Using median values analysis for houses, Senior RP Data Analyst Tim Lawless has identified the most expensive locations in Australia for home ownership.

Unsurprisingly, Sydney waterside suburbs dominate the upper crust.

Point Piper takes the national crown, with a median value of a cool $7.3 million. The suburb also has a very high rate of home ownership; of 148 detached houses, 57 percent are owned outright.

Point Piper properties with waterfront views can fetch well over $5 million.

Peppermint Grove is the richest WA suburb, and fifth overall. The median house value there is $4,284,941 million.

Here’s the top 25 richest suburbs and their median house value. Follow the link to see current homes listed in those areas. Pictured is a sample of the homes on offer.

1. Point Piper, Sydney NSW, $7,381,887

2. Watsons Bay, Sydney NSW, $6,476,767

3. Centennial Park, Sydney NSW, $5,217,016

4. Woolwich, Sydney NSW, $4,621,152

5. Peppermint Grove, Perth WA, $4,284,941

6. Darling Point, Sydney NSW, $4,235,112

7. Henley, Sydney NSW, $3,489,357

8. Vaucluse, Sydney NSW $3,279,795

9. Bellevue Hill, Sydney NSW, $3,104,186

10. Eagle Bay, South West Busselton WA, $2,860,776

11. Double Bay, Sydney NSW, $2,833,482

12. Toorak, Melbourne VIC, $2,774,578

13. Tamarama, Sydney NSW, $2,737,142

14. Dover Heights, Sydney NSW, $2,627,931

15. Dalkeith, Perth WA, $2,561,031

16. Rose Bay, Sydney NSW, $2,379,752

17. Lavender Bay, Sydney NSW, $2,330,499

18. Orange Grove, Perth WA, $2,238,256

19. Palm Beach, Sydney NSW, $2,191,449

20. Cremorne Point, Sydney NSW, $2,183,485

21. Kooyong, Melbourne VIC, $2,105,116

22. Mosman, Sydney NSW, $2,075,036

23. Longueville, Sydney NSW, $2,054,493

24. Linley Point, Sydney NSW, $2,043,915

25. Bronte, Sydney NSW, $2,011,687

Eagle Bay in the Margaret River region has a median house value of $2.86 million – but the most expensive home currently on the market is priced at $10.5 million.

With an asking price of $1,695,000, this Eagle Bay beach shack is a steal compared with the suburb’s median, $2,860,776.

Queensland’s most expensive suburb for houses is Main Beach, on the Gold Coast. Number 34 on the overall rich list, Main Beach has a mere 88 detached houses (just 5.9 percent of all properties).

Bayview is the highest placing suburb in the Northern Territory, ranked 196 overall. Median house value there is $1,081,238 million.

So what pulls premium prices from buyers in these areas?

Lawless says there’s definitely a pattern. Suburbs are either close to the water, feature heritage homes or offer large blocks of land. Many have all three going for them. All but three are less than 10km from their CBD.

Toorok is still Melbourne’s most expensive suburb, coming in at number 12 on the national list.

Battery Point is the only suburb in Australia where it costs less than $1 million to buy into the rich list, with a median house value of $861,560.

The rich list really is the home of the 1% – less even – with the top 25 suburbs and surrounds accounting for just 0.5 per cent of Australia’s population. According to Mr Lawless, the vast majority of people can’t afford to buy, or for that matter, rent in these suburbs.