CPG

Wednesday 10th Aug 2016

Based on suburb median values as at June 2016, there were 613 suburbs across the country that had a median value of at least $1 million.

According to the latest report from CoreLogic, there were 613 suburbs nationally with a median house price of $1 million, an increase of 29% over the last year and 125% increase over the past three years. Owning a million dollar home today is not as exclusive as it was 10 years ago.

The break down for suburbs with houses with a median house price of $1 Million, were a whopping 570 (93%), versus units 43 ( 7%) over the year. This further highlights that land is the finite commodity that grows in value.

Out of the top 25 suburbs with the highest median house prices, there were only two outside of NSW, one in Western Australia ( Peppermint Grove) and one in Victoria (Toorak).

Suburbs with a median value of at least $1 million, as at June each year

Source CoreLogic

Cameron Kusher said, “Housing demand overall may be slowing a little, we expect that with historic low interest rates, demand for premium housing is set to remain buoyant over the coming year. Subsequently we would expect in 12 months’ time even more suburbs to have a median value of at least $1 million.”