{"id":25274,"date":"2016-02-18T12:30:59","date_gmt":"2016-02-18T01:30:59","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=7103"},"modified":"2016-02-18T12:30:59","modified_gmt":"2016-02-18T01:30:59","slug":"million-dollar-suburbs-john-mcgrath-2","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/million-dollar-suburbs-john-mcgrath-2\/","title":{"rendered":"Million dollar suburbs | John McGrath"},"content":{"rendered":"<p><strong>In his regular column in\u00a0<a href=\"http:\/\/www.switzer.com.au\/the-experts\/john-mcgrath-property-expert\/million-dollar-suburbs\/\" target=\"_blank\" rel=\"noopener noreferrer\">Switzer<\/a>, John McGrath discusses how Australia&#8217;s\u00a0Million dollar suburbs are the new median. \u00a0\u00a0<\/strong><\/p>\n<h4>Here is what he had to say:<\/h4>\n<p>These days, the purchasing budget that a typical family needs in a major city like Sydney is around a million dollars or more, particularly if you want a reasonably large home that is fairly close to work (usually the CBD).<\/p>\n<p>A million dollars is a lot of money. \u00a0<a href=\"https:\/\/i0.wp.com\/realestatetalk.com.au\/wp-content\/uploads\/2014\/08\/mcgrath.jpg\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-1807\" alt=\"mcgrath\" src=\"https:\/\/i0.wp.com\/realestatetalk.com.au\/wp-content\/uploads\/2014\/08\/mcgrath.jpg?resize=150%2C143\" width=\"150\" height=\"143\" \/><\/a><\/p>\n<p>I\u2019m not about to argue with anyone who says real estate in cities like Sydney and Melbourne is expensive and I agree it\u2019s difficult for many young people to get into the market from a standing start.<\/p>\n<p>The flip side is that as our markets grow in value, so does the wealth of about 7 out of 10 Australians because that\u2019s how many of us own a home either outright or with a mortgage.<\/p>\n<h4>But back to the million dollar budget.<\/h4>\n<p>New research published by independent data analysts, CoreLogic RPData shows the number of suburbs across Australia with a median property price above $1 million has risen by 31% in the past year alone.<\/p>\n<p>There were 406 suburbs nationwide with a median value above $1 million at the end of 2014.<\/p>\n<p>Now there\u2019s 530.<\/p>\n<p>It\u2019s interesting to note that the number of million dollar suburbs rose by about the same amount nationally (31%) as it did in the capital cities combined (31%) and in our regional areas (33%).<\/p>\n<p>No prizes for guessing which cities had the lion\u2019s share of new million dollar suburbs.<\/p>\n<h4>Yes, Sydney and Melbourne by a country mile.<\/h4>\n<p>Breaking down the numbers into state figures, New South Wales experienced a 32.7% bump in the number of $1 million suburbs but it was Victoria leading the way with 46.7%.\u00a0<a href=\"https:\/\/i0.wp.com\/realestatetalk.com.au\/wp-content\/uploads\/2013\/12\/GettyImages_93222791-Monopoly-13.jpg\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-934\" alt=\"House keys, plan and model houses.\" src=\"https:\/\/i0.wp.com\/realestatetalk.com.au\/wp-content\/uploads\/2013\/12\/GettyImages_93222791-Monopoly-13-300x201.jpg?resize=300%2C201\" width=\"300\" height=\"201\" \/><\/a><\/p>\n<p>Among the rest: 15.4% in Queensland; , -7.7% in South Australia; -9.5% in Western Australia; and no change in Tasmania, the Northern Territory and the Australian Capital Territory.<\/p>\n<p>Putting New South Wales and Victoria together, these two states now account for 85% of all $1 million suburbs nationwide.<\/p>\n<p>CoreLogic RPData also put together a list of the Top 10 most expensive suburbs nationally for houses and apartments as of the end of 2015.<\/p>\n<p>The\u00a0<strong>median prices for the Top 10 House Suburbs<\/strong>\u00a0ranged from around $3.3M in Whale Beach on Sydney\u2019s Northern Beaches up to $6.3M in Centennial Park in Sydney\u2019s Eastern Suburbs.<\/p>\n<p>The\u00a0<strong>median prices for the Top 10 Apartment Suburbs<\/strong>\u00a0ranged from around $1.2M in North Ryde in Sydney\u2019s Northern Districts to $2.2M in Point Piper in Sydney\u2019s Eastern Suburbs.<\/p>\n<h4>Top 10 Most Expensive Suburbs \u2013 Houses<\/h4>\n<p>1.\u00a0Centennial Park, Sydney<\/p>\n<p>2.\u00a0Point Piper, Sydney<\/p>\n<p>3.\u00a0Darling Point, Sydney<\/p>\n<p>4.\u00a0Vaucluse, Sydney<\/p>\n<p>5.\u00a0Bellevue Hill, Sydney<\/p>\n<p>6.\u00a0Tamarama, Sydney<\/p>\n<p>7.\u00a0Dover Heights, Sydney<\/p>\n<p>8.\u00a0Peppermint Grove, Perth<\/p>\n<p>9.\u00a0Double Bay, Sydney<\/p>\n<p>10.\u00a0Whale Beach, Sydney<\/p>\n<h4>Top 10 Most Expensive Suburbs \u2013 Apartments<\/h4>\n<p>1.\u00a0Point Piper, Sydney<\/p>\n<p>2.\u00a0Darling Point, Sydney<\/p>\n<p>3.\u00a0The Rocks, Sydney<\/p>\n<p>4.\u00a0Cabarita, Sydney<\/p>\n<p>5.\u00a0Millers Point, Sydney<\/p>\n<p>6.\u00a0Cremorne Point, Sydney<\/p>\n<p>7.\u00a0Huntleys Cove, Sydney<\/p>\n<p>8.\u00a0Balmain East, Sydney<\/p>\n<p>9.\u00a0Tamarama, Sydney<\/p>\n<p>10.\u00a0North Ryde, Sydney<\/p>\n<p>Of course, it\u2019s worth remembering that a million dollar median doesn\u2019t mean that\u2019s the average price \u2013 it\u2019s the middle price, so there\u2019s an equal number of homes valued below $1 million as there are above $1 million.<\/p>\n<p>But obviously, a suburb with a $1 million median is going to have more expensive housing all round.<\/p>\n<p>Generally speaking, I recommend buying above a suburb\u2019s median because it means you\u2019ll be getting a superior product to what is considered \u2018the typical home\u2019 for the area.<\/p>\n<p>A property that is 10-20% above the median price is going to have better features, providing a better lifestyle and more than likely better capital growth over the long term.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In his regular column in\u00a0Switzer, John McGrath discusses how Australia&#8217;s\u00a0Million dollar suburbs are the new median. \u00a0\u00a0 Here is what he had to say: These days, the purchasing budget that a typical family needs in a major city like Sydney is around a million dollars&#8230;<\/p>\n","protected":false},"author":176692473,"featured_media":6514,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[13,17,22,28],"tags":[],"class_list":["post-25274","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-story","category-property-investment","category-research-topic","category-uncategorized"],"yoast_head":"<!-- This site is optimized with 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