The suburbs turning Australians into millionaires

Median values for houses or units have this year topped $1 million for the first time in 148 Australian suburbs.

With dwelling values in Sydney having increased by 16.4% over the 12 months to June 2017, it has resulted in an additional 90 suburbs having a median value of more than $1 million over the year.

Suburbs in regions as far away from the CBD as Camden are now pushing above $1 million showing just how unaffordable Sydney is coming for people that don't own homes but a boon for those that do.

Dwelling values in Melbourne increased by 13.0% over the 12 months to June 2017 which has resulted in an additional 39 suburbs having a median value over $1 million.

Effie tells us the Aussie suburbs turning people into millionaires! #9Today pic.twitter.com/BNYnMVZHgi

- The Today Show (@TheTodayShow) September 14, 2017

The strong growth in values in Melbourne is pushing an increasing number of suburbs above $1 million.

Another nine locations had a median value above $1 million compared to a year ago in Brisbane. Brisbane already has far fewer suburbs with a median value over $1 million and this is due to the fact that housing costs overall are much lower.

Over the 12 months to June 2017, Brisbane dwelling values increased by a relatively low 2.8%.

Adelaide has added an additional locations to the $1 million ranks over the past 12 months.

This is despite the fact that value growth has increased by a relatively minor 5.4% which would indicate the relative strength of the higher end housing market.

Although Perth dwelling values fell by -2.6% over the 12 months to June 2017 Darling Downs saw values rise 25.2% over the past year which has taken it above $1 million.

Canberra dwelling values increase d by 7.8% over the 12 months to June 2017.

As a result of the strong growth in values another two suburbs ended the year with a median value above $1 million.

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