Sydney dominates million dollar data
August 26, 2014 / Written by Rich Harvey
Those w ho have invested in prestige houses in Sydney will be thrilled to hear that our city has once again dominated the statistics for million-dollar suburbs in Australia.
In his weekly RP Data Property Pulse, research analyst Cameron Kusher has found that there are now 417 suburbs nationwide with a median home price value of more than $1 million. This is a remarkable increase of 104 areas compared to this time last year! And in the ranking of the top 25 suburbs for home value, Sydney claimed an astonishing 22 of the top spots, with Perth taking two, and Melbourne one.
There is even more great news for people who have invested in luxury property through our buyers agents, as Sydney has recorded a 42 per cent increase in the number of these million-dollar suburbs. If we have helped you find property in areas like Darling Point or Elizabeth Bay, then it is highly likely that you have seen a strong increase in the value of your home.
Mr Kusher says the increase in million-dollar suburbs reflects the strong growth in Sydney, and added that with mortgage rates expected to stay low, there should be even more neighbourhoods breaking the million-dollar median price point over the next 12 months.
But how do you find the next million-dollar suburb?
Buyer agents have an intimate understanding of the Sydney housing market, keeping their ear to the ground and identifying areas that are ready to boom in price. They've had a lot of practice at this too, being a part of a city that now contains 61 per cent of all million-dollar suburbs in the country. With this commitment to finding the best prestige properties for investment, there is no doubt that contacting a buyers agent will set you on the path to more millionaire magic.