Australian property values have hit new heights this year, with more cities making it onto the million dollar club list.
As of June 2014, there are now 417 suburbs nationally which boast a median value of $1 million or more, according to RP Data.
This figure was up from 312 suburbs this time last year, and was the highest number of suburbs with properties worth $1 million or more in the last five years.
Sydney claimed a majority of the market share with 22 suburbs making the top 25 list of performers, while Perth had two suburbs and Melbourne had just one.
Sydney’s Point Piper remains the nation’s most expensive housing market, with a median value of almost $5.7 million. Woolwich, located on Sydney’s lower north shore, ranked second with a median value of $5.5 million.
Looking at the states, South Australia experienced the biggest rise in suburbs with a median value of $1 million or more, up 44 per cent over the past year. Other states that experienced an increase included NSW (42 per cent), Queensland (25 per cent), Victoria (24 per cent) and Western Australia (22 per cent).
The Northern Territory experienced no change in the median value of suburbs worth $1 million or more, while the ACT suffered an 11 per cent fall. Tasmania was the only state not to feature suburbs in the million dollar club.
RP Data’s senior analyst Cameron Kusher said that low rates were causing the surge in prices.
“This encourages people to look to upgrading to bigger homes and in more ideal locations,” he said.
“We’re seeing a large slice of this activity taking place within the higher end of the housing market and as a result, propelling home values higher into the million dollar realm.”