If you just so happen to be a multi-millionaire and you’re after a quaint little shack in Australia’s most exclusive, A-list neighbourhood, then look no further than Sydney’s Tamarama.
According to RP Data, the beachside enclave has pipped Point Piper as our nation’s most expensive suburb with “Glamarama”, as it’s affectionately referred to by locals, seeing a growth in property prices of 38 per cent over the past five years.
The median house price in the bijou suburb is currently sitting at a heady $3,777,500, with the soaring price tags of homes in the area largely due to the combined effect of limited supply and highly sought after panoramic ocean views from many Tamarama properties.
Over the last few years Sydney’s top end property market has been languishing, but it’s likely that when the economy picks up, in turn our prestige property markets will perform better.
In the meantime this is good news for those with cash to splash in Sydney’s top end property market as you can currently pick up a relative bargain in these high-end neighborhoods.
Not surprisingly, with its geographic constraints including the picturesque harbour to one side and extensive mountain ranges on the other, Sydney has long been Australia’s most expensive city when it comes to median property prices.
Currently, seven out of ten of the country’s most expensive suburbs are scattered around the Harbour city, including Bellevue Hill which takes third ranking after Perth’s Peppermint Grove, boasting a median house price of $3.3 million, followed by Vaucluse at a median of $2.85 million and Double Bay at $2.2 million.