Ten new suburbs join Sydney’s "meat and potatoes” million dollar housing club: APM

Ten suburbs have been added to the list of Sydney suburbs with a median house price above $1 million, but property owners and investors might hold off cracking open a bottle of Penfold’s Grange.

They may wish to open a more modest drop with APM senior economist Andrew Wilson estimating there are now around 100 Sydney suburbs with a million-dollar median house price. There are about 656 suburbs across Sydney.

Given these numbers, Dr Wilson suggests there is nothing all that prestigious about joining the million-dollar median house price.

Indeed he's calling it the “meat and potatoes of Sydney housing," in comments to Fairfax Media.

''It's as certain as death and taxes that the number of million-dollar suburbs in Sydney will rise," he adds.

Lane Cove North, Manly Vale, Connells Point, Concord, Chatswood West, Gladesville, Little Bay, Crows Nest, Abbotsford and Avalon all have medians just above $1 million based on Australian Property Monitors’ (APM) median house price data over the past six months.

Lane Cove North $1,004,500
Manly Vale
Connells Point
Chatswood West
Little Bay
Crows Nest
Among the best performing of the new million dollar suburbs is Manly Vale, just west of Manly but without the beach at its front door, where the median house price has risen 10% over the past year to a median of $1,005,000.

Wilson says that house priced above $2 million have come back a bit but that those priced between $1 million and $2 million are rising.

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer


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