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, according to RP Data's Top Ten Richest Suburbs list.
Sydney rounded out the top five positions on the most expensive suburbs list, with Bellevue Hill placing third followed by Vaucluse and Double Bay, all located in the city's Eastern Suburbs.
Melbourne’s Deepdene was the highest ranking 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 places, respectively.
And Mosman, on Sydney's lower North Shore, was tenth on the list with a median price of $2.25 million.