More suburbs join million-dollar-plus club
Australia’s number of million-dollar suburbs has surged, new research shows.
A new CoreLogic report shows the number of suburbs in Australia with a median house price of at least $1 million has grown by 29% over the last year. There are now 613 million-dollar-plus suburbs
"The data highlights the bracket creep that has occurred over the housing growth cycle, and how housing affordability in New South Wales (Sydney) and to a lesser degree Victoria (Melbourne) has deteriorated. An increasing number of suburbs in these two states now have a median value of at least $1 million,” CoreLogic researcher Cameron Kusher said.
Kusher said the number of million-dollar-plus suburbs had surged in recent years.
“In fact, the number of suburbs has increased by 125% over the past three years,” Kusher said.
The majority of suburbs with a median value above $1 million were found in New South Wales, with the state accounting for more than 68% of the suburbs on the list. Victoria also saw its number of million-dollar suburbs grow from 14% in 2008 to 17%.
Of the top 25 most expensive suburbs, 23 were located in Sydney. Darling Point was the country’s most expensive suburb, with a median price of $6,420,354. Point Piper, Centennial Park, Bellevue Hill and Cremorne Point rounded out the top five most expensive suburbs, all with median values above $4.5 million.
Outside Sydney, Toorak in Victoria and Peppermint Grove in Western Australia were the only suburbs from outside New South Wales to crack the top 25.
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