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Million Dollar Suburbs

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.

  1. Peppermint Grove, WA – $4.6 million
  2. Vaucluse, NSW – $3.788 million
  3. Bellevue Hill, NSW – $3.4 million
  4. Dalkeith, WA – $2.8 million
  5. Dover Heights, NSW – $2.675 million
  6. Palm Beach, NSW – $2.485 million
  7. Woolwich, NSW – $2.475 million
  8. Toorak, VIC – $2.45 million
  9. Rose Bay, NSW – $2.383 million
  10. Longueville, NSW – $2.31 million
  11. Double Bay, NSW – $2.3 million
  12. Kangaroo Point, NSW – $2.291 million
  13. Darling Point, NSW – $2.242 million
  14. St Kilda West, VIC – $2.213 million
  15. Kooyong, VIC – $2.15 million
  16. Northwood, NSW – $2.1 million
  17. Mosman, NSW – $2.1 million
  18. Kirribilli, NSW – $2.088 million
  19. Clontarf, NSW – $2.075 million
  20. Balmain East, NSW – $2.073 million
  21. Bronte, NSW – $1.895 million
  22. Clovelly, NSW – $1.868 million
  23. Cottesloe, WA – $1.863 million
  24. Woollahra, NSW – $1.849 million
  25. Dawes Point, NSW – $1.825 million

Source: RP Data



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About

Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


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