PROPERTY

Australia's newest million-dollar suburbs

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With data for the end of financial year now available, it's interesting to look at the number of suburbs with a median house and/or unit value of $1 million or more.

Although many of us can't afford to own a home worth more than $1 million, it is an interesting analysis which also highlights the deteriorating affordability of housing across the country.

At the end of the 2015-16 financial year, there were 615 suburbs nationally that had a median house value of at least $1 million. This represented 10.3% of all suburbs nationally that had at least 10 house sales over the year.

kurnell Australia's newest million-dollar suburbs

Units are generally much more affordable than houses and this is reflected by the fact that 1.0% of suburbs (or 26 suburbs) nationally with more than at least 10 sales had a median value of $1 million or greater.

The current growth phase in the housing market commenced in June 2012.

At that time, just 277 suburbs nationally (4.7%) had a median house value of $1 million or more and seven suburbs (0.3%) had a median unit value of or in excess of $1 million. Based on this data, the number of suburbs with a median value of $1 million or more has increased by 122% over the current growth phase and for units it is up by 271%.

Between June 2012 and June 2016, every state and territory except for Tasmania and the Northern Territory has recorded an increase in the number of suburbs in which median house values are $1 million or greater.

At the same time, Queensland and Western Australia have each shed the one suburb they had for units in which the median values was at least $1 million. In New South Wales the number of suburbs with a median unit value of at least $1 million has increased by 420% over the period.

Focusing on houses, the number of suburbs with a median value of at least $1 million has increased over the period by: 144% in New South Wales, 142% in Victoria, 120% in Queensland, 78% in South Australia, 29% in Western Australia and 50% in the Australian Capital Territory.

New South Wales and Victoria have predictably recorded the largest increases in suburbs with a median value of more than $1 million over the period given the strength of growth in the Sydney and Melbourne housing markets.

In all other states and territories except Tasmania the number of $1 million plus suburbs for houses rose since June 2012 with the number of suburbs having fallen over recent years in Western Australia and the Northern Territory in line with the decline in home values in Perth and Darwin. These figures reiterate that even though value growth outside of Sydney and Melbourne has been moderate over recent years, demand for premium housing has been stronger.

With mortgage rates low we would expect the number of suburbs with a median value of $1 million or more to growth over the coming financial year.

This also highlights that low interest rates are contributing to deteriorating levels of housing affordability across the country.

Who's new to the million-dollar suburbs list in 2016?

