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More suburbs now worth more than $1m: RP Data

For houses, there are 271 capital city suburbs or 12.0 per cent of all suburbs that have a median value of more than $1 million. For units, 0.6 per cent or 8 capital city suburbs have a median value of more than $1 million. Across individual cities the current results are also quite different.

For houses, almost 1 in every 4 Sydney suburbs has a median house value of more than $1 million, in Perth the figure is 12 per cent of suburbs and in Melbourne around 1 in 10 suburbs has a median value of more than $1 million. Very few suburbs have a median unit value of more than $1 million, only 8 suburbs nationally. 7 of these 8 suburbs are in Sydney with the remaining one in Brisbane.

Mr Kusher said, “Five years ago, around 5 per cent of all suburbs nationally had a median house value which was more than $1 million and for units, 0.4 per cent of all suburbs held a median value which was more than $1 million. By way or proportion, the five year change has been minimal with a median unit value of more than $1 million but a full 1 percentage point increase in the proportion of suburbs where houses have a median value of more than $1 million.

“Suburbs where the median value is in excess of $1 million are quite small. However, as home values increased over the past five years so too has the number of suburbs.

“With low mortgage rates and relatively high levels of buyer demand we would expect the proportion of suburbs with a median value of more than $1 million to trend higher throughout 2014. It is important to note that outside of Sydney, Melbourne and Perth suburbs with a median value of more than $1 million are a rarity,” Mr Kusher said.

HOUSES UNITS
Region <$1m $1 million plus <$1m $1 million plus
Sydney 75.4% 24.6% 98.2% 1.8%
NWS ROS 99.9% 0.1% 100.0% 0.0%
Melbourne 89.1% 10.9% 100.0% 0.0%
Vic ROS 100.0% 0.0% 100.0% 0.0%
Brisbane 98.0% 2.0% 99.5% 0.5%
Qld ROS 99.7% 0.3% 100.0% 0.0%
Adelaide 97.1% 2.9% 100.0% 0.0%
SA ROS 100.0% 0.0% 100.0% 0.0%
Perth 88.0% 12.0% 100.0% 0.0%
WA ROS 99.5% 0.5% 100.0% 0.0%
Hobart 100.0% 0.0% 100.0% 0.0%
Tas ROS 100.0% 0.0% 100.0% 0.0%
Darwin 93.0% 7.0% 100.0% 0.0%
NT ROS 100.0% 0.0% 100.0% 0.0%
Canberra 95.4% 4.6% 100.0% 0.0%
Combined capital cities 88.1% 11.9% 99.3% 0.7%
Combined regional areas 99.8% 0.2% 100.0% 0.0%

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Cameron Kusher

Cameron Kusher is CoreLogic RP Data’s senior research analyst, specialising in primary and secondary data analysis, property market commentary and consultancy. Cameron has a thorough understanding of the fundamentals such as demographics, trends, economics and spacial analysis and is a regular keynote speaker for property-related groups, regulated industry bodies, corporations and the government sectors.