The property rich list of million dollar suburbs

Why not have a property rich list of  million dollar suburbs?

As at the end of 2012, there were 246 suburbs across Australia with a median house or unit value greater than $1 million. The number of suburbs with a median value in excess of $1 million has fallen by -12.5% over the year from 281 suburbs in December 2011.

The nation’s most expensive suburb in 2012 was Point Piper in Sydney, where the typical house is worth $5,047,415. Despite ranking number one on the rich list, Point Piper’s median house value is down -3.0% over the year.

Point Piper did not have the highest median house value in the country in December 2011, rather it was houses in Centennial Park, Sydney with a median value of $5,551,563.

The median house values at Centennial Park has recorded a larger fall over the past year compared with Point Piper, with the median value of Centennial Park houses down 14.6% over the year. Subsequently it is currently the second most expensive suburb in Australia.

The decline in the number of suburbs with a median value in excess of $1 million reflects broader housing market trends, where home value falls have been greater across high-end housing markets.

Over the past 12 months, the most expensive capital city suburbs have recorded value falls of -1.5%.

The weakness has been contained to houses with values falling by -2.5% compared to a 1.6% increase in top-end unit values. Top end unit values have fallen by -1.9% from the market peak while houses have recorded a significantly greater -9.3% value decline.

New South Wales suburbs accounted for the greatest proportion of $million plus suburbs (58.9%) followed by Victoria (15.0%) and Western Australia (13.4%).

Queensland suburbs made up 4.9% of the list. On the other hand, no Tasmanian suburbs had a median value of more than $1 million and only 2 suburbs in the Northern Territory, 8 suburbs in the Australian Capital Territory and 9 suburbs in South Australia had a value above $1 million.

231 of the 246 suburbs, or 93.9%, of all the suburbs with a price tag over a million dollars were located within a capital city housing market in 2012

. Of those outside of the capital cities, 5 were located in South-West WA, 3 were in the Pilbara region, 2 were on the Gold Coast and there was one each in the Hunter, Sunshine Coast, Fitzroy, Northern-Qld and Richmond-Tweed regions.

Each capital city housing market except for Hobart had at least one suburb with a median value in excess of $1 million.

Across the capital cities, 61.9% of all suburbs with a median value of more than $1 million were located in Sydney followed by 16.0% in Melbourne and 10.8% in Perth.

The proportion of $1 million plus suburbs across other capitals was small at 0.9% in Darwin, 3.0% in Brisbane, 3.5% in Canberra and 3.9% in Adelaide.

This data highlights that Sydney overwhelmingly, has the largest prestige housing market in the country, reflected in the significantly greater number of suburbs with a median value of more than $1 million.

Focussing on the breakdown of houses and units, 16 suburbs or 6.5% of all $million plus suburbs were showing this value point for units. All of these suburbs were located within a capital city and the most expensive was Dawes Point in Sydney with a median value of $2,063,182.

What’s ahead?

Over the next 12 months, we expect that the premium housing market will be relatively stronger and subsequently we may see an uplift in the number of suburbs with a median value of more than $1 million. We anticipate that this sector of the market may be a beneficiary of the rally in the equities market over recent months.

Most owners of high-end housing have a diversified investment portfolio and improving levels of sentiment and lower mortgage rates may see these investors take some of those profits made through equities and once again enter the housing market.



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Tim Lawless


Tim heads up the Core Logic RP Data research and analytics team, analysing real estate markets, demographics and economic trends across Australia. Visit

'The property rich list of million dollar suburbs' have 1 comment

  1. Avatar

    March 18, 2013 Duncan

    This article is titled:
    The property rich list of million dollar suburbs

    In keeping with the title, why not tell us which suburbs?? You mention only Point Piper and Centennial Park!!

    To me, this is not a list. Very poor.


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