What We Know About Australia's Most Expensive Street
By Vanessa Doctor | September 4, 2014 2:45 PM EST
Based on a new report, one special street in Australia has been dubbed the most expensive, with 99 percent of houses reportedly worth over $1 million.
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New South Wales (NSW) is the wealthiest state, as far as residential property is concerned. Based on the findings, 23.4% of homes in the metropolitan area were valued at more than $1 million. The suburb of Mosman is also the 11th wealthiest, with 99.87% of homes in the area worth at least $1 million.
Seven out of 10 suburbs in NSW had 99.99% of homes valued at $1 million or more. The list includes Balgowlah Heights, Clontarf, Cremorne Point, Duffys Forest, Henley, Huntleys Point and Huntleys Cove. Cremorne ranked 8th with 99.91%, East Lindfield ranked 9th with 99.91% and Coogee rounded out the top 10 with 99.91%. The list was arranged according to rank and the value of homes.
John Edwards, consultant analyst for Onthehouse.com.au, expected to see several suburbs in NSW to be included in the wealthiest list. He said, "Within the top 10 alone, no suburb drops below 99 percent, and while Mosman didn't make the top 10, the fact it hosts Australia's number one street still cements its position as one of Australia's most prosperous localities."
He added that there are plenty of other highly valued houses belonging in suburbs that might not have made the top ten.
"The fact is, many of our property millionaires may not even know the value of their property. You don't necessarily have to live in Mosman or Vaucluse to boast a million dollar home," Edwards said.
Edwards further expects to discover new suburbs boasting of new million-dollar homes in the next year.
"It was interesting to note that Castle Hill topped the chart as the suburb with the largest increase in million dollar properties over the last 12 months, closely followed by Ryde, Epping, Cherrybrook and Carlingford," Edward said in a report by the Daily Mail.
The wealthiest streets in NSW are Raglan Street in Mosman, Old South Head Road in Vaucluse, Edinburgh Road in Castlecrag, Hopetoun Avenue in Vaucluse, Deepwater Road in Castle Cove, Mount Street in Coogee, Brook Street in Coogee, Seaforth Crescent in Seaforth and Bondi Road in Bondi.