There’s no doubt about it: Australia has some incredibly beautiful places to live. But which areas take the cake when it comes to the most expensive suburbs in Australia? And with property prices sitting at record highs in many parts of the country, where is there still an abundance of affordable suburbs?

Below we’ve compiled a guide to the priciest and most economical suburbs for purchasing property in the major capital cities along the eastern coast of Australia, with data from CoreLogic's Best of the Best report released late December last year.

Most expensive suburbs in Greater Sydney

Sydney stands out for its high concentration of premium suburbs, where median property prices soar above one million dollars. Leading the luxury market are eight suburbs including Bellevue Hill, Vaucluse, and Double Bay, with Bellevue Hill seeing a record-breaking sale at $76 million in the past year.

Most affordable suburbs in Greater Sydney

In Sydney, the most affordable suburb for houses is Tregear in the city's western suburbs, followed by San Remo on the Central Coast.

Most expensive suburbs in Greater Melbourne

Melbourne's prestigious Toorak takes the crown with houses averaging around $5.87 million. The list of top suburbs for both houses and units includes Brighton, Portsea, and Balwyn, highlighting Melbourne's diverse and upscale property market. On the flip side, the most affordable areas for houses and units include Melton and Carlton, offering more accessible options for a broader range of buyers.

Most affordable suburbs in Greater Melbourne

Most expensive suburbs in Greater Brisbane

In Brisbane, New Farm leads as the most expensive suburb for houses, with median values nearing $2.8 million. The list continues with Ascot and Chandler, showing Brisbane's competitive luxury market.

Most affordable suburbs in Greater Brisbane

Conversely, Russell Island and Lamb Island rank as the most affordable for houses, presenting opportunities for budget-conscious homebuyers. The disparity in property values across Brisbane underscores the city's varied real estate landscape.

Most expensive suburbs in Regional QLD

The regional analysis unveils Sunshine Beach and Surfers Paradise as top-tier locations for house buyers seeking coastal luxury, while Noosa Heads dominates the units market.

Most affordable suburbs in Regional QLD

These areas are contrasted by more affordable options like Collinsville and Tara, providing a variety of choices for residents and investors.