For those of you out there with grand plans to emigrate to Australia, Sydney may have to be ruled out for those on a budget as this week it was ranked top of the Australian Property Rich List.
Article written by The Overseas Guides Company
According to the RP Data Property Pulse results released this week, Sydney is home to an astonishing 19 of Australia’s most expensive 25 suburbs. Perth comes in second with three, Melbourne is home to just two and the final spot goes to Eagle Bay in the Margaret River region of Western Australia.
So which suburb can now boast the title of “Most expensive suburb in Australia”? The answer is Point Piper in Sydney. Located only 4km from the central business district (CBD), a property here will set you back around $7.4million (£4.74m). On average, residents of Point Piper have the highest incomes in the entire nation, averaging $182,000 per annum. Lucky them!
Following closely behind are the snazzy suburbs of Watson’s Bay, Centennial Park and Woolwich – all of which are found in Sydney. We have to move west for the suburb that takes the fifth spot to Perth’s Peppermint Grove where a home is likely to set you back $4.3 million (£2.75m).
RP Data Research Director Tim Lawless stated: “Suburbs on the property rich list tend to be near the central business district, close to the water, or feature houses with a heritage value or perched on larger blocks of land”.
Interestingly, the population of Australia who are living within the most expensive 25 suburbs account for only 0.5 per cent of the whole country’s population. This shows that all is not lost if Sydney is your dream home, there are plenty of suburbs which cater to those who are not lucky enough to be clearing €150,000 per year.
To see details of property for sale in Australia, take a look at the Australian listings on Rightmove Overseas. When emigrating to Australia or buying property there, using a currency exchange specialist rather than a bank to transfer your money could save you thousands and help you buy a home in your favourite suburb! Smart Currency Exchange can help you do this – for more information download their free guide by clicking here, or visit our Currency Zone.
To understand the full step-by-step process to buying a property in Australia, collect The Overseas Guides Company’s ‘Australia Property Buying Guide’
The views and comments herein are those of the author and do not necessarily reflect the views or opinions of Rightmove Overseas, Rightmove Group Ltd or Rightmove Plc