New figures from Domain Group show that 16 of the 17 Australian suburbs where median apartment prices are at least $1 million are located in Sydney.
That figure is a dramatic 77.7% increase on last year’s numbers when Sydney only had nine suburbs with a median unit price of $1 million or more.
The only suburb outside of Sydney to crack the list is Melbourne’s Balwyn North, which took the final place of the list with a median price of $1 million.
Domain Group senior economist Andrew Wilson said the figures show that buyers of prestige property in Sydney are becoming more active, with many big-spenders looking to downsize from houses to apartments.
“When you're talking about a million-dollar apartment median that's a prestige story, a higher-priced apartment is definitively a discretionary purchase,” Dr Wilson told Fairfax Media.
“The trend has been rising, especially over the past 18 months.”
Point Piper tops the list, with a median price of $1,615,000 for its apartments, while Milsons Point and Darling Point follow with medians of $1.6 million and $1,525,000 respectively.
Two more points, Millers Point and Darling Cremorne Point round out the top five with at $1,350,000 and $1,265,000 respectively.
The remaining 11 Sydeney suburbs on the list have median apartment prices that fall between $1,252,000 and $1,010,000.