Australia’s most expensive suburb revealed – plus see the places with the highest growth in home prices in the past year

New data from property analyst firm PropTrack shows three Sydney suburbs were the most expensive to buy across Australia in 2023.

The Lower North Shore suburb of Longueville topped the list nationally for the highest median home value, at a whopping $5.775 million.

The eastern suburb of Dover Heights came in second with $5.553 million, closely followed by Clontarf in Sydney's north with $5.523 million.

Longueville broke records in September when a waterfront property on Arabella St with five beds and three bathrooms broke the $20 million sales barrier, selling for more than $22 million before the expressions of interest period ended.

Agent Travis Standen, who sold the property, told realestate.com.au at the time that buyers from the upper and lower North Shore and eastern suburbs with a budget of more than $10 million were looking for convenience and a good view of Sydney Harbor Bridge.

“We've never had so many buyers willing to buy. They trade large areas of land for convenience and we see them coming from non-traditional areas such as the northern coast,” he said.

The same PropTrack report also identified the three best performing suburbs in terms of house price growth over the past 12 months.

The south-eastern suburb of Armadale, on the outskirts of Perth, topped the list with a 34 per cent year-on-year increase in house prices.

Elizabeth North in South Australia followed with 30 percent growth over the same time, and Riverview, Queensland, was in third place with 24 percent year-on-year growth.

The data is based on PropTrack's automated valuation model and covers homes and units together.

Armadale's growth explosion will come as no surprise to some; three separate reports named it one of Perth's best suburbs to invest in in 2023.

That includes Canstar's Rising Stars report and websites Hotspotting and Openlot, all of which named Armadale as an investment hotspot.

Cath Hart, CEO of the Real Estate Institute of Western Australia (REIWA), said there are several factors behind the strength of Perth's property market in general.

'One of them is population growth. WA's population increased by 2.8 per cent in the year to March. “June data will be released in mid-December and background indicators suggest we can expect similar growth to March,” Hart said.

'Secondly, ongoing challenges in the rental market mean people are considering buying if they can.

'And the restrictions in the construction sector are also causing people to turn to the established housing market.'

Here's a state-by-state breakdown for the suburbs with the highest median home values ​​and highest annualized home price growth:

N.S.W

Highest average home value

1. Longueville: $$5,775,000
2. Dover Heights: $5,553,000
3. Clontarf: $5,523,000

Highest increase in house prices on an annual basis

1. Denistone East: 17 percent
2. Clontarf: 17 percent
3. Parklea: 16 percent

VIC

Highest average home value

1. Portsea: $3,177,000
2. Deepdene: $3,006,000
3. Canterbury: $2,708,000

Highest increase in house prices on an annual basis

1. Harkaway: 10 percent
2. Officer South: 10 percent
3. Balnarring: eight percent

QLD

Highest average home value

1. Pullenvale: $1,957,000
2. Fig Tree Bag: $1,671,000
3. Brookfield: $1,659,000

Highest increase in house prices on an annual basis

1. River view: 24 percent
2. Acacia Ridge: 22 percent
3. Rochedale: 21 percent

SA

Highest average home value

1. Unley Park: $1,849,000
2. Malvern: $1,692,000
3. Erindale: $1,683,000

Highest increase in house prices on an annual basis

1. Elizabeth North: 30 percent
2. Elizabeth Downs: 27 percent
3. Davoren Park: 27 percent

BAG

Highest average home value

1. Acton Park: $1,218,000
2. Sand Bay: $1,143,000
3. Battery point: $1,138,000

Highest increase in house prices on an annual basis

1. Kingston Beach: two percent
2. Margate: -2 percent
3. Sandford: -3 percent

WA

Highest average home value

1. Dalkeith: $3,252,000
2. Peppermint Bunch: $2,871,000
3. City Beach: $2,407,000

Highest increase in house prices on an annual basis

1. Armadale: 34 percent
2. Brookdale 34 percent
3. Camillo: 33 percent

NT

Highest average home value

1. Lyons: $730,000
2. Muirhead: $700,000
3. Bay View: $687,000

Highest increase in house prices on an annual basis

1. Berrimah: 13 percent
2. Humpty Doo: six percent
3. Muirhead: four percent

ACT

Highest average home value

1. Red Hill: $2,004,000
2. Yarralumla: $1,882,000
3. Deakin: $1,791,000

Highest increase in house prices on an annual basis

1. Aranda: eight percent
2. Red Hill: six percent
3. Ainslie: five percent