What are Australia's priciest suburbs?

Despite all the doom and gloom in the media with respect to Australian property values, we still have quite a number of very expensive suburbs with properties selling in the millions of dollars.

Sydney’s Point Piper has been identified as Australia’s most expensive suburb, with a median house price of $5.21 million dollars in the midst of property price meltdown of 2011.

The high-end property’s median house price was almost $1 million more than Tamarama, which took out second place with a median house price of $4.3 million.

Sydney took out the top five positions on the most expensive suburbs list for Australia, with Bellevue Hill coming third followed by Vaucluse and Double Bay.

Surprisingly the Melbourne expensive suburbs were not headed by Brighton or Toorak but rather – Deepdene.

Deepdene was the first non-Sydney suburb on the list placing sixth with a median price of $2.5 million.

Melbourne’s Toorak and Perth’s Dalkeith, both with median prices in the mid $2 million range, took eighth and ninth place respectively.

And Mosman was tenth on the list with a median price of $2.25 million.

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