Peppermint Grove in Western Australia has topped a list of the nation’s most expensive suburbs.
According to RP Data research, the suburb boasts a median house price of $4.6 million – $1 million more than the Sydney suburb of Vaucluse, which placed second on the list.
RP Data’s senior research analyst Cameron Kusher said there are presently 212 suburbs with a median house price greater than $1 million – 35 per cent more than this time last year.
But despite the recent increase in prestgious suburbs, Mr Kusher said the nation was unlikely to see further growth in the number of multi-million dollar properties in 2011.
“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 said.
“These conditions are likely to hamper purchaser confidence and reduce the propensity of buyers to spend in excess of $1 million.”
Other suburbs to make the list included;
• Vaucluse, NSW with a median house price of $3.6 million
• Bellevue Hill, NSW with a median house price of $3.4 million
• Dalkeith, WA with a median house price of $2.8 million
• Dover Heights, NSW with a median house price of $2.7 million