Over 400 suburbs have median values of $1 million or more. Is your neighbourhood one of them?
It’s been a bumper year for residential property in many state capitals, and property research group CoreLogic say there are now 437 suburbs nationwide with a median value of $1 million or more1.
New South Wales dominates CoreLogic’s ‘Million Dollar Club’ with an amazing 302 suburbs having a median value of at least $1 million. Not surprisingly, Sydney, where median values have climbed 17.6% over the past year2, tops the league table, with 17 of the nation’s 20 most expensive suburbs.
Sydney’s east dominates millionaire’s row
Within Sydney, where the overall median dwelling value is now $773,0002, the eastern suburbs are setting a blistering standard for property values. The nation’s most expensive suburb – Point Piper has a median house value of $5.596 million. That’s followed by nearby Centennial Park ($5.199 million) and Vaucluse ($4.125 million).
While 61 suburbs in Victoria record a median value of $1 million or above, surprisingly, only one Melbourne suburb – Toorak ($3.229 million), made the top ten, coming in as Australia’s 9th most expensive suburb.
Perth scored two entries in the top 20 – Peppermint Grove, which ranks as our 6th most expensive suburb with a median house value of $3.504 million, and Dalkeith (ranking 20; $2.470 million).
South Australia’s only appearance in the Million Dollar Club was Unley, which ranks in 98th place with a median house value of $1.716. Queensland is represented by Teneriffe (142; $1.512 million) and Darwin’s only entrant is Fannie Bay (357; $1.084 million).
In the ACT, Canberra’s suburb of Forrest ranked 37th with a median house value of $2.188 million.
Proximity to water is the game changer
The suburbs that made it into this year’s million dollar club each have their own unique characteristics. However there are a few points in common. CoreLogic found the vast majority (97%) of million dollar suburbs are located in a capital city. And if you haven’t picked it already, many of the nation’s most expensive suburbs are located adjacent to or on the water.
Even if your home town didn’t make it to the rich list this year, rest assured, it may only be a matter of time. Residential property values have risen by an average of 10% over the past year across our state capitals2, and it is expected that more homes will be worth over one million dollars as time goes by.
Has your suburb recently made it in the million dollar club? Tell us which one in the comments below.
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1. CoreLogic news report: Top 20 suburbs with the highest median value, 17 August 2015 http://www.corelogic.com.au/news/top-20-suburbs-with-the-highest-median-value↩
2. CoreLogic RP Data Hedonic Home Value Index, August 2015, Capital gains slow across the housing market in August but trend growth remains high↩