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Australia’s newest million-dollar suburbs

kurnell Australia's newest million-dollar suburbs

With data for the end of financial year now available, it’s interesting to look at the number of suburbs with a median house and/or unit value of $1 million or more.

Although many of us can’t afford to own a home worth more than $1 million, it is an interesting analysis which also highlights the deteriorating affordability of housing across the country.

At the end of the 2015-16 financial year, there were 615 suburbs nationally that had a median house value of at least $1 million. This represented 10.3% of all suburbs nationally that had at least 10 house sales over the year.

Units are generally much more affordable than houses and this is reflected by the fact that 1.0% of suburbs (or 26 suburbs) nationally with more than at least 10 sales had a median value of $1 million or greater.

The current growth phase in the housing market commenced in June 2012.

At that time, just 277 suburbs nationally (4.7%) had a median house value of $1 million or more and seven suburbs (0.3%) had a median unit value of or in excess of $1 million. Based on this data, the number of suburbs with a median value of $1 million or more has increased by 122% over the current growth phase and for units it is up by 271%.

Between June 2012 and June 2016, every state and territory except for Tasmania and the Northern Territory has recorded an increase in the number of suburbs in which median house values are $1 million or greater.

At the same time, Queensland and Western Australia have each shed the one suburb they had for units in which the median values was at least $1 million. In New South Wales the number of suburbs with a median unit value of at least $1 million has increased by 420% over the period.

Focusing on houses, the number of suburbs with a median value of at least $1 million has increased over the period by: 144% in New South Wales, 142% in Victoria, 120% in Queensland, 78% in South Australia, 29% in Western Australia and 50% in the Australian Capital Territory.

New South Wales and Victoria have predictably recorded the largest increases in suburbs with a median value of more than $1 million over the period given the strength of growth in the Sydney and Melbourne housing markets.

In all other states and territories except Tasmania the number of $1 million plus suburbs for houses rose since June 2012 with the number of suburbs having fallen over recent years in Western Australia and the Northern Territory in line with the decline in home values in Perth and Darwin. These figures reiterate that even though value growth outside of Sydney and Melbourne has been moderate over recent years, demand for premium housing has been stronger.

With mortgage rates low we would expect the number of suburbs with a median value of $1 million or more to growth over the coming financial year.

This also highlights that low interest rates are contributing to deteriorating levels of housing affordability across the country.

Who’s new to the million-dollar suburbs list in 2016?

