Our latest research has 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 moves down to second place after taking out the top spot in 2014.
Five NSW streets from last year’s list retained their Top 10 status, with five new streets making their million-dollar debut.
After Military Road, the next highest new entrant is Glenmore Road in Paddington, which features in fourth position.
Paddington is the only suburb to boast two streets in the Top 10 chart, despite the suburb itself not making it into the state’s Top 100 million-dollar suburbs.
The most property-rich suburb accolade goes to Cremorne, which soared up to first place from eighth position in 2014.
Neutral Bay saw the biggest rise in its million-dollar status within the Top 10, with a 7.14% increase in million-dollar properties taking it from 39th position in 2014 to fifth position today.
It’s interesting to see new streets headlining New South Wales’ million-dollar property chart, especially since these streets are located in suburbs that aren’t necessarily charting high in the state’s million-dollar suburb list.
In fact, none of the Top 10 million-dollar streets come from any of the Top 10 million-dollar suburbs
Table 1 demonstrates NSW’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), Table 2 demonstrates NSW’s top ranking suburbs for number of million-dollar houses.
With record low interest rates and Sydney experiencing the largest boom period on record, it makes sense that more properties 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.