New data has revealed the true extent of property price growth in 2015, with a 31 per cent increase in the number of suburbs joining the million-dollar club.
Recent analysis from CoreLogic RP Data has revealed the number of suburbs recording a median house or unit price above $1 million jumped from 406 in 2014 to 530 in 2015.
Leading the charge was NSW, which was home to 68 per cent of suburbs with house values above $1 million and 96 per cent of units with a median value above $1 million.
Victoria recorded the greatest increase in $1 million suburbs for house prices, with the number jumping by 46.7 per cent.
It was followed by 32.7 per cent in NSW and 15.4 per cent in Queensland.
There was no change in the number of $1 million suburbs in Tasmania, the Northern Territory or the ACT.
The number of suburbs with a median house price above $1 million decreased in South Australia and Western Australia, by 7.7 per cent and 9.5 per cent respectively.
All but one suburb with a median unit value above $1 million was located in Sydney, according to CoreLogic RP Data.
The list of top 10 most expensive suburbs for unit and house prices was dominated by Sydney suburbs, with Perth’s Peppermint Grove the only suburb outside NSW.
The full list of top 10 most expensive suburbs can be seen below.
CoreLogic RP Data analysed suburbs with at least 10 sales over the 2015 calendar year to compile the list.
Houses:
1. Centennial Park, NSW, $6,295,973
2. Point Piper, NSW, $5,898,542
3. Darling Point, NSW, $5,820,051
4. Vaucluse, NSW, $4,375,781
5. Bellevue Hill, NSW, $4,346,180
6. Tamarama, NSW, $3,762,594
7. Dover Heights, NSW, $3,594,684
8. Peppermint Grove, WA, $3,564,725
9. Double Bay, NSW, $3,323,665
10. Whale Beach, NSW, $3,307,451
Units:
1. Point Piper, NSW, $2,219,503
2. Darling Point, NSW, $1,665,104
3. The Rocks, NSW, $1,664,513
4. Cabarita, NSW, $1,515,092
5. Millers Point, NSW, $1,479,816
6. Cremorne Point, NSW, $1,299,864
7. Huntleys Cove, NSW, $1,281,955
8. Balmain East, NSW, $1,252,908
9. Tamarama, NSW, $1,232,265
10. North Ryde, NSW, $1,222,875
