New South Wales dominated as the state with the best performing residential properties during 2015 according to the CoreLogic RP Data Property Pulse.
Sydney’s eastern suburbs district took out line honors as the area with some of the nation’s best performing suburbs; Centennial Park romped it in as the most expensive suburb for houses with a median value of $6,295,973 while Point Piper topped the charts as the most expensive suburb for units with a median value of $2,219,503.
Top 10 most expensive suburbs nationally based on median value, As at December 2015:
Nationally at the end of 2015, 530 suburbs now hold a median value above $1million, up by 31% from 2014 when 406 suburbs recorded a median value above the million dollar mark.
There was a time when housing that cost more than $1 million was seen as exclusive, however, with recent increases in home values, suburbs with a typical home value of more than a $1 million are becoming more common.
Looking at the split between houses and units, there remains relatively few suburbs nationally in which median unit values are in excess of $1 million with all bar one located in Sydney.
Over the past year nationally there has been a 27.6% annual increase in suburbs where house values are over $1 million compared to a 136.4% rise in unit suburbs.
In terms of houses the annual change in the number of $1 million suburbs has been recorded at: 32.7% in NSW, 46.7% in Vic, 15.4% in Qld, -7.7% in SA, -9.5% in WA, no change in Tas, NT or ACT.
For units the number has increased by 150% while in Qld it has risen from zero to one over the year. NSW accounts for 68% of all suburbs nationally with a median house value of more than $1 million and 96% of all suburbs with a unit value in excess of $1 million.
If we combine NSW and Vic there is no change to the proportion of total unit suburbs however, these two states account for 85% of all suburbs nationally with a median value of more than $1million.
With housing affordability stretched in Sydney and Melbourne and expectations that value growth will slow further, it will be interesting to see in a year’s time whether there are more or fewer suburbs making the list.