Ray White Group Senior Data Analyst, Atom Go Tian, revealed the street’s median price has increased by 36 per cent from $33 million in the previous year, more than doubling its nearest competitor.
“The gap between Australia’s most expensive street and its competitors is remarkable,” Mr Go Tian said.
“Wentworth Road in Vaucluse, the second most expensive street, commands a median price of $23.8 million, while Ginahgulla Street in Bellevue Hill ranks third at $22.15 million.”
Mr Go Tian said that Sydney dominates the luxury landscape.
“Nine of the top ten most expensive streets are located in Sydney, with eight of these situated in the city’s prestigious Eastern Suburbs,” he said.
“What’s particularly interesting is that eight of Sydney’s top ten streets lie within a twenty-minute walk of the coastline, emphasising how proximity to water drives property values at the luxury end of the market.”
The analysis revealed large price disparities between capital cities, with Sydney’s top streets commanding prices almost six times higher than their counterparts in Brisbane, Perth, and Canberra.
“Melbourne’s premium market centres around Toorak, while Brisbane shows a more dispersed luxury market across suburbs like Teneriffe, Hawthorne, and Bulimba,” Mr Go Tian said.
He said that while Sydney demonstrates the widest price range, Canberra presents the most concentrated market.
“Sydney’s market spans from $280,000 in Glenworth Valley to $45 million on Wolseley Road, while Canberra’s lowest-priced street starts at $480,000, reflecting the significant influence of land size on market dynamics,” he said.
Mr Go Tian said it’s not all bad news for home buyers, with affordable homes still available.
In Darwin, you can get into homes for just $100,000, while Perth has the second-lowest entry point with streets ranging from $265,000 to $280,000.
“Adelaide, Brisbane, Hobart and Melbourne cluster together with their least expensive streets falling between $300,000 and $450,000,” he said.
