Leading property data portal Onthehouse.com.au has today revealed that Military Road in NSW is Australia’s new number one million-dollar property hotspot.
Based in the upper eastern suburb of Dover Heights, Military Road has stormed up the chart to steal the crown from Raglan Street in Mosman, which has moved down to second place after taking out the top spot in 2014.
Nine NSW streets dominated the Top 10 national list for the most million-dollar heavy rows, with Broome Street in WA being the only entrant from another state, placing third.
Five streets retained their Top 10 status from last year’s list, with five new streets making their million-dollar debut
The most property-rich suburb accolade goes to Cremorne, NSW, which soared up to first place from ninth position in 2014.
WA was again the only other state to feature within the national Top 10 million-dollar suburb list, with Peppermint Grove retaining last year’s eighth position.
Neutral Bay saw the biggest rise in its million-dollar status within the list, with a 7.14 per cent increase in million-dollar properties from 2014 to 2015 bringing it into fifth position.
It’s interesting to see new streets headlining Australia’s million-dollar property chart, especially since these streets are located in suburbs that aren’t necessarily charting high in the national million-dollar suburb list.
In fact, none of the Top 10 million-dollar streets come from any of the Top 10 million-dollar suburbs.
The following table demonstrates Australia’s top ranking streets based on the number of houses worth over $1 million dollars:
Calculated on a percentage basis (houses valued over $1 million), the following table demonstrates Australia’s top ranking suburbs for number of million-dollar houses:
With record low interest rates, it makes sense that more houses have broken through the million-dollar barrier, and as a result we are seeing many streets and suburbs debut in the list that may not have been expected.
It is possible that there are many homeowners out there who are currently unaware of their ‘property millionaire’ status, since they live outside of the suburbs typically associated with high value properties.