Million-dollar suburbs explode

By Staff Reporter 22 August 2014 | 1 minute read

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 PerthPerth, TAS Perth, WA 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, SpringfieldSpringfield, NSW Springfield, QLD Springfield, QLD Springfield, NSW 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.”

The full list is reproduced below:

 

 

25 Suburbs Nationally with the Highest Median Value as of June 2014
Rank Suburb State Region Property Type Media Value
1 Point Piper NSW Sydney Houses $5,692,339
2 Woolwich NSW Sydney Houses $5,542,798
3 Centennial Park NSW Sydney Houses $4,904,924
4 Darling Point NSW Sydney Houses $4,838,492
5 Elizabeth Bay NSW Sydney Houses $4,765,913
6 Cremone Point NSW Sydney Houses $4,734,732
7 Vaucluse NSW Sydney Houses $3,770,180
8 Peppermint WA Perth Houses $3,726,975
9 Bellevue Hill NSW Sydney Houses $3,593,744
10 Lavender Bay NSW Sydney Houses $3,565,936
11 Henley NSW Sydney Houses $3,528,983
12 Linley Point NSW Sydney Houses $3,342,803
13 Duffys Forest NSW Sydney Houses $3,182,131
14 Tamarama NSW Sydney Houses $3,048,681
15 Toorak VIC Melbourne Houses $2,943,762
16 Dover Heights NSW Sydney Houses $2,909,643
17 Double Bay NSW Sydney Houses $2,877,785
18 Cottage Point NSW Sydney Houses $2,767,118
19 Longueville  NSW Sydney Houses $2,737,869
20 Northwood NSW Sydney Houses $2,598,197
21 Palm BeachPalm Beach, NSW Palm Beach, QLD NSW Sydney Houses 2,538,213
22 Dalkeith WA Perth Houses $2,523,450
23 Kirribilli NSW Sydney Houses $2,494,099
24 ClontarfClontarf, QLD Clontarf, NSW NSW Sydney Houses $2,489,479
25 Whale Beach NSW Sydney Houses  $2,436,948
34 Forrest ACT Canberra Houses $2,114,357
59 Springfield SA Adelaide Houses $1,819,720
131 Larrakeyah NT Darwin Houses $1,357,792
179 Main Beach QLD Gold Coast Houses $1,325,689
Source: RP Data

 

 

 

 

 

 

 

 

 



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