More than 100 Australian suburbs have joined the million dollar house club in just 12 months, according to the latest sales data.
There are now 417 suburbs nationally which boast a median value of $1 million or more, up from 312 this time in 2013.
Sydney claimed majority market share with 22 suburbs ranked in the top performing list out of 25 while Perth had two suburbs and Melbourne had just one.
RP Data’s July combined capital city home values index shows that values increased by 10.2% over the 12 months to July 2014.
As at June 2014, there were 397 suburbs nationally with a median house value of $1 million or more and 20 suburbs for units. The 417 total suburbs with a median value of $1 million or more is the highest number over the past five years.
The number of New South Wales suburbs with a median value of $1 million or more is up 42%.
Across the other states, there’s been a 24% rise in Victoria, 25% rise in Queensland, 44% rise in South Australia, 22% rise in Western Australia, no change in the Northern Territory and a 11% fall in the Australian Capital Territory. Tasmania has zero suburbs with a median value of $1 million or more.
Research analyst Cameron Kusher says Sydney home values have increased by 14.8% over the last 12 months. Proportionately, Sydney suburbs comprise 61% of all million dollar plus suburbs nationally, followed by Melbourne at 14% and Perth at 12%.
Mr Kusher says low mortgage rates are creating a surge in market activity.
“This encourages people to look to upgrading to bigger homes and in more ideal locations,” he says.
“We’re seeing a large slice of this activity taking place within the higher-end of the housing market and as a result, propelling home values higher and into the million dollar realm.”
Sydney’s Point Piper remains the nation’s most expensive housing market with a median value of almost $5.7 million.
Here’s the 25 most expensive suburbs:
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