admin-ajax.php

The number of million dollar suburbs has continued to rise

Based on suburb median values as at June 2016, there were 613 suburbs across the country that had a median value of at least $1 million.

This week’s Property Pulse looks at suburbs which have a median value of at least $1 million.  15322483_l

To be included in the analysis the suburbs has had to have at least 100 applicable valuation observations.

In June 2016, there were 613 suburbs nationally with a median value of at least $1 million, up by 29% over the year.

Looking at the split between houses and units, 570 suburbs were listed for houses (93%) and 43 (7%) were listed for units.

As the first chart shows, there has been a significant rise in suburbs with a median value of at least $1 million over recent years.

In fact, the number of suburbs has increased by 125% over the past 3 years.

Suburbs with a median value of at least $1 million, as at June each year

2016-08-08-imsge1

In 2016 and historically, Tasmania has been the only state in which no suburbs have had a median value of at least $1 million.

The proportion of suburbs with a median value of at least $1 million in NSW has actually increased over time from 59.7% of national suburbs in 2008 to 68.2% in both 2015 and 2016.

Vic’s proportion of suburbs has also increased from 13.6% in 2008 to 16.6% in 2016.

Qld and WA have seen a large decline in their proportions of suburbs with a median value of at least $1 million between 2008 and 2016.

Suburbs with a median value of at least $1 million in each state, as at June each year

2016-08-08--image2

The data highlights the bracket creep that has occurred over the housing growth cycle, and how housing affordability in NSW (Sydney) and to a lesser degree Vic (Melbourne) has deteriorated. 

ad_build_wealth

An increasing number of suburbs in these two states now have a median value of at least $1 million.

Taking a look at the 25 suburbs with the highest median values, it is largely a who’s who of prime waterfront and inner-city suburbs of Sydney.

In fact, Toorak in 9th spot and Peppermint Grove in 17th spot are the only two suburbs shown which aren’t located in Sydney.

Dawes Point in Sydney is the only suburb which makes the list for units.

25 most expensive suburbs as at June 2016

expens.prop

Outside of NSW, Vic and WA, the most expensive Qld suburb is Tenerife with a median house value of $1,644,643, SA most expensive suburb is Springfield with a median house value of $1,737,499, NT most expensive suburb is Larrakeyah with a median house value of $1,196,987 and ACT most expensive suburb is Forrest with a median value of $2,067,813 for houses. 

While housing demand overall may be slowing a little, we expect that with historic low interest rates, demand for premium housing is set to remain buoyant over the coming year.  Subsequently we would expect in 12 months’ time even more suburbs to have a median value of at least $1 million.



icon-podcast-large

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.

icon-email-large

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.


Avatar for Property Update

About

Cameron Kusher is Corelogic RP Data’s senior research analyst. Cameron has a thorough understanding of the fundamentals such as demographics, trends & economics. Visit www.corelogic.com.au


'The number of million dollar suburbs has continued to rise' have no comments

Be the first to comment this post!

Would you like to share your thoughts?

Your email address will not be published.
CAPTCHA Image

*

facebook
twitter
google
0
linkedin
0
email

Michael's Daily Insights

Join Michael Yardney's inner circle of daily subscribers.

NOTE: this daily service is a different subscription to our weekly newsletter so...

REGISTER NOW

Subscribe!