Drop in the Number of $1 Million Dollar Suburbs in Australia

THE NUMBER of Australian suburbs with a median house price of more than $1 million has fallen from 152 to 134 in the past year, according to new research from property researcher RP Data.

In New South wales, eight suburbs dropped off the list, including Dolans Bay (which reported a 16.3 per cent dive in median house price for the year), Killarney Heights (14.9 per cent), Narrabeen (14.4 per cent), Little Bay (13.6 per cent), Lane Cove (12.7 per cent), Malabar (12.1 per cent), Naremburn (11.2 per cent), Strathfield (9.4 per cent), Willoughby (9 per cent), Abbotsford (8.8 per cent) and Crows Nest (5.8 per cent).

In Victoria, the inner south-eastern suburb of South Yarra recorded the biggest fall in median value, down 18.2 per cent, to $900,000. It was followed by Hawthorn East (17 per cent), Elwood (10 per cent), Surrey Hills (8.9 per cent), Black Rock (5 per cent) and Brighton East (2.5 per cent).

Ardross and South Fremantle were the worst performing suburbs in the country, according to RP Data, reporting a drop in median value of 26.4 per cent, and 24.8 per cent, respectively.

Other suburbs to fall off the “one million dollar suburb” list in Western Australia include Rossmoyne, Shelley, Sorrento and Shenton Park.

North Adelaide and Leabrook were the worst performing suburbs in South Australia, measured using this RP Data method.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.