Million dollar smiles

Million dollar smiles

Posted on Friday, August 22 2014 at 1:15 PM

Australia’s million-dollar property club has exploded to 417 suburbs with a median value of $1 million or more.

As of June this year there were 397 suburbs nationally with a median
house value in excess of $1 million and 20 suburbs for units. The 417 total
suburbs with a median value of $1 million or more is the highest number over
the past five years. Sydney led the pack claiming the majority of market share
with 22 suburbs ranked in the top-performing list out of 25.

RP Data’s findings
show values have increased by 10.2 per cent over the 12 months to July 2014. RP
Data research analyst Cameron Kusher says the large rise in the numbers of
suburbs with a $1 million or more median in NSW alone is reflective of the
strong home value growth in Sydney over the past year.

“Sydney home values have increased by 14.8 per cent over the 12 months
to July 2014,” he 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.”

Significantly the number of suburbs with a median value of more than $2
million has also increased to 42 suburbs from 37 suburbs last year.

The number of suburbs with a  $1
million median house price is up 42 per cent over the year in New South Wales.
There’s been a 24 per cent rise in Victoria, 25 per cent increase in
Queensland, 44 per cent rise in South Australia, 22 per cent rise in Western
Australia, no change in the Northern Territory and a 11 per cent fall in the
Australian Capital Territory. And Tasmania has zero suburbs with a median value
of $1 million or more.

And the rise in suburbs with a million-dollar plus price tag is good
news for those who own a property in these areas. Kusher says low mortgage
rates have been creating a surge in market activity and higher values,
particularly in Sydney, is becoming more prevalent.

“Although we anticipate the rate of value growth is likely to slow over
the coming year, we do expect further increases,” he says.


Number of suburbs
with a median value of $1million or more – to June

                       Jun- 12                       Jun-13                      Jun-14




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