The number of Australian suburbs with a median home price of AUD $1 million or more surged 35 percent in 2010, real estate researcher RP Data said, as high-end property prices defied higher interest rates.
Suburbs in the “million-dollar property club” jumped to 212 during the year, compared with 78 five years ago. Some 56 percent of the suburbs were in Sydney, and 20 percent in Victoria state according to RP Data.
Some 40 percent more properties worth over A$1 million were listed for sale in December than was the average for that time of year, the Real Estate Institute of Australia said.
Peppermint Grove, a western suburb of the Western Australian capital of Perth, is the nation’s most expensive area, with a median house price of A$4.6 million. Resource-rich Western Australia had 12 percent of the nation’s wealthiest suburbs.
Vaucluse in eastern Sydney was second, with the average home costing A$3.8 million. Queensland had 6 percent of suburbs with the median home costing more than A$1 million, the Australian Capital Territory had 2 percent and Northern Territory had 0.5 percent.
Sydney
Home in Vaucluse
Home in Peppermint Grove Perth
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