Australia is now home to more than 500 suburbs boasting a median dwelling price of $1 million or above.
Analysis from CoreLogic RP Data has revealed market performance in 2015 resulted in significant jump in the number of suburbs in Australia’s million dollar club.
December 2015 ended with 530 suburbs laying claim to a seven-figure median, a 31% increase on the 406 that did so in December 2014.
Of those 530 suburbs, the vast majority are in the million dollar club on the back of their houses prices with the median price for a house $1 million or more in 504 suburbs.
The distribution of million dollar suburbs is far from equal across the country as well.
New South Wales is home to 366 of the 530 suburbs, with house prices accounting for 341 of those.
Unit distribution is even more uneven, with NSW home to 25 of the 26 suburbs that have a median price tag of $1 million or more.
The remaining unit suburb is located in Queensland, which is also home to 15 suburbs where the median house price is in seven figures.
Eighty-eight suburbs with a median house price of $1 million or more are found in Victoria, while there are 38 in Western Australia.
The ACT has seven suburbs where the median house price is seven figures, while the Northern Territory is home to three.
Tasmania is the only state with no suburbs boasting a median dwelling price of $1 million or more.
With NSW home to the vast majority of suburbs in the million dollar club, it is no wonder the state, and more specifically Sydney, dominate the top 10 lists of median values.
For houses, Sydney is home to nine of the 10 suburbs with the highest median price, with WA’s Pepper
mint Grove at number seven the only non-Sydney suburb in the top 10.
All 10 of the nation’s highest median unit prices are found in Sydney suburbs.
While there was a large spike over 2015, CoreLogic RP Data research analyst Cameron Kusher said affordability constraints could curtail any increase to the number of suburbs that have a median dwelling price in seven figures this year.
“There was a time when housing that cost more than $1 million was seen as exclusive, however, with recent increases in home values, suburbs with a typical home value of more than a $1 million are becoming more common,” Kusher said.
“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.”