The number of suburbs with a price tag over $1 million has gone through the roof in the past year.
According to new information from RP Data, there are now 417 suburbs in this category, up from 312 in 2013.
New South Wales dominated the high-end of the market as 174 of its suburbs have a $1 million plus price tag.
In addition, 22 of the nation’s 25 most expensive suburbs are found in Sydney.
The country’s highest prices were found in Point Piper, where the median price is $5,692,339.
Peppermint Grove in Perth was the highest non-Sydney address on the rankings, coming in eighth place with a median price of $3,726,975.
Melbourne’s Toorak took out 15th place with its median of $2,943,762 while Dalkeith in Perth squeezed into spot 22 with its median of $2,523,450.
The least affordable suburbs in other states were Forrest in the ACT, Springfield in South Australia, Larrakeyah in the Northern Territory and Main Beach in Queensland.
RP Data research analyst Cameron Kusher pointed to low interest rates as a driver of the luxury market.
“This encourages people to look to upgrading to bigger homes and in more ideal locations,” he said.
“We’re seeing a large slice of this activity taking place within the higher-end of the housing market and as a result, propelling home values higher and into the million-dollar realm.”
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