Property News & Hotspots

613 Suburbs Reach $1 Million Median

By Landsdale Property Group on September 6, 2016 in Property News | comments

Over 600 suburbs in Australia now have a median price of at least $1 million, up 29% over the year, according to CoreLogic. Most of them are in New South Wales.

Houses, with 570 suburbs listed (93%), dominated the million dollar median group of 613 suburbs while the remaining 43 (7%) were for units. Research analyst Cameron Kusher says the number of million-dollar suburbs has increased 125% over the past three years.

Tasmania was the only state in Australia where no suburbs reached a median value above $1 million.  In New South Wales, the proportion of suburbs with a median value of at least $1 million has increased over time from 60% of national suburbs in 2008 to 68% in both 2015 and 2016.  Victoria also increased its proportion of million dollar suburbs from 13.6% in 2008 to 16.6% in 2016.  Queensland and Western Australia experienced a large decline in the proportions of suburbs with a median value of at least $1 million between 2008 and 2016.  

Mr Kusher said, "The data highlights the bracket creep that has occurred over the housing growth cycle, and how housing affordability in Sydney and to a lesser degree in Melbourne has deteriorated." The top 25 suburbs achieving the highest median values are those located in locations such as Sydney's waterfront and the inner-city suburbs.  Toorak (ranked No.9) and Peppermint Grove (ranked No.17) are the only two suburbs shown that are not located in Sydney.