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The suburbs turning Australians into millionaires

suburbs houses units homes where to buy millionaires sydney nsw melbourne vic qld sa wa act property real estate valeus prices growth corelogic

Median values for houses or units have this year topped $1 million for the first time in 148 Australian suburbs.

With dwelling values in Sydney having increased by 16.4% over the 12 months to June 2017, it has resulted in an additional 90 suburbs having a median value of more than $1 million over the year.

Suburbs in regions as far away from the CBD as Camden are now pushing above $1 million showing just how unaffordable Sydney is coming for people that don’t own homes but a boon for those that do.

Dwelling values in Melbourne increased by 13.0% over the 12 months to June 2017 which has resulted in an additional 39 suburbs having a median value over $1 million.

The strong growth in values in Melbourne is pushing an increasing number of suburbs above $1 million.

Another nine locations had a median value above $1 million compared to a year ago in Brisbane. Brisbane already has far fewer suburbs with a median value over $1 million and this is due to the fact that housing costs overall are much lower.

Over the 12 months to June 2017, Brisbane dwelling values increased by a relatively low 2.8%.

Adelaide has added an additional locations to the $1 million ranks over the past 12 months.

This is despite the fact that value growth has increased by a relatively minor 5.4% which would indicate the relative strength of the higher end housing market.

Although Perth dwelling values fell by -2.6% over the 12 months to June 2017 Darling Downs saw values rise 25.2% over the past year which has taken it above $1 million.

Canberra dwelling values increase d by 7.8% over the 12 months to June 2017.

As a result of the strong growth in values another two suburbs ended the year with a median value above $1 million.

Written by Cameron Kusher

Cameron Kusher

Cameron Kusher is head of research at CoreLogic.

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  1. Yearly growth for Brighton (Victoria) doesn’t seem to be correct. It moved by more than double from prior year but the growth rate mentioned above is 5.1%. Why is that?

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