Sydney has been ranked as the world's 10th most expensive city, according to the latest Economist Intelligence Unit (EIU) report, thanks to the price of groceries, rent and everyday services, ranking equally with Copenhagen.
No suburb in the country features a greater concentration of members of The List – Australia's Richest 250 than Toorak, where Melbourne's wealthiest families have gathered for decades. Think historic looking mansions guarded by large hedges set back from the street to ensure privacy.
Vaucluse, New South Wales was the most expensive capital city housing suburb in Australia in 2022, with a median property value of over 7.9 billion Australian dollars. In comparison, the median property value of a house in the capital city suburb Toorak, Victoria came to around 4.96 billion Australian dollars.
Loyola, Los Altos, California
The richest neighborhood in America is Loyola, California. The average household income in Loyola is $326,069, with the median income a little lower at $246,563. The median listing price is $3,899,000.
The highest-earning suburbs in Australia are Cottesloe and Peppermint Grove in Western Australia, based on the ATO's latest taxation figures.
Beachside suburbs like Coogee and Bondi come out on top for liveability. Close enough to the city centre while existing in their own bubble, these coastal hotspots offer exquisite views and a space to breathe away from the commotion. For trendy inner-city living, try Paddington and Potts Point.
The least expensive suburb or most affordable suburb to buy residential property is Kambalda East, in the east of WA with a median house price of $118,525.
Over on Sydney's lower north shore, Hunters Hill and Woolwich are situated on a small peninsula that separates the Lane Cove and Parramatta Rivers. Aside from some of Sydney's richest, the area is also home to a number of heritage buildings and impressive houses.
Mungallala Methodist Church was built in 1964. It has now closed. In 2016, the Australian Taxation Office listed Mungallala as having the lowest mean taxable income by postcode, making it the poorest town in Australia, which led the ABC to do a documentary on the town for their online "storyhunters" program.
Five of the country's top 10 richest towns are located in Western Australia, according to the latest census data, with Dampier taking the top spot with 22% of its residents earning more than $4,000 per week.
The poorest country in the continent of Australia is Papua New Guinea.
Cheapest Aussie cities to rent
So what about renters? Well, Adelaide is actually Australia's most affordable capital city for renters ($534), while Sydney is the most expensive ($711), according to the latest CoreLogic rental data.
The Australian state that is cheapest to buy a house is Tasmania, which sits off the southeast coast of the Australian mainland and is the country's smallest state.
From the elite in Australia's most expensive suburb, Vaucluse, New South Wales, to mining and working class labourers of the country's cheapest housing market, Kambalda East in the West Australian Goldfields, the standards of living across the continent are exemplified by our real estate options.
After maintaining the highest standard of community well-being for seven consecutive years, it comes as no surprise that the Australian Capital Territory (ACT) cemented itself as the best place to live in Australia. WATCH NOW: Wombats are itching to death in Canberra.
Woorabinda, west of Gladstone, was ranked the most disadvantaged LGA in the country, followed by Cherbourg, about an hour west of Gympie in the state's south. Yarrabah, Kowanyama, Wujal Wujal and Doomadgee, all in the state's north, were also ranked in the 10 most disadvantaged areas in Australia.
The most in-demand suburbs in regional NSW
In first and second place are West Wollongong and North Wollongong, which have median unit prices of $573,750 and $647,500 respectively, and 118.9% and 96.2% more potential buyers each respectively.
Sydney. Sydney rounds out the top 10, with 126,900 millionaires. This makes the city Australia's wealthiest.
In Sydney, it's Wolseley Road in Point Piper. The most expensive street in the nation's priciest city saw a new house price record of $130 million set late last year by tech mogul Scott Farquhar. “And that wasn't even waterfront!” says Highland Property director Bill Malouf.