More suburbs join the million-dollar club in NSW
More than half of Australia’s million-dollar suburbs are located within NSW, despite the softening of the market in recent times.
There are a total of 81 million-dollar suburbs in New South Wales, with a further 40 knocking on the door of this now not-so-exclusive club, according to the Real Estate Institute of New South Wales.
“NSW is the jewel in the Australian crown when it comes to million-dollar suburbs,” REINSW chief executive Tim McKibbin says.
There were 34 suburbs in New South Wales with a median house price of $1 million plus in 2006, which reflects a sharp 138% increase.
“Not only has the number of million-dollar suburbs increased, so too have the number of properties attracting million plus price tags,” McKibbin says.
“In the first quarter of 2006, a total of 1,525, million-dollar sales were recorded, while in 2011 this has grown by 52% to 2,322.”
At $4.35 million, Vaucluse’s median house price made the suburb most expensive in the country in March 2011.
Top 10 most expensive suburbs
Rank | Suburb | March 2011 Median |
1 | Vaucluse | $4,350,000 |
2 | Bellevue Hill | $3,650,000 |
3 | Dover Heights | $3,010,000 |
4 | Church Point | $2,725,000 |
5 | Clovelly | $2,300,000 |
6 | Mosman | $2,250,000 |
7 | Bayview | $2,060,000 |
8 | Northbridge | $1,997,500 |
9 | East Lindfield | $1,965,000 |
10 | Haberfield | $1,935,000 |
