New Farm by 4.66 per cent. Similarly, the Gold Coast’s only two luxury areas, Mermaid Beach-Broadbeach and Surfers Paradise- North, feature prominently with growth rates of 4.73 per cent and 4.64 per cent respectively.
TOP LUXURY SUBURBS BY PRICE GROWTH
House prices in the 95th percentile for March 2025 v 2015
■ 2025 ■ 2015
PERTH NEDLANDS-DALKEITH-CRAWLEY
PERTH CITY BEACH
BRISBANE NEWSTEAD-BOWEN HILLS
PERTH COTTESLOE
GOLD COAST MERMAID BEACH - BROADBEACH
BRISBANE NEW FARM
GOLD COAST SURFERS PARADISE-NORTH
SYDNEY COOGEE-CLOVELLY
SYDNEY CASTLE COVE-NORTHBRIDGE
SYDNEY BONDI BEACH-NORTH BONDI
Source: Neoval
Despite having the most luxury suburbs, Sydney’s high-end property prices are experiencing more modest growth. The three Sydney areas that made the top 10 growth list - Coogee-Clovelly (2.45%), Castle Cove-Northbridge (2.16%), and Bondi Beach-North Bondi (2.02%) - pale in comparison to the leading performers. Meanwhile, Australia’s most prestigious areas, all in Sydney-Bellevue Hill ($6.54 million), Rose Bay-Vaucluse-Watsons Bay ($6.03 million), and Mosman North ($4.86 million) - recorded one-year growth of just 1.65 per cent, 1.61 per cent, and 1.55 per cent respectively.
Melbourne’s luxury market is struggling even more, with its nine luxury suburbs recording growth between -0.58 per cent and 0.59 per cent - the weakest performance among major Australian cities. Premium areas like Toorak (-0.12 per cent), Brighton (-0.24 per cent), and Malvern-Glen Iris (-0.58 per cent) actually experienced value declines. Similarly, Canberra’s two luxury areas showed modest growth between one per cent and two per cent, insufficient to place them among the top performers.
This distribution of growth reveals key trends in Australia’s high-end property Market; Perth is experiencing a broad- based property boom that extends to its luxury segment; Sydney’s growth has slowed in the most expensive areas but continues in its more affordable luxury suburbs; Melbourne’s luxury market shows signs of cooling with prices falling in some premium areas; and the strong showing from Brisbane and Gold Coast luxury areas indicates growing demand for premium Queensland property. Still, despite these shifts, Sydney still has far more luxury suburbs than any other city, a lead that will likely continue for the foreseeable future.
