Australia's most expensive suburb is not in Sydney or Melbourne

Well, that's a surprise! - by Home Beautiful

A small easy, breezy town on the east coast has become Australia's most expensive place to buy a home.

New research by Propertyology has identified the top 40 most expensive cities by median house price and Byron Bay has come out on top.

With a population of just 34,500 people and a median house price of $987,500, the coastal town has surpassed Sydney and Melbourne.

Most expensive places to buy a home (median house price)

1. Byron Bay - $987,500

2. Sydney - $950,000

3. Kiama, NSW - $910, 000

4. Surf Coast, VIC - $835,000

5. Wingecarribee, NSW - $814, 500

6. Melbourne - $772,500

Watch the full story and analysis in the clip above.

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