Homes in Sydney most expensive

It’s official Sydney real estate is the most expensive in the country, or at least one district of the city has the most expensive houses.

According to research the average cost of a property in Point Piper is just over $5.2 million, around a million higher than the second most expensive suburb – that of Tamarama located just a few miles away.

A survey based on 2011 results show that a total of 194 suburbs with an average house price of $1 million or more existed across the Australian real estate market – this figure is much higher than at the end of 2009 but is 30 less than the amount for 2010 – a year that saw residential real estate prices go through the roof in many locations.

It is well documented that property prices in many major cities declined last year and the number of house sales also dropped during 2011 which could explain why the number of million dollar suburbs fell. Forecasts suggest 2012 will produce similar sales results as last year.