Suburb State Area House/Unit
HALL ACT Canberra H
KINGSTON ACT Canberra H
BLACK HILL NSW Hunter H
MEREWETHER NSW Hunter H
POKOLBIN NSW Hunter H
THE JUNCTION NSW Hunter H
AUSTINMER NSW Illawarra H
BARRACK POINT NSW Illawarra H
COLEDALE NSW Illawarra H
GERROA NSW Illawarra H
SCARBOROUGH NSW Illawarra H
WOMBARRA NSW Illawarra H
ANGOURIE NSW Mid-North Coast H
BROKEN HEAD NSW Richmond-Tweed H
TINTENBAR NSW Richmond-Tweed H
ALLAWAH NSW Sydney H
ARNCLIFFE NSW Sydney H
ASQUITH NSW Sydney H
BALMAIN NSW Sydney U
BALMAIN EAST NSW Sydney U
BANGOR NSW Sydney H
BANKSIA NSW Sydney H
BARDEN RIDGE NSW Sydney H
BAULKHAM HILLS NSW Sydney H
BEAUMONT HILLS NSW Sydney H
BELFIELD NSW Sydney H
BELMORE NSW Sydney H
BEVERLY HILLS NSW Sydney H
BIRCHGROVE NSW Sydney U
BLAXLANDS RIDGE NSW Sydney H
BONDI JUNCTION NSW Sydney U
BONNET BAY NSW Sydney H
BREAKFAST POINT NSW Sydney U
CANTERBURY NSW Sydney H
CARLTON NSW Sydney H
CLOVELLY NSW Sydney U
COMO NSW Sydney H
DACEYVILLE NSW Sydney H
DOUBLE BAY NSW Sydney U
DUNDAS NSW Sydney H
DUNDAS VALLEY NSW Sydney H
EAST KURRAJONG NSW Sydney H
ELLIS LANE NSW Sydney H
FAIRLIGHT NSW Sydney U
GALSTON NSW Sydney H
GRASMERE NSW Sydney H
GROSE VALE NSW Sydney H
GROSE WOLD NSW Sydney H
GYMEA NSW Sydney H
HOMEBUSH WEST NSW Sydney H
HUNTERS HILL NSW Sydney U
HURLSTONE PARK NSW Sydney H
KAREELA NSW Sydney H
KELLYVILLE RIDGE NSW Sydney H
KENTLYN NSW Sydney H
KILLCARE NSW Sydney H
KIRRAWEE NSW Sydney H
KIRRIBILLI NSW Sydney U
KULNURA NSW Sydney H
KURNELL NSW Sydney H
KURRAJONG HILLS NSW Sydney H
LAKESLAND NSW Sydney H
LIDCOMBE NSW Sydney H
MANLY NSW Sydney U
MARSDEN PARK NSW Sydney H
MASCOT NSW Sydney H
MILLERS POINT NSW Sydney H
MINTO HEIGHTS NSW Sydney H
MIRANDA NSW Sydney H
MONA VALE NSW Sydney U
MORTDALE NSW Sydney H
NARWEE NSW Sydney H
NORTH PARRAMATTA NSW Sydney H
NORTH RYDE NSW Sydney U
ORANGEVILLE NSW Sydney H
OYSTER BAY NSW Sydney H
PATONGA NSW Sydney H
PEAKHURST HEIGHTS NSW Sydney H
PENSHURST NSW Sydney H
PHEASANTS NEST NSW Sydney H
PICNIC POINT NSW Sydney H
PITT TOWN NSW Sydney H
POINT FREDERICK NSW Sydney H
RAMSGATE NSW Sydney H
ROCKDALE NSW Sydney H
ROZELLE NSW Sydney U
RYDALMERE NSW Sydney H
SANDY POINT NSW Sydney H
SHANES PARK NSW Sydney H
SOMERSBY NSW Sydney H
SOUTH MAROOTA NSW Sydney H
ST PETERS NSW Sydney H
SYDENHAM NSW Sydney H
TEMPE NSW Sydney H
THE PONDS NSW Sydney H
THORNLEIGH NSW Sydney H
TURRELLA NSW Sydney H
VOYAGER POINT NSW Sydney H
WATERLOO NSW Sydney H
WAVERTON NSW Sydney U
WEDDERBURN NSW Sydney H
WEROMBI NSW Sydney H
WESTMEAD NSW Sydney H
WORONORA HEIGHTS NSW Sydney H
WYONG CREEK NSW Sydney H
YARRAMUNDI NSW Sydney H
CHELMER QLD Brisbane H
FORTITUDE VALLEY QLD Brisbane H
PULLENVALE QLD Brisbane H
RANSOME QLD Brisbane H
WILLAWONG QLD Brisbane H
HEATHPOOL SA Adelaide H
KENT TOWN SA Adelaide H
WALKERVILLE SA Adelaide H
ABBOTSFORD VIC Melbourne H
ASCOT VALE VIC Melbourne H
ASHWOOD VIC Melbourne H
BALACLAVA VIC Melbourne H
BENTLEIGH EAST VIC Melbourne H
BLACKBURN VIC Melbourne H
BOX HILL VIC Melbourne H
BOX HILL NORTH VIC Melbourne H
BOX HILL SOUTH VIC Melbourne H
BULLEEN VIC Melbourne H
BURNLEY VIC Melbourne H
BURWOOD VIC Melbourne H
CARLTON VIC Melbourne H
CAULFIELD EAST VIC Melbourne H
CHADSTONE VIC Melbourne H
DONCASTER VIC Melbourne H
DONCASTER EAST VIC Melbourne H
FLINDERS VIC Melbourne H
GLEN WAVERLEY VIC Melbourne H
HAMPTON EAST VIC Melbourne H
HEIDELBERG VIC Melbourne H
HUGHESDALE VIC Melbourne H
MOONEE PONDS VIC Melbourne H
MURRUMBEENA VIC Melbourne H
NARRE WARREN EAST VIC Melbourne H
NORTH MELBOURNE VIC Melbourne H
NORTHCOTE VIC Melbourne H
PARKDALE VIC Melbourne H
RICHMOND VIC Melbourne H
STRATHMORE VIC Melbourne H
TEMPLESTOWE VIC Melbourne H
TEMPLESTOWE LOWER VIC Melbourne H
THORNBURY VIC Melbourne H
TRAVANCORE VIC Melbourne H
WHEELERS HILL VIC Melbourne H
WINDSOR VIC Melbourne H
WONGA PARK VIC Melbourne H
MOUNT LAWLEY WA Perth H
NORTH COOGEE WA Perth H
OAKFORD WA Perth H
SOUTH PERTH WA Perth H
WATTLEUP WA Perth H

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Cameron Kusher is head of research at CoreLogic.
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