Real estate firm Ray White has found that luxury homes are slowly but surely branching out beyond old money suburbs.
In a new analysis, Sydney was found to continue topping the ranks of Australia’s most expensive homes with Bellevue Hill, Point Piper and Rose Bay and just one Melbourne suburb, Toorak, appearing in fifth.
Traditionally strong luxury home suburbs like Mosman and Double Bay have also continued to perform well, but they're no longer the only options.
When Ray White broadened the data beyond the median to include the suburbs that have also seen the strongest increase in prices some new spots came into play
Studying the prices and growth of the top 10% of the market saw the Main Beach and Surfers Paradise North, both on the Gold Coast, soaring.
Luxury homes at Main Beach have nearly doubled since 2019, from $3.8 million to $6.6 million and Surfers Paradise North saw a similar pace of growth that now places it on par with Coogee and Clovelly in Sydney.
Western Australia also continues to grow with Cottesloe property values increasing by $2.4 million in just five years, now placing similarly to luxury homes in East Melbourne and Roseville in Sydney.