Australia's most expensive suburb revealed - plus see the places with the highest growth in home prices in the past year

Fresh data from property analyst firm PropTrack shows three Sydney suburbs were the most expensive to buy in across Australia in 2023.

The Lower North Shore suburb of Longueville topped the list nationally for highest median home value, coming in at a whopping $5.775m.

The eastern suburb of Dover Heights was second with $5.553m, closely followed by Clontarf in Sydney's north, at $5.523m.

Longueville smashed records back in September when a deep waterfront property on Arabella St with five beds and three baths broke the $20m residential property sales barrier, selling for more than $22m before its expression of interest period closed.

Agent Travis Standen, who sold the property, told realestate.com.au at the time buyers from the upper and lower north shore and Eastern suburbs with budgets exceeding $10m were looking for convenience, and a good view of the Sydney Harbour Bridge.

'We have never had so many buyers cashed up and ready to buy, they are trading large land for convenience, and we are seeing them come from non-traditional areas such as the upper north shore,' he said.

The same PropTrack report also revealed the three top performing suburbs in terms of home price growth over the past 12 months.

The southeastern Perth fringe suburb of Armadale topped the list with 34 per cent home price growth year-on-year.

South Australia's Elizabeth North followed with 30 per cent growth in the same time, and Riverview, Queensland, was third with 24 per cent growth year-on-year.

The data is based on PropTrack's Automated Valuation Model and covers houses and units combined.

Armadale's growth explosion won't come as a surprise to some - three separate reports listed it as one of the best Perth suburbs to invest in in 2023.

That includes Canstar's Rising Stars report, and websites Hotspotting and Openlot, which all singled Armadale out as an investment hotspot.

Real Estate Institute of Western Australia (REIWA) CEO Cath Hart said there are several factors behind the strength of Perth's property market overall.

'One is population growth. WA's population rose 2.8 per cent in the year to March. Data for June will be published in mid-December and the background indicators suggest we can expect similar growth to March,' Ms Hart said.

'Secondly, the ongoing challenges in the rental market are seeing people look to buying if they can.

'And the constraints in the building industry are also seeing people turn to the established homes market.'

Here's a state-by-state breakdown for the suburbs with highest median home value, and highest home price growth year-on-year:

NSW

Highest median home value

1. Longueville: $$5,775,000
2. Dover Heights: $5,553,000
3. Clontarf: $5,523,000

Highest home price growth year-on-year

1. Denistone East: 17 per cent
2. Clontarf: 17 per cent
3. Parklea: 16 per cent

VIC

Highest median home value

1. Portsea: $3,177,000
2. Deepdene: $3,006,000
3. Canterbury: $2,708,000

Highest home price growth year-on-year

1. Harkaway: 10 per cent
2. Officer South: 10 per cent
3. Balnarring: eight per cent

QLD

Highest median home value

1. Pullenvale: $1,957,000
2. Fig Tree Pocket: $1,671,000
3. Brookfield: $1,659,000

Highest home price growth year-on-year

1. Riverview: 24 per cent
2. Acacia Ridge: 22 per cent
3. Rochedale: 21 per cent

SA

Highest median home value

1. Unley Park: $1,849,000
2. Malvern: $1,692,000
3. Erindale: $1,683,000

Highest home price growth year-on-year

1. Elizabeth North: 30 per cent
2. Elizabeth Downs: 27 per cent
3. Davoren Park: 27 per cent

TAS

Highest median home value

1. Acton Park: $1,218,000
2. Sandy Bay: $1,143,000
3. Battery Point: $1,138,000

Highest home price growth year-on-year

1. Kingston Beach: two per cent
2. Margate: -2 per cent
3. Sandford: -3 per cent

WA

Highest median home value

1. Dalkeith: $3,252,000
2. Peppermint Grove: $2,871,000
3. City Beach: $2,407,000

Highest home price growth year-on-year

1. Armadale: 34 per cent
2. Brookdale 34 per cent
3. Camillo: 33 per cent

NT

Highest median home value

1. Lyons: $730,000
2. Muirhead: $700,000
3. Bayview: $687,000

Highest home price growth year-on-year

1. Berrimah: 13 per cent
2. Humpty Doo: six per cent
3. Muirhead: four per cent

ACT

Highest median home value

1. Red Hill: $2,004,000
2. Yarralumla: $1,882,000
3. Deakin: $1,791,000

Highest home price growth year-on-year

1. Aranda: eight per cent
2. Red Hill: six per cent
3. Ainslie: five per cent