In this week’s two minute property investment news video I talk about million dollar properties and streets.
If you’ve held onto your capital city investment for some decades, you may now be a millionaire without realising it.
RP Data has released analysis that shows Australia’s million-dollar property club has exploded to 417 suburbs with a median value of $1 million or more that number is up by 20 suburbs on just month or so ago.
On a list of the top 25 performing suburbs, it’s no surprise Sydney took out 22 places.
RP Data research analyst Cameron Kusher says “Proportionately, Sydney suburbs comprise 61 per cent of all million dollar plus suburbs nationally, followed by Melbourne at 14 per cent and Perth at 12 per cent.”
The number of suburbs with a median price of $2 million has also increased by five to 42 suburbs.
In other news property portal, Onthehouse, has released data unveiling Australia¹s most property-rich streets, with Raglan Street, Mosman in NSW revealed as the number one destination for million-dollar houses.
The findings showed that NSW was the wealthiest state when it comes to residential property overall, with 23.4% of dwellings in the metro suburbs valued at over $1 million in 2014.
Consulting Analyst for Onthehouse, John Edwards, says with Australian values at a high, many more properties are breaking a million dollars, and many of our property millionaires may not even know the value of their property.