More Million Dollar Suburbs

Despite a relatively subdued housing market in 2010, the number of Australian suburbs with a median home price of $1 million or more surged 35 per cent in 2010, according to research by RP Data.

There are now 212 suburbs in the “million-dollar property club” compared with 78 five years ago. The majority of these (56%) are in Sydney and 20 per cent in Melbourne.

Peppermint Grove, in Perth, is the nation’s most expensive suburb, with a median house price of $4.6 million. Resource-rich Western Australia had 12 per cent of the nation’s wealthiest suburbs.

Vaucluse in eastern Sydney was second, with the average home costing $3.8 million, while the city’s Bellevue Hill was third at $3.4 million.

Victoria’s most expensive suburb Toorak ranked eighth nationally, at $2.45 million, according to RP Data said.

Queensland had 6 per cent of suburbs with the median home costing more than $1 million, the Australian Capital Territory had 2 per cent and Northern Territory had 0.5 per cent.

“Over the past five years, the premium sector has typically fared quite well (outside of 2008) and has recorded strong growth in property values,” said Cameron Kusher, senior research analyst at RP Data.

“During 2011, we would expect that there is unlikely to be a further 35 per cent increase in the number of suburbs within the $1 million club.”

Overall home price growth in 2010 slowed to 4.7 per cent in 2010 as the central bank’s seven rate increases since October 2009 took effect.

“We are anticipating subdued residential property market conditions during the year and the premium sector’s performance will also likely be impacted by high interest rates and ongoing global economic uncertainty,” Kusher said.

Source: RP Data


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