The issue of housing affordability might be further in question, after figures released from Core Logic RP Data to June 2016 show there were 613 suburbs across the nation that had a median value of at least $1 million, which is up by 29 per cent over the year.
In fact, the number of suburbs with a median value of at least $1 million has increased by 125 per cent over the last three years. This is mainly driven by the Sydney housing market which has had 57.5 per cent growth over the last three years.
The data also reveals the 25 most expensive median house prices in the country, with 23 of those located in New South Wales. Sydney’s waterfront snagged most of the top spots, with Darling Point, Point Piper (pictured) and Centennial Park in the top three with median house values at $6,420,354; $6,030,272 and $5,903,531 respectively.
Victoria made the top 25, with Toorak in at 9th place with a median value of $3,756,061. This comes as property prices in the western suburb of Werribee are expected to be driven higher with the proposed $20 billion Australian Education City. The China-backed development is pending State Government agreement but is forecast to bring with it 80,000 new residents and 50,000 students. Spread over 400 acres, the project is expected to boost property prices in the region.
While the data from Core Logic RP Data reveals big price tags, a statement on its website declares that the future is looking bright for the property market.
“While housing demand overall may be slowing a little, we expect that with historic low interest rates, demand for premium housing is set to remain buoyant over the coming year. Subsequently we would expect in 12 months’ time even more suburbs to have a median value of at least $1 million.”
To know more about the property market or to get on the property ladder – contact the team at JDL Strategies!