NSW the highest disparity between city and regional $1 million properties: Onthehouse

The wealth merits of moving from pricey Sydney to regional NSW was evident in a recent Onthehouse.com.au survey.

The survery looked at the number of million dollar properties in each state or territory’s metro and regional areas.

The findings showed that NSW was the wealthiest state when it comes to residential property, with 23.4% of dwellings in the metropolitian suburbs valued at over $1 million in 2014.

However, the number of million dollar properties in the state’s regional market was only 0.6%, meaning NSW had the highest disparity between metro and regional districts.

Source: Onthehouse.com.au

John Edwards noted Victoria ranked as the second wealthiest state, with 12.4% of its metro properties being valued over $1 million, with a higher 0.7% in regional Victoria.

This was followed by metro WA (9.9%) and the ACT (4.9%).

The wealthiest regional market was the NT, where 1.4% of properties were found to be valued over the $1 million mark.

This compares to its metro market where 3.7% of properties were valued at $1 million or more.

John Edwards, the consulting analyst for Onthehouse.com.au, said SA was the least expensive state overall in Australia, with 2.0% and 0.1% of properties in the metro and regional markets respectively valued above $1 million.