20 Most Expensive Postcodes in Australia - Sydney Surpasses Melbourne

Postcodes. Photo: KnowInsiders

All the postcodes in the top 20 list were in Sydney, led by the eastern suburbs, the northern beaches and the north shore.

Six of the postcodes in the top 20 have a median house price higher than $5 million, and ten have a median price above $4 million.

Postcodes in Australia are used to more efficiently sort and route mail within the Australian postal system. Postcodes in Australia have four digits and are placed at the end of the Australian address, before the country. Postcodes were introduced in Australia in 1967 by the Postmaster-General's Department and are now managed by Australia Post, Australia's national postal service. Postcodes are published in booklets available from post offices or online from the Australia Post website.

Australian envelopes and postcards often have four square boxes printed in orange at the bottom right for the postcode. These are used to assist with the automated sorting of mail that has been addressed by hand for Australian delivery.

Most expensive postcodes in the country

Postcodes: Suburbs (Median house price)

2023: Bellevue Hill ($7.16 million)

2030: Dover Heights, Rose Bay North, Vaucluse, Watsons Bay ($6.5 million)

2028: Double Bay ($5.91 million)

2108: Currawong Beach, Great Mackerel Beach, Palm Beach ($5.55 million

2029: Rose Bay ($5.3 million)

2095: Manly, Manly East ($5 million)

2088: Mosman ($4.9 million)

2063: Northbridge ($4.805 million)

2025: Woollahra ($4.8 million)

2024: Bronte, Waverley ($4.7 million)

2026: Bondi, Bondi Beach, North Bondi, Tamarama ($4.42 million)

2110: Hunters Hill, Woolwich ($4.05 million)

2135: Strathfield ($4 million)

2034: Coogee, South Coogee ($3.852 million)

2031: Clovelly, Clovelly West, Randwick ($3.85 million)

2094: Fairlight ($3.8 million)

2069: Castle Cove, Roseville, Roseville Chase ($3.689 million)

2070: East Lindfield, Lindfield, Lindfield West ($3.68 million)

2071: East Killara, Killara ($3.638 million)

2096: Curl Curl, Freshwater, Queenscliff ($3.625 million)

It is one of Australia’s wealthiest suburbs with residents earning an average of $173,278 each year. Some of its past and current notable residents include members of the Packer family, stockbroker Rene Rivkin, Lachlan Murdoch and Toni Collette.The country’s most expensive postcode was 2023, which covers the exclusive eastern Sydney suburb of Bellevue Hill and has a median house price of $7.16 million.

Located just five kilometres from the Sydney CBD, 35 homes around the median were snapped up in the tightly held suburb in the past 12 months.

Among the notable sales this year was a house in 18 Victoria Road, which sold at auction for $20.9 million in October, and the house at 144 on the same street, which was sold for $19.97 million in February.

Photo: Domain

“There have been so many sales over and above a particular price point in the past year that it’s not surprising that it’s the No.1 postcode,” said Ben Collier, co-founder of The Agency.

“Bellevue Hill has probably had the longest, if not one of the longest runs of significant growth in that market for not just this past year, but the last few years.”

With its leafy tree-lined streets and proximity to some of the best beaches Sydney has to offer, Bellevue Hill is packed with luxury villas and historic homes.

Local agent Bart Doff of Laing & Simmons Double Bay says it's a highly sought-after suburb.

"The press has been talking about declining prices, but this area, in particular, hasn't seen a decline. It's probably more highly sought after than Vaucluse. In the last twenty years, traffic has become unbearable in the eastern suburbs, it can take more than 15 - 20 minutes to get through school traffic, so Bellevue Hill is a very desired spot," Mr Doff told WILLIAMS MEDIA.

Postcode 2030, which covers Dover Heights, Rose Bay North, Vaucluse and Watson Bay, came second in the list.

The median house price in the postcode was $6.5 million. It is also home to some of the country’s wealthiest people, with the residents having a taxable income of $197,886 on average.

Postcode 2028 which encompasses Double Bay took the third spot, with the median house price hitting $5.917 million. Residents of the suburb are earning a taxable income of $202,541 on average – the highest in the country, according to the Australian Taxation Office.

The ritzy and exclusive harbourside suburb, full of upscale boutiques, popular cafes and took the crown not only as the richest postcode in Sydney but also the whole of Australia.

Double Bay, which is also appropriately nicknamed ‘Double Pay’ has sweeping views across the water to Darling Point and Sydney Harbour Bridge and is home to some of Australia’s most affluent people.

Ray White Double managing director Elliott Placks said expats and business owners have been driving the surge in prices across the eastern suburbs.

“Expats are among the most active buyers in the top end at the moment,” he said.

“I’ve just sold a house to an expat who currently lives in Singapore but will be moving back in five years or so.

“Business people who have done very well during the pandemic are also buying up houses in the eastern suburbs due to their proximity to the CBD and water.”

Palm Beach’s 2108 postcode – which also includes Great Mackerel Beach and Currawong Beach took the fourth position with the median house price at $5.56 million.

Rounding the top six are postcodes 2029 and 2095, which encompass Rose Bay, Manly and Manly East.

For units, the priciest postcodes are 2095 (Manly and Manly East), 2027 (Darling Point, Edgecliff and Point Piper) and 2061 (Kirribilli and Milsons Point).

Median unit prices for these postcodes were $1.937 million, $1.757 million and $1.7 million respectively.

Atlassian co-founder Mike Cannon-Brookes bought the nearby Fairwater mansion for $100m in 2018. That’s Australia’s highest-priced house sale.

No. 92 Wolseley Rd, Point Piper sold for $95 million in September. Picture: Supplied

No. 92 Wolseley Rd, Point Piper sold for $95 million in September. Picture: Supplied

Meanwhile, suburbs in Adelaide North recorded the lowest median home values over the year. Elizabeth North’s median value was $176,386, followed by Elizabeth South ($188,116), Davoren Park ($194,903) and Elizabeth Downs ($195,511).

Photo: The Real Estate Conversation

Eliza Owen, CoreLogic’s head of Research Australia, said Australia‘s $7.2 trillion residential real estate market was “remarkably resilient” despite COVID-19 causing the nation’s largest economic downturn since the 1930s.

“The Best of the Best report for 2020 highlights the resilience of luxury markets in Australia, where the highest median house value was once again in Darling Point, and the highest median unit value was found in Point Piper, as with 2019,” she said.

“This is not to say these suburbs have been unaffected by the pandemic; indeed the high end of the Sydney market is generally more volatile to changes in economic conditions.

“However, this volatility also tends to see a rapid recovery in the wake of lower mortgage rates and an improvement in consumer sentiment.”

Ms Owen said the luxury market’s rapid recovery was due to lower interest rates and an improvement in consumer sentiment.

She also predicted the property market would hold up next year given record-low mortgage rates, deferment of mortgage repayments for households impacted by COVID-19 and support for low income households as well as grants and concessions for owner-occupier purchases.

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