The luxury suburbs where house prices are getting cheaper
Even upper-end home buyers are not immune from the pressure of high interest rates, as high mortgage costs have kept a lid on property price growth in expensive suburbs over the past year.
Those fortunate enough to buy now, however, may see their purchase appreciate as interest rates start to fall.
Australia's 'luxury suburbs' are areas where the median house price exceeds $4.09 million in Sydney and $2.52 million elsewhere, as defined by Ray White's Luxury Report for 2025.
The fastest growing luxury neighbourhood in Sydney over the past year was the Coogee-Clovelly area, recording an increase of just 2.35 per cent but to a relatively high median house price of $4.45 million.
There was similarly modest growth in the Castle Cove-Northbridge area, up 2.16 per cent to $4.19 million, and Bondi Beach-North Bondi, up 2.02 per cent to $4.19 million.
In Melbourne, the nine luxury suburbs recorded annual change between a fall of 0.58 per cent and a rise of 0.59 per cent, the report found.
Median house prices inched lower in Toorak, down 0.12 per cent, Brighton, down 0.24 per cent, and Malvern-Glen Iris, down 0.58 per cent.
But it was a different story in the west, where house prices in Perth's Nedlands-Dalkeith-Crawley region and in City Beach rose more than 8 per cent each.
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