The number of suburbs in Australia with median house prices of more than $1m increased by more than a third last year.
Research from RP Data has discovered that the average price now stands at over a million dollars in 212 suburbs – an increase of 35% during 2010. Fifty-six per cent of those are in Sydney, with a further 20% in Victoria. However, Perth's Peppermint Grove still holds the crown as Australia's most expensive suburb, with a median price of $4.6m.
"Over the past five years, the premium sector has typically fared quite well and has recorded strong growth in property values," said RP Data researcher Cameron Kusher. However, he was less bullish about more suburbs breaking through the million-dollar mark this year.
"During 2011 we would expect that there is unlikely to be a further 35% increase in the number of suburbs within the $1m club. We are anticipating subdued residential property market conditions during the year and the premium sector’s performance will also likely be impacted by high interest rates and ongoing global economic uncertainty," he added.
"These conditions are likely to hamper purchaser confidence and reduce the propensity of buyers to spend in excess of $1 million."
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now
Top Suburbs :
Get help financing your investment
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.
We value your privacy and treat all your information seriously - you can check out