New data has revealed where buyers can save money by identifying the most affordable area of the most expensive suburbs.
Properties in some of Australia's priciest suburbs can vary considerably in price depending on which part of the suburb they are in.
The PropTrack analysis of home values by SA1 regions — small neighbourhoods made up of a handful of streets and typically home to a few hundred residents — has revealed each suburb's most affluent area, as well as where homebuyers might find pockets of affordability.
In some expensive pockets, properties can range from two to ten times the value of properties in the cheapest pockets, and this gives property seekers a unique opportunity to buy into the suburb of their dreams without paying top dollar.
In Toorak, Melbourne's most expensive suburb for houses, the median price in the priciest pocket is $14,000,000, whereas the cheapest area has a median house price of $1,900,000. That is an extraordinary difference of $12,000,000.
Sydney's most prestigious suburb, Vaucluse, has a median of $15,000,000, in the most expensive pocket, but just $3,200,000 in the cheapest area.
Vaucluse's top pocket overlooks Sydney Harbour and many waterfront properties even have their own beach or mooring for a boat.
Meanwhile, the cheapest pocket is landlocked between other pockets on the oceanside.
Each state has its own blue-chip suburbs, with median prices many times more expensive than the median price of the region they are in.
In Queensland, Noosa Heads has the largest variance between house values in the priciest and cheapest pockets.
The maximum median pocket price in this suburb is $7,800,000, but there is a pocket where a buyer could snap up a house for around $1,500,000.
And, in Perth, the row of mansions in Mosman Park, fronting the Swan River, have a median price of $6,800,000.
Many of the cheapest pockets in suburbs are often next to train stations and this is the case in Mosman Park, where the median price in the cheapest pocket is just $748,000.
The suburbs with the priciest pockets for units tend to be situated close to water; overlooking rivers, harbours and beaches, where many luxury apartments are built and have hefty price tags.
Hunters Hill in Sydney is nestled between the Parramatta and Lane Cove Rivers and has the largest variance between the cheapest and most expensive pockets for units in Australia.
The priciest pocket has a median unit price of $5,800,000, compared to just $596,000 in the cheapest pocket.
The top 10 suburbs with the largest variance nationally are all in Sydney; however, in other cities there are many suburbs with large differences between one pocket and another.
In Melbourne, the top pocket in Kew is $2,400,000 more expensive than the cheapest pocket.
And, in New Farm, Brisbane, the most expensive pocket is $2,630,000 more expensive than the cheapest.
Whichever suburb you look in, you will find some streets with more expensive homes than those in another part of the suburb.
And, if you are looking to buy into a top suburb, like Toorak, Glenelg North, or Mosman Park, but don't have the budget for the most prestigious of properties, moving into the cheapest pocket can give you access to all the amenities and good schools that the residents of the most expensive pockets enjoy.