SuburbStateAreaHouse/Unit
HALLACTCanberraH
KINGSTONACTCanberraH
BLACK HILLNSWHunterH
MEREWETHERNSWHunterH
POKOLBINNSWHunterH
THE JUNCTIONNSWHunterH
AUSTINMERNSWIllawarraH
BARRACK POINTNSWIllawarraH
COLEDALENSWIllawarraH
GERROANSWIllawarraH
SCARBOROUGHNSWIllawarraH
WOMBARRANSWIllawarraH
ANGOURIENSWMid-North CoastH
BROKEN HEADNSWRichmond-TweedH
TINTENBARNSWRichmond-TweedH
ALLAWAHNSWSydneyH
ARNCLIFFENSWSydneyH
ASQUITHNSWSydneyH
BALMAINNSWSydneyU
BALMAIN EASTNSWSydneyU
BANGORNSWSydneyH
BANKSIANSWSydneyH
BARDEN RIDGENSWSydneyH
BAULKHAM HILLSNSWSydneyH
BEAUMONT HILLSNSWSydneyH
BELFIELDNSWSydneyH
BELMORENSWSydneyH
BEVERLY HILLSNSWSydneyH
BIRCHGROVENSWSydneyU
BLAXLANDS RIDGENSWSydneyH
BONDI JUNCTIONNSWSydneyU
BONNET BAYNSWSydneyH
BREAKFAST POINTNSWSydneyU
CANTERBURYNSWSydneyH
CARLTONNSWSydneyH
CLOVELLYNSWSydneyU
COMONSWSydneyH
DACEYVILLENSWSydneyH
DOUBLE BAYNSWSydneyU
DUNDASNSWSydneyH
DUNDAS VALLEYNSWSydneyH
EAST KURRAJONGNSWSydneyH
ELLIS LANENSWSydneyH
FAIRLIGHTNSWSydneyU
GALSTONNSWSydneyH
GRASMERENSWSydneyH
GROSE VALENSWSydneyH
GROSE WOLDNSWSydneyH
GYMEANSWSydneyH
HOMEBUSH WESTNSWSydneyH
HUNTERS HILLNSWSydneyU
HURLSTONE PARKNSWSydneyH
KAREELANSWSydneyH
KELLYVILLE RIDGENSWSydneyH
KENTLYNNSWSydneyH
KILLCARENSWSydneyH
KIRRAWEENSWSydneyH
KIRRIBILLINSWSydneyU
KULNURANSWSydneyH
KURNELLNSWSydneyH
KURRAJONG HILLSNSWSydneyH
LAKESLANDNSWSydneyH
LIDCOMBENSWSydneyH
MANLYNSWSydneyU
MARSDEN PARKNSWSydneyH
MASCOTNSWSydneyH
MILLERS POINTNSWSydneyH
MINTO HEIGHTSNSWSydneyH
MIRANDANSWSydneyH
MONA VALENSWSydneyU
MORTDALENSWSydneyH
NARWEENSWSydneyH
NORTH PARRAMATTANSWSydneyH
NORTH RYDENSWSydneyU
ORANGEVILLENSWSydneyH
OYSTER BAYNSWSydneyH
PATONGANSWSydneyH
PEAKHURST HEIGHTSNSWSydneyH
PENSHURSTNSWSydneyH
PHEASANTS NESTNSWSydneyH
PICNIC POINTNSWSydneyH
PITT TOWNNSWSydneyH
POINT FREDERICKNSWSydneyH
RAMSGATENSWSydneyH
ROCKDALENSWSydneyH
ROZELLENSWSydneyU
RYDALMERENSWSydneyH
SANDY POINTNSWSydneyH
SHANES PARKNSWSydneyH
SOMERSBYNSWSydneyH
SOUTH MAROOTANSWSydneyH
ST PETERSNSWSydneyH
SYDENHAMNSWSydneyH
TEMPENSWSydneyH
THE PONDSNSWSydneyH
THORNLEIGHNSWSydneyH
TURRELLANSWSydneyH
VOYAGER POINTNSWSydneyH
WATERLOONSWSydneyH
WAVERTONNSWSydneyU
WEDDERBURNNSWSydneyH
WEROMBINSWSydneyH
WESTMEADNSWSydneyH
WORONORA HEIGHTSNSWSydneyH
WYONG CREEKNSWSydneyH
YARRAMUNDINSWSydneyH
CHELMERQLDBrisbaneH
FORTITUDE VALLEYQLDBrisbaneH
PULLENVALEQLDBrisbaneH
RANSOMEQLDBrisbaneH
WILLAWONGQLDBrisbaneH
HEATHPOOLSAAdelaideH
KENT TOWNSAAdelaideH
WALKERVILLESAAdelaideH
ABBOTSFORDVICMelbourneH
ASCOT VALEVICMelbourneH
ASHWOODVICMelbourneH
BALACLAVAVICMelbourneH
BENTLEIGH EASTVICMelbourneH
BLACKBURNVICMelbourneH
BOX HILLVICMelbourneH
BOX HILL NORTHVICMelbourneH
BOX HILL SOUTHVICMelbourneH
BULLEENVICMelbourneH
BURNLEYVICMelbourneH
BURWOODVICMelbourneH
CARLTONVICMelbourneH
CAULFIELD EASTVICMelbourneH
CHADSTONEVICMelbourneH
DONCASTERVICMelbourneH
DONCASTER EASTVICMelbourneH
FLINDERSVICMelbourneH
GLEN WAVERLEYVICMelbourneH
HAMPTON EASTVICMelbourneH
HEIDELBERGVICMelbourneH
HUGHESDALEVICMelbourneH
MOONEE PONDSVICMelbourneH
MURRUMBEENAVICMelbourneH
NARRE WARREN EASTVICMelbourneH
NORTH MELBOURNEVICMelbourneH
NORTHCOTEVICMelbourneH
PARKDALEVICMelbourneH
RICHMONDVICMelbourneH
STRATHMOREVICMelbourneH
TEMPLESTOWEVICMelbourneH
TEMPLESTOWE LOWERVICMelbourneH
THORNBURYVICMelbourneH
TRAVANCOREVICMelbourneH
WHEELERS HILLVICMelbourneH
WINDSORVICMelbourneH
WONGA PARKVICMelbourneH
MOUNT LAWLEYWAPerthH
NORTH COOGEEWAPerthH
OAKFORDWAPerthH
SOUTH PERTHWAPerthH
WATTLEUPWAPerthH

 

Written by Cameron Kusher

Cameron Kusher

Cameron Kusher is head of research at CoreLogic.

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