The million dollar club

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.

No. of suburbs with a median value of more than $1 million,
Dec '14 - Dec '15

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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.

No. of suburbs with a median value of more than $1 million by state Dec '14- Dec '15

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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.

Top 10 most expensive suburbs nationally based on median value,
as at December 2015

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Article written by Cameron Kusher, CoreLogic Senior Research Analyst

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Disclaimer

In compiling this publication, CoreLogic has relied upon information supplied by a number of external sources and CoreLogic does not warrant its accuracy or completeness. To the full extent allowed by law CoreLogic excludes all liability for any loss or damage suffered by any person or body corporate arising from or in connection with the supply or use of any part of the information in this publication. CoreLogic recommends that individuals undertake their own research and seek independent financial advice before making any decisions. © 2014 CoreLogic.


About CoreLogic

CoreLogic Australia is a wholly owned subsidiary of CoreLogic (NYSE: CLGX), which is the largest property data and analytics company in the world. CoreLogic provides property information, analytics and services across Australia, New Zealand and Asia, and recently expanded its service offering through the purchase of project activity and building cost information provider Cordell. With Australia’s most comprehensive property databases, the company’s combined data offering is derived from public, contributory and proprietary sources and includes over 4.4 billion decision points spanning over three decades of collection, providing detailed coverage of property and other encumbrances such as tenancy, location, hazard risk and related performance information.

With over 20,000 customers and 150,000 end users, CoreLogic is the leading provider of property data, analytics and related services to consumers, investors, real estate, mortgage, finance, banking, building services, insurance, developers, wealth management and government. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and geo spatial services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. CoreLogic employs over 650 people across Australia and in New Zealand. For more information call 1300 734 318 or visit www.corelogic.com.au.

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