When I bought my first investment property in the early 1970’s becoming a millionaire seemed an unattainable task. Today lots of ordinary Australians who bought their home in a good suburb in our capital cities have a house worth over $1million.
In fact recent research from RP Data showed there are 212 suburbs around Australia where the median price of a family home is $1 million or more.
In fact another 55 further suburbs joined the $1-million club in 2010. This is a 35 per cent increase over the last year and a doubling since 2006 when there were 110 suburbs with a median of $1 million.
Looking at the RP Data report in more detail 56% of these million dollar plus suburbs are located in New South Wales, in and around Sydney.
Twenty percent of these high end suburbs are in Victoria, 12 per cent in Western Australia, 6 per cent in Queensland and the Northern Territory boasts one $1 million suburb.
These statistics from RP Data are for the calendar year of 2010 and are based only on suburbs with more than 10 sales in the year.
Here’s the list of Australia’s top 25 most expensive suburbs.
- Peppermint Grove, WA – $4.6 million
- Vaucluse, NSW – $3.788 million
- Bellevue Hill, NSW – $3.4 million
- Dalkeith, WA – $2.8 million
- Dover Heights, NSW – $2.675 million
- Palm Beach, NSW – $2.485 million
- Woolwich, NSW – $2.475 million
- Toorak, VIC – $2.45 million
- Rose Bay, NSW – $2.383 million
- Longueville, NSW – $2.31 million
- Double Bay, NSW – $2.3 million
- Kangaroo Point, NSW – $2.291 million
- Darling Point, NSW – $2.242 million
- St Kilda West, VIC – $2.213 million
- Kooyong, VIC – $2.15 million
- Northwood, NSW – $2.1 million
- Mosman, NSW – $2.1 million
- Kirribilli, NSW – $2.088 million
- Clontarf, NSW – $2.075 million
- Balmain East, NSW – $2.073 million
- Bronte, NSW – $1.895 million
- Clovelly, NSW – $1.868 million
- Cottesloe, WA – $1.863 million
- Woollahra, NSW – $1.849 million
- Dawes Point, NSW – $1.825 million
Source: RP Data
Subscribe & don’t miss a single episode of michael yardney’s podcast
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
Need help listening to michael yardney’s podcast from your phone or tablet?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
Prefer to subscribe via email?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.