Massive jump in suburbs with a $1 million median price tag

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There are now more than 400 suburbs across Australia where residential properties carry a $1 million median price tag.

New research from CoreLogic RP Data shows there are a record 437 suburbs across the country in the million dollar median club, an increase of 23.1% over the last 12 months.

New South Wales dominates the list, with a total of 302 out of the 437 suburbs, while Sydney has 17 of the list’s top 20 priced suburbs, including the entire top five.

CoreLogic’s head of research Tim Lawless said the figures show just how far ahead Sydney is from the rest of the nation in terms of price growth.

“This data reflects the effect of strong capital growth rates which show that Sydney values are growing substantially faster than all other areas and the cost of housing in Sydney is much higher than elsewhere,” Lawless said.

“Additionally, those that have owned a Sydney property for at least several years are likely to have built up a substantial level of equity in their home.”

Point Piper takes out the number one spot on the list with a median house price of $5,596,397, with Centennial Park, Vaucluse, Bellevue Hill and Tamarama rounding out the top five.

Western Australia’s Peppermint Grove ($ 3,504,996) breaks up Sydney’s run at number six, while Toorak in Victoria sits at nine and WA’s Dalkeith comes in at number 20.

Dawes Point is the only suburb who cracks the top 20 based on median unit price, coming in at 14 at $2,751,937.

While Sydney dominates the top, the list is almost entirely made up of suburbs from within capital cities, with only 10 falling in regional areas.

The figures also show there has been a jump in the number of suburbs where the median price tag exceeds $2 million, with 48 this year compared to 32 12 months ago.

Sydney again leads the way, home to 40 of those 48 suburbs.

While the past 12 months has seen the number of million dollar suburbs explode, a similar increase is not expected in the coming years.

“With dwelling values continuing to trend higher, particularly in Sydney and Melbourne, we anticipate that the number of suburbs with a median value of more than $1 million will expand further over the coming year,” Lawless said.

“However, with growth levels potentially moderating over the coming year we aren’t likely to see as substantial a jump in the number of suburbs as what has been seen over previous years.”

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