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NSW – Leader of the million dollar suburbs pack

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Most Expensive Suburbs NSW 2011NSW is the jewel in the Australian crown when it comes to million dollar suburbs.  More than half of Australia’s million dollar suburbs are located within the state and despite softening of the market in recent times, there is no doubt over the past 5 years that the “exclusive few” have ballooned to the “exclusive many”.

 

A swag of million dollar suburbs

Based on median house price data from Q1 2011, there are a total of 81 million dollar suburbs, with a further 40 knocking on the door of this now not so exclusive club.

In 2006 however only 34 suburbs recorded a median house price of one million dollars plus which shows a sharp 138% increase in the number of suburbs within the elite million dollar club.

Not only has the number of million dollar suburbs increased, so too have the number of properties attracting million plus price tags.  In Q1 2006, a total of 1,525, million dollar sales were recorded, whilst in 2011 this has grown by 52% to 2,322.

 

Top 10 most expensive suburbs

At $4,350,000, Vaucluse’s median house price made the suburb most expensive in the country in March 2011.  As one of Sydney’s exclusive bay-side suburbs, this has come as no surprise.

Rounding out the top 10 of million dollar suburbs in NSW, are those in and around the coast of Sydney.  These include:

Most ExpensiveSuburbMar- 2011 Median
1Vaucluse$4,350,000
2Bellevue Hill$3,650,000
3Dover Heights$3,010,000
4Church Point$2,725,000
5Clovelly$2,300,000
6Mosman$2,250,000
7Bayview$2,060,000
8Northbridge$1,997,500
9East Lindfield$1,965,000
10Haberfield$1,935,000
Category: Market Intelligence & Commentary, New South Wales

2 Responses to NSW – Leader of the million dollar suburbs pack

  1. Reno Romeo says:

    You obiviously have out of date information publishing data from 2011 see the article below

    Million-dollar suburbs decline, but waterfront stays strong
    Monday, 19 March 2012
    Cameron Kusher

    Sydney’s Point Piper consolidated its position as Australia’s most expensive place to buy a house with a median house price of $5.21 million across 14 sales over 2011.
    The desirability and prestige of a Point Piper address is clear when you consider that the median selling price in that suburb was almost $1 million more than in Tamarama, which is Australia’s second most expensive suburb and just a 6km drive from Point Piper.
    The number of suburbs with a median house or unit price of $1 million or more fell by 13.8% in 2011 compared to 2010, with the result reflective of the weak performance of the premium housing market in 2011.
    A total of 194 suburbs across the country had a median house price of $1 million or more in 2011.
    To be considered for the list of the Top 10 most expensive, the suburb had to have at least 10 sales over the 12 months to December 2011.
    The results also showed that the number of suburbs on the list remains higher than in 2009, however this is a drop of 31 suburbs on what was recorded in 2010.
    Over the past 10 years, the number of suburbs with a median house or unit price of $1 million or more has increased from just 43 suburbs nationally to a peak of 225 suburbs nationally in 2010. Excluding Tasmania, each state has recorded a suburb with a median sale price of $1 million or more over the past 10 years.
    Back in 2002, only New South Wales, Victoria, Western Australia and the Australian Capital Territory had suburbs with a median price of $1 million or more with approximately 91% of all suburbs located in New South Wales.
    In 2011, only Tasmania and Northern Territory did not have a suburb with a median price of $1 million and only 59.5% of suburbs were in New South Wales. The results highlight the stronger value growth conditions outside of New South Wales over the past decade.
    Longer term, the suburbs with a median price of $1 million steadily trended higher over the past 10 years, which is line with the general upward trends in property values over the past decade.
    In fact, the 2008 and 2011 calendar years are the only two years where the number of suburbs fell in comparison to the previous calendar year. These were also the only two calendar years over the past decade when capital city home values recorded an annual decline.
    Based on the RP Data results, the fall in the number of suburbs with a $1 million price tag in 2011 is commensurate with the broader market conditions.
    The RP Data-Rismark Stratified Hedonic Index is a reliable indicator which shows that across the 2011 calendar year, the most expensive 20% of capital city suburbs recorded a value fall of 4.8% over the year compared to falls of 1.6% for the most affordable 20% of capital city suburbs, and a 2.9% value fall across the broad middle 60% of suburbs.
    Overall, the decline in the number of million dollar suburbs over the 2011 calendar year reflects the broader market conditions in which property values fell, fewer property transactions took place and demand for premium housing was particularly weak.
    For the coming 12 months, we are not expecting a substantial improvement in the premium housing market and subsequently it appears unlikely that there will be a significant change in the number of suburbs with a median price of $1 million or more.
    The anticipation is that this market sector will continue to be weighed down by the poor performance of the equities market, the unstable global economic situation and lower levels of demand for debt by cautious consumers.
    In particular, luxury items such as homes that cost a million dollars or more appear to have lower levels of demand as consumers show a more conservative approach to spending their money.

  2. Hi Reno,

    Thank you for your comment.

    Please note that the date this article was published was the 18th of July 2011, as noted in the top right hand corner of the article.

    This may explain why the article is not necessarily up to date, and does not reflect the current market in NSW.

    Please stay tuned to our blog for new updates and articles.

    Kind Regards,

    realestateVIEW.com.au