Number of Million-Dollar suburbs surges

The number of Australian suburbs with a median home price of $1 million or more surged 35 percent in 2010, according to research by RP Data

Suburbs in the “million-dollar property club” jumped to 212 during the year, compared with 78 five years ago. 56% of these suburbs were in Sydney and 20% in Melbourne.

“Over the past five years, the premium sector has typically fared quite well (outside of 2008) and has recorded strong growth in property values,” Cameron Kusher, senior research analyst at RP Data, wrote in the release. “During 2011, we would expect that there is unlikely to be a further 35 percent increase in the number of suburbs within the $1 million club.”

Overall home price growth in 2010 slowed to 4.7% in 2010 as the RBA’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.

Peppermint Grove in Perth is the nation’s most expensive area, with a median house price of $4.6 million with resource-rich Western Australia boasting 12 percent of the nation’s wealthiest suburbs.

Vaucluse in Sydney was second, with the average home costing A$3.8 million.

Queensland had 6% of the suburbs with the median prices above $1 million, the Australian Capital Territory had 2% and Northern Territory had 0.5%


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