The number of million-dollar suburbs in Australia is increasing at a fast pace.
According to the CoreLogic RP Data Property Pulse report, at the end of the 2015 there were 530 suburbs nationally with a median value over $1 million, up 30.5 per cent since the end of 2014 when there were 406 million-dollar suburbs.
The data is based on the median values of suburbs, which have recorded at least 10 sales over the 2015 calendar year.
Of the states, NSW can lay claim to having the most million-dollar suburbs. The total number of suburbs where house prices reached more than $1 million in 2015 was 341, plus an additional 25 suburbs where the median unit price was in the same category.
Victoria came in next with a total of 88 suburbs with a median house value over $1 million, and Western Australia followed with 38 suburbs.
Queensland, South Australia, Australian Capital Territory and Northern Territory had 15, 12, 7 and three suburbs with median house values over $1 million respectively. Queensland also had one suburb where median unit values surpassed $1 million.
Tasmania is the only state in Australia that has yet to see a suburb join the million-dollar club.
Unsurprisingly, the most expensive suburbs for 2015 were found in Sydney. Nine out of 10 of the most expensive suburbs in Australia were in the capital, with Centennial Park being the most expensive suburb in the country with a median property value of $6,295,973.
The only top 10 most expensive suburb for 2015 that wasn't from Sydney was Peppermint Grove in Perth, where the median value was $3,564,725.
Sydney was also home to the most expensive unit market, with Point Piper at the top of the list with a median unit value of $2,219,503.
To read the full CoreLogic RP Data Property Pulse report, visit www.corelogic.com.au.
Shane Kempton is the chief executive of Professionals Real Estate. He is an experienced, well-respected real estate identity and chief executive committed to effective development of teams. His reputation is built on honesty, integrity, confidentiality and ethics, all highly valued traits of this influential leader.