At the end of 2014 there were 406 suburbs nationally with a median value above $1 million, by the end of 2015 the number had increased by 31% to 530 suburbs nationally.
There was a time when housing that cost more than $1 million was seen as exclusive however, with recent rises in home values, suburbs with a typical home value of more than a $1 million are becoming more common. This analysis looks at the median values of suburbs which have recorded at least 10 sales over the 2015 calendar year.
At the end of 2015 there were 530 suburbs nationally with a median home value of more than $1 million, up from 406 suburbs at the end of 2014. This represents a 30.5% increase in suburbs with a median value of more than $1 million over the past 12 months.
Looking at the split between houses and units, there remains relatively few suburbs nationally in which median unit values are in excess of $1 million with all bar one located in Sydney. Over the past year nationally there has been a 27.6% annual increase in suburbs where house values are over $1 million compared to a 136.4% rise in unit suburbs.
In terms of houses the annual change in the number of $1 million suburbs has been recorded at: 32.7% in NSW, 46.7% in Vic, 15.4% in Qld, -7.7% in SA, -9.5% in WA, no change in Tas, NT or ACT. For units the number has increased by 150% while in Qld it has risen from zero to one over the year. NSW accounts for 68% of all suburbs nationally with a median house value of more than $1 million and 96% of all suburbs with a unit value in excess of $1 million. If you combine NSW and Vic there is no change to the proportion of total unit suburbs however, these two states account for 85% of all suburbs nationally with a median value of more than $1million.
Below are lists of the Top 10 most expensive suburbs nationally for median house and unit values at the end of 2015. Centennial Park in Sydney is the nation’s most expensive suburb while 9 of the 10 most expensive suburbs are in Sydney. Point Piper is the most expensive unit market while all of the most expensive unit markets are located in Sydney.
With housing affordability stretched in Sydney and Melbourne and expectations that value growth will slow further, it will be interesting to see in a year’s time whether there are more or fewer suburbs making the list.
Article written by Cameron Kusher, CoreLogic Senior Research Analyst
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