The rich get richer: Premium suburbs boom

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It’s been a great year for Australia’s richest residents who saw their property value surge by more than a million dollars during the past 12 months.

According to the latest RP Data report, Perth suburb Peppermint Grove recorded an eye-popping growth of 40% during the past 12 months, resulting in capital growth of $1.175 million. During the past quarter alone, median house price surged another 10%, indicating that there’s plenty more upside to come.

Property owners in Sydney’s Tamarama enjoyed a massive $837,428 capital gain –a growth of 40% year on year.
Median house price for Lower North Shore suburb of Northbridge grew by $535,000 while beachside suburb Palm Beach saw house prices growing by $517,000 within 12 months alone.

The RP Data figures for January 2014 also showed that a total of 272 suburbs now have a median of $1 million or more compared to 188 suburbs during the same time last year.


Of the million dollar suburbs with a median price of at least $1 million, RP Data said 56% were in Sydney in New South Wales and 20% of suburbs were located in Victoria. These were then followed by Western Australia (12%), Queensland (6%), South Australia (3%), Australian Capital Territory (2%) and Northern Territory (0.5%). 

The Rich Club
 
 
 
State Suburb Property type Median Price Jan 2014 Median price Jan 2013 Capital growth $ 12 month Growth Gross Rental Yield
WA PEPPERMINT GROVE H 3575000 2400000 1,175,000 40% 2%
NSW TAMARAMA H 2931000 2093571 837,428 40% 3%
NSW NORTHBRIDGE H 2205000 1670000 535,000 33% 3%
NSW PALM BEACH H 2179500 1662500 517,000 31% 2%
NSW GLENORIE H 1067500 599500 468,000 43% 3%
NSW BIRCHGROVE H 1625000 1170000 455,000 38% 3%
NSW ZETLAND H 1200000 755000 445,000 48% 3%
NSW ROSE BAY H 2235000 1815000 420,000 29% 3%
NSW WAITARA H 1121000 750000 371,000 49% 3%
NSW LONGUEVILLE H 2490000 2120000 370,000 17% 3%
NSW SANDRINGHAM H 1490000 1121000 369,000 35% 3%
NSW KANGAROO POINT H 2455000 2100000 355,000 20% n.a
NSW BELLEVUE HILL H 3275000 2950000 325,000 11% 3%
NSW MILSONS POINT U 1140000 832500 307,500 34% 3%
NSW ROSEBERY H 1100000 832500 267,500 32% 4%
NSW BALMAIN H 1287000 1035000 252,000 23% 3%
QLD ASCOT H 1110000 868000 242,000 23% 3%
VIC PRINCES HILL H 1190000 950000 240,000 27% 2%
NSW WAHROONGA H 1200000 960000 240,000 23% 3%
NSW GLADESVILLE H 1200000 970000 230,000 22% 3%
NSW EPPING H 1167500 941500 226,000 24% 3%
NSW DENISTONE EAST H 1080000 860000 220,000 24% 3%
NSW MOSMAN H 2300000 2100000 200,000 12% 3%
NSW MARSFIELD H 1050500 855000 195,500 23% 3%
NSW DULWICH HILL H 1041000 851500 189,500 22% 3%
SA LEABROOK H 1075000 888000 187,000 44% 3%
VIC SOUTH YARRA H 1140000 1035000 105,000 28% 3%
Source: RP Data


Images: Peppermint Grove home currently listed on www.realestate.com.au for buyers in the vicinity of $7.5 to $8.5 million

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Top Suburbs : collingwood , wiley park , mayfield , flemington , harris park

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Comments
  • Sam Smith says on 04/03/2014 04:26:32 PM

    To be able to buy a property in one of these suburbs, one needs to earn a huge amount of money and the idea of getting rich is to far fetch for some. Having said that, no one can get rich instantly and everyone starts from a small thing lead to a big thing. The trends these days is to generate what they've called a steady stream of "passive income" whereby one is looking for properties to renovate, live there for 6 months or so and sell and/or rent it for jacked up price. Ah well, I guess everyone needs to start somewhere, "try hard or die trying" as they say.

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