Australia’s million dollar suburbs grew by 35% to total 212 at the end of 2010 when measured by median house price, according to research released by RP Data.
Of the 212 suburbs, the property research firm found 56% were in Sydney, and 20% were in Victoria. Western Australia boasted 12% of Australia’s million dollar suburbs, followed by Queensland (6%), South Australia (3%), the ACT (2%) and Northern Territory (0.5%).
The most expensive suburb was Peppermint Grove in WA, with a median price of $4.6m.
The 35% jump in this “million dollar property club” came despite an overall capital city home value increase of 4.7%, according to Cameron Kusher.
“Over the past five years, the premium sector has typically fared quite well (outside of 2008) and has?recorded strong growth in property values,” he said.
RP Data research shows that in 2005, just 78 suburbs had a price tag of $1m or more, and in just five years that had jumped by 172%. Victoria’s million dollar count has increased 950% in five years.
When grouped by council areas, Ku-ring-gai in Sydney recorded the greatest number of suburbs, with 15?suburbs having a median price of $1 million or greater. Other top council areas were North Sydney with 12 suburbs, followed by Woollahra (10, and Brisbane, Canada Bay and Boroondarra (9 each).
(Source: By Ben Abbott | 16/03/2011)