Tamarama Australia's ritziest suburb
A Sydney beachside town has claimed the title of Australia's most expensive suburb, with median house prices soaring past the $4 million mark.
People interested in buying a house in Tamarama can expect to fork out an average of $4,337,500 - making this ritzy suburb the country's most expensive to buy into, according to a RP Data report.
According to the survey, one square metre in Tamarama will set you back $11,449, with a lot size averaging 379 square metres.
While a property in the eastern Sydney suburb would make a lucrative property investment, the area is more popular with the rich and famous.
Point Piper, also in Sydney, previously claimed the number one position but lost its spot after median house prices dropped 41 per cent in the last year.
RP Data's Cameron Kusher said the high demand in houses in Tamarama, combined with the area's stunning ocean views, had seen house prices soar in the area.
Sydney claims seven of the country's top suburbs, with Melbourne and Perth sharing the remainder.
However, Western Australian lays claim to five of the country's wealthiest towns - a by-product of the resource-rich region's booming mining industry.
Dampier held the number one spot with 22 per cent of the town's residents earning an average income of more than $4,000 per week.