Stealth wealth: 24 unassuming suburbs with surprisingly high house prices

These lesser-known blue chip neighbourhoods are the quiet achievers in their local market, with higher house prices than surrounding suburbs.

The priciest and most well-known suburbs in each capital city tend to be concentrated in a few key pockets, such as the eastern suburbs of Sydney and Melbourne, the inner-city riverfront suburbs of Brisbane and beachside ‘burbs of Perth.

But within each city are suburbs that sit like an island in their local market, with higher house prices than their more-affordable neighbours.

In these micro-markets, homes can trade for a premium to surrounding suburbs, and tend to offer something that their neighbours don’t.

REA Group executive manager of economics Angus Moore said value gaps between neighbouring suburbs often came down to the types of properties on the market. 

“Different, even close by, suburbs can have different development profiles — larger blocks, different types of homes and the like — and that can make a big difference for the typical price of a home in the area,” he said.

Jump ahead to see premium suburbs in:

• Sydney
• Melbourne
• Brisbane
• Perth
• Adelaide
• Canberra
• Hobart
• Darwin

Homes in premium pockets are considerably larger, perhaps as a result of planning quirks dictating bigger block sizes, while other times houses are newer or constructed to a higher standard.

A pricier area might have access or proximity to natural amenities such as parklands or water.

Sometimes it can even come down to schooling, with properties within desirable catchments or close to well-regarded private schools in high demand.

Whatever the case, the data shows buyers will need to be prepared to pay more for these homes than properties just one suburb away.

So where are Australia’s hidden pockets of housing wealth?

Sydney

Sydney’s priciest suburbs are concentrated in the eastern suburbs, north shore, northern beaches and inner west, where proximity to the city, harbour and coast keep values elevated.

But further west are a few pockets where house prices are well above that of surrounding suburbs.

The standout is Strathfield, a large suburb with a major train station allowing easy access to the city.

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It also has wide leafy streets and multimillion-dollar properties that push the suburb’s median house price to $4.33 million – almost double that of nearby suburbs such as Burwood and Homebush.

While it lacks a waterfront location like most other $4 million-plus suburbs in Sydney, its historic prestige stems from its larger block sizes and grand heritage homes, although modern mansions are becoming more commonplace.

High net worth buyers also value the suburb's prestigious private schools, said real estate agent and McGrath Strathfield director Tarun Sethi.

“A huge drawcard for Strathfield is its elite schooling," he said. “It’s also very centrally located. It’s a major transportation hub with easy access to the city.”

Oatlands is another quiet achiever, with homes typically priced higher than in most other suburbs in the Parramatta region. 

Despite being positioned very close to the Parramatta CBD, its leafy, low density character with larger blocks attracts established families, as do nearby schools.

Large houses, such as this five-bedroom house which sold for about $3 million this year, are common in Bella Vista. Picture: realestate.com.au/sold

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Further to the northwest, Bella Vista is notable for its large, well-appointed houses on big blocks, which tend to trade for higher prices than those in surrounding suburbs.

Melbourne

Melbourne’s east is where most of the city’s priciest suburbs are found, including Toorak, Canterbury and Malvern.

But across the rest of the city there are a few suburbs where a typical home costs several hundred thousand dollars more than in the neighbouring suburb.

In the north west, Essendon and neighbouring Aberfeldie have higher median house prices than adjacent Moonee Ponds and Brunswick West.

Like Strathfield in Sydney, Essendon has larger block sizes and period streetscapes punctuated by modern mansions.

Buyers in Essendon can choose between period homes and new builds. Picture: realestate.com.au/sold

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Real estate agent and Woodards Essendon director Bruce Warburton said the suburb’s schools were a key factor for many buyers.

“A lot of people move into Essendon for that reason,” he said. “It’s also close to the CBD and airport, has terrific sporting facilities and good transport.

“You’ve got a very good calibre of renovated and new homes, and there’s a lot of investment going into these properties which is pushing the prices up.”

Meanwhile, Park Orchards in the outer northeast has a median house price just under $2 million, which is almost $800,000 higher than in neighbouring Ringwood North.

The suburb is characterised by large, leafy landholdings and mid-century housing, yet is only about 40 minutes from the CBD – a combination that helps lift values higher.

Brisbane

Suburbs in Brisbane’s south are typically more affordable than in the north, but that’s not the case in Robertson, where the median house price is $2.17 million, making it the city’s sixth priciest suburb.

