Million-dollar club swells in 2010

Font size :

The number of suburbs in Australia with median house prices of more than $1m increased by more than a third last year.

Research from RP Data has discovered that the average price now stands at over a million dollars in 212 suburbs – an increase of 35% during 2010. Fifty-six per cent of those are in Sydney, with a further 20% in Victoria. However, Perth's Peppermint Grove still holds the crown as Australia's most expensive suburb, with a median price of $4.6m.

"Over the past five years, the premium sector has typically fared quite well and has recorded strong growth in property values," said RP Data researcher Cameron Kusher. However, he was less bullish about more suburbs breaking through the million-dollar mark this year.

"During 2011 we would expect that there is unlikely to be a further 35% increase in the number of suburbs within the $1m club. We are anticipating subdued residential property market conditions during the year and the premium sector’s performance will also likely be impacted by high interest rates and ongoing global economic uncertainty," he added.

"These conditions are likely to hamper purchaser confidence and reduce the propensity of buyers to spend in excess of $1 million."

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now

Mortgage News and Articles

How to tell when a housing market is cooling How to tell when a housing market is cooling

You need to check clearance rates, listings, and the price gap, among other factors Read more

Growing demand for green apartments in Sydney Growing demand for green apartments in Sydney Both owner-occupiers and investors favour eco-friendly buildings for their energy-saving features and reduced environmental footprint ... Read more

Are property investors as rich as they appear? Are property investors as rich as they appear? A multi-property portfolio doesn’t guarantee easy millions ... Read more

Be proactive about getting a better mortgage deal Be proactive about getting a better mortgage deal Apathy could be costing you a considerable amount of money over the lifespan of your loan ... Read more

More mortgage news and articles

Sponsored Links

Thursday, Sep 21, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords