The Experts

Australia’s $1M club

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It wasn’t so long ago that the term ‘millionaire’ applied to only a few Australians who happened to be hugely successful entrepreneurs. Today, it actually applies to thousands of mum and dad home owners who live in the 212 suburbs nationwide where $1M is the median price of a standard family home.

Independent research house, RP Data says 55 further suburbs joined the $1M club in 2010 – a 35 per cent increase in one year and a doubling since 2006 when there were 110 suburbs with a median of $1M.

Although they fit the definition of a millionaire, most mums and dads don’t think of themselves that way because $1M is simply what you need to spend these days to buy a family home in a nice suburb that is reasonably close to the city.

Especially in New South Wales. That’s where 56 per cent of the 212 suburbs are – and they’re all in Sydney in areas like Ku-ring-gai local government area (LGA) (15 suburbs), North Sydney LGA (12) and Woollahra LGA (10).

Victoria runs a distant second with 20 per cent of the 212 suburbs, although it has recorded a huge increase in the number of suburbs with a $1M price tag over the past five years. Next is Western Australia at 12 per cent and Queensland at 6 per cent.

And get this. The Northern Territory makes the list but Tasmania doesn’t. The Northern Territory has one suburb with a median above $1M while the highest median price that Tassie buyers have to pay is $750,000 in Battery Point.

These new statistics were recently released by RP Data. They are based on property prices for the calendar year of 2010 and are based only on suburbs with more than 10 sales in the year.

Now, drum roll please. Here’s the list of Australia’s top 25 most expensive suburbs. Before you look, there’s something interesting to note. Even though NSW has the largest proportion of our most expensive suburbs, one in four of our top 25 most expensive suburbs are either in Western Australia or Victoria.

For the third time in a row, the blue ribbon riverfront suburb of Peppermint Grove in Western Australia takes out the No 1 position at a median price of $4.6M – almost $1M more than the suburb in second place, which is the harbourside Vaucluse in Sydney’s Eastern Suburbs at a median $3.78M. Read on.

  1. Peppermint Grove, WA - $4.6M
  2. Vaucluse, NSW - $3.788M 
  3. Bellevue Hill, NSW - $3.4M 
  4. Dalkeith, WA - $2.8M 
  5. Dover Heights, NSW - $2.675M 
  6. Palm Beach, NSW - $2.485M 
  7. Woolwich, NSW - $2.475M 
  8. Toorak, VIC - $2.45M 
  9. Rose Bay, NSW - $2.383M
  10. Longueville, NSW - $2.31M 
  11. Double Bay, NSW - $2.3M 
  12. Kangaroo Point, NSW - $2.291M 
  13. Darling Point, NSW - $2.242M
  14. St Kilda West, VIC - $2.213M 
  15. Kooyong, VIC - $2.15M 
  16. Northwood, NSW - $2.1M 
  17. Mosman, NSW - $2.1M 
  18. Kirribilli, NSW - $2.088M 
  19. Clontarf, NSW - $2.075M 
  20. Balmain East, NSW - $2.073M 
  21. Bronte, NSW - $1.895M 
  22. Clovelly, NSW - $1.868M 
  23. Cottesloe, WA - $1.863M
  24. Woollahra, NSW - $1.849M 
  25. Dawes Point, NSW - $1.825M

*Source: RP Data – numbers rounded to three decimal places

Published: Wednesday, April 20, 2011

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