Robertson is one of the priciest suburbs in Brisbane's south, with a 2.17 million median house price. Picture: realestate.com.au/sold

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That’s more than $700,000 pricier than neighbouring MacGregor and Sunnybank, and more than $1 million higher than Coopers Plains.

Houses are typically bigger and on larger blocks, and nearby Griffith University and Queen Elizabeth II Hospital serve as employment hubs for high income earners.

Further south, Stretton is about $700,000 more expensive than neighbouring Runcorn or Drewvale due to its high-quality residences, some of which include tennis courts.

Bridgeman Downs has a median house price of $1.5 million, but many larger properties sell f0r much more than that. Picture: realestate.com.au/sold

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In the north, Bridgeman Downs is another pricey pocket, a result of a multitude of large, well-appointed homes and spacious acreage properties.

Perth

Perth’s priciest suburbs are mostly found between the CBD and the beach and along the Swan River, but there are suburbs beyond these key regions where homes trade for a premium.

In the south, Winthrop sits a few suburbs back from the river, but is almost as pricey as waterfront suburbs closer to the CBD, with a median house price of $1.62 million.

Recently-built houses in North Coogee can sell for more than $2 million, even though it's further from Perth's traditional premium markets. Picture: realestate.com.au/sold

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Gwelup has a $1.52 million median house price, which is almost $700,000 more than neighbouring Balcatta. It’s a little closer to the beach, although still a few suburbs away.

Meanwhile, North Coogee in the city’s south has emerged as a premium postcode with a $1.96 million median house price – about $600,000 more than Coogee, owing to its newer, high-end housing stock.

North Coogee real estate agent Carlie Baker of White House Property Partners said even though the median price was close to $2 million, the waterfront suburb was still good value compared to traditionally pricier suburbs.

“If you’re buying there for the beach, it's still affordable compared to the western suburbs such as Cottesloe," she said.

Adelaide

Adelaide’s priciest suburbs are mostly clustered south of the CBD and along the coast, but pricier suburbs are found in other regions.

These include Walkley Heights in the north east and Lockleys in the west, although the price differential between these suburbs and their surrounds isn’t as large as that seen in other capitals.

Craigburn Farm has higher property values and household incomes than nearby suburbs. Picture: realestate.com.au/sold

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Craigburn Farm has an elevated position at the edge of the Adelaide Hills and also has a lofty median house price of $1.33 million. 

Households there have median household incomes roughly twice that of Adelaide as a whole, ABS data shows.

Canberra

The most expensive suburbs in the nation’s capital are mostly found in the inner south clustered near Parliament House, including Yarralumla, Red Hill and Deakin.

But there are a few premium suburbs outside this precinct, including Campbell, the city’s third-priciest suburb, which sits on the other side of Lake Burley Griffin.

Developed in the 1960s to house the city’s growing population of public servants, it’s become a sought-after enclave, where older housing stock on spacious blocks is making way for high-end homes.

Leafy and elevated Chapman is the priciest suburb in Canberra's south west. Picture: realestate.com.au/sold

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Chapman on Canberra’s south west fringe has higher values than other suburbs in the Weston Creek region, owing to its elevated position and views over the city, as well as larger block sizes, proximity to nature and upmarket housing stock.

Hobart

Hobart’s more affordable property prices compared to the other capitals means a suburb doesn’t need to have a multi-million dollar median house price to get the ‘stealth wealth’ title.

The city’s priciest suburbs include waterfront Sandy Bay and Battery Point with median prices well above $1 million, while inner city suburbs such as West Hobart are inching closer to seven-figure status.

Bellerive is across the river from Hobart's well-known blue chip suburbs, but is still a premium pocket. Picture: realestate.com.au/sold

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But on the other side of the river, Bellerive stands out with pricier properties than its neighbours, albeit with an $881,500 median house price that’s more affordable than Hobart’s traditional blue chip suburbs.

Tranmere also gets a nod, with a $1.175 million median house price thanks to a waterfront position and views, despite being more than 30 minutes from the CBD.

Darwin

Darwin is Australia’s most affordable capital, but still has a concentration of $1 million-plus suburbs close to the CBD, including Larrakeyah, Fannie Bay and Bayview.

This five-bedroom Nightcliff house was one of the priciest properties sold in Darwin this year. Picture: Picture: realestate.com.au/sold

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But a little further out are premium coastal suburbs Nightcliff and adjacent Rapid Creek, where prices tend to be higher, as well as Muirhead, where housing stock tends to be newer.