More suburbs join million-dollar-plus club

Adam Smith 5 August 2016

house graph upAustralia’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%.

Sydney's prestige suburbs.

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.

Top 10 priciest suburbs

SuburbStateMedian Price
Darling PointNSW$6,420,354
Point PiperNSW$6,030,272
Centennial ParkNSW$5,903,531
Bellevue HillNSW$4,524,799
Cremorne PointNSW$4,510,566
Potts PointNSW$3,998,125
VaucluseNSW$3,945,676
WoolwichNSW$3,758,522
ToorakVictoria$3,756,061
TamaramaNSW$3,747,034

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