The average home on Australia’s most expensive street is now priced at $45 million as property prices continue to rise.
Wolseley Road, in the illustrious eastern suburbs Sydney Harbor suburb of Point Piper, has been the most expensive street in the country since 2021.
The average price of a house on Wolseley Road has risen by $12 million in the last 12 months alone, according to data from estate agency Ray White.
Some of Australia’s wealthiest people have purchased prime waterfront properties on the elite street, including Aussie Home Loans founder John Symond.
But Symond’s home, which spans four blocks and is listed for $200 million, has yet to find a bidder.
More recent property sales revealed Sydney FC owner Scott Barlow sold his five-bedroom home at 20 Wolseley Road for $60 million in June last year.
The sale netted Barlow and his wife Alina a profit of $15 million, since they bought it the previous year.
Wolseley Road was simply the jewel in the crown for the Sydney property market, occupying all but one of the ten most expensive locations in Australia.
Wolseley Road in Sydney’s Point Piper is the most expensive street in Australia, with an average sales price of $45 million between 2021 and 2024 (pictured: 20 Wolseley Road).
Overlooking the waterfront of Sydney Harbour, the street attracts huge prices to match the mega-rich looking to snap up a piece of the prized road (pictured: 50 Wolseley Road).
The street came close to doubling the average cost of a home on second-placed Wentworth Road in nearby Vaucluse, to $23.8 million.
Melbourne’s famous St George’s Road in Toorak was the only street outside Sydney to make the list with an average price of $16.9 million.
The figure was boosted by millennial crypto king, Edward Craven, who spent a staggering $80 million for a 10-bedroom mansion on the road in 2022 at just 27 years old.
While the sale broke the Victorian sale price record, Craven plans to demolish the “ghost mansion” that has not been inhabited for 30 years.
Ray White senior data analyst Atom Go Tian said a common feature of the streets was their access to nature.
“Eight of Sydney’s ten main streets are within a twenty-minute walk of the coast, suggesting that proximity to water remains a crucial determinant of property values at the higher end of the market,” he said in a release.
“Even exceptions to this pattern reinforce the importance of proximity to nature: St Georges Road in Toorak sits right next to Melbourne’s Yarra River, while Lang Road can easily consider Sydney’s Centennial Park its backyard.” .
Go Tian added there is a “surprising” separation between the wealthiest streets in Sydney and Melbourne compared to other capitals.
Recent sales helped the average cost rise by $12 million last year, almost double that of second place, Wentworth Road in nearby Vaucluse (pictured: 69 Wolseley Road).
Wolseley Road was the cream of Sydney’s huge property market, home to nine of Australia’s ten most expensive streets (pictured: 50 Wolseley Road).
“Sydney’s most expensive streets are almost six times more expensive than the high streets of Brisbane, Perth and Canberra,” he said.
On the other hand, Darwin is home to the ten cheapest streets in the country.
The three cheapest are in the remote southern suburb of Southport, where the average house costs between $100,000 and $106,000.
“This geographic pattern appears to be the inverse of what drives premium property values in Australia’s most expensive areas,” Go Tian said.
‘While Sydney’s premium streets achieve their status through their proximity to both natural attractions and urban amenities, Darwin’s more affordable streets reflect their distance from economic centres.
“The properties’ location in Darwin, Australia’s smallest capital, combined with its peripheral position on the outskirts of the city, creates the conditions for noticeably lower valuations.”