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126 Aussie suburbs join the property millionaire club

126 Aussie suburbs join the property millionaire club

The steady house price increase across Australia in 2015 saw 126 new suburbs join the list of neighbourhoods with a median house price of over $1 million.

This has taken the total number of suburbs in the seven-figure price category to 488 in the 12 months to September 2015, up 26 per cent from the previous year, according to a recent CoreLogic RP Data Market Trends report.

Unsurprisingly, Sydney accounted for the majority of the increase with 84 of the 126 million-dollar suburbs.

Also read: Australia’s top 10 unemployed suburbs

The remaining 42 suburbs were divided between Melbourne, which had 27 of the new entries, five in Adelaide, four in Brisbane, two in Darwin, two in Perth and one in Canberra.

Tasmania was the only state in the country which had no new suburbs each the $1 million median price bracket.

Two of Sydney’s new million-dollar contenders, North Parramatta and Parramatta, have both seen the median price jump by about $300,000 in just 12 months, according to realestate.com.au.

North Parramatta now has a house price median of $1.01 million, up from $785,000 this time last year, and in Parramatta the median is sitting at $1.09 million, a jump from $791,000 in 2014.

Also read: What are Australia’s 10 richest postcodes?

The significant jump in house prices for Parramatta and surrounds had been due to widespread infrastructure changes in the area.

The city fringe suburb of South Brisbane has had a median price hike of $283,500 up to $1.141 million in the 12-month period — the biggest jump for the Queensland capital.

There were five new $1 million suburbs in Adelaide including the tree-lined neighbourhood of Joslin, which saw the median jump a huge $300,000 to $1.0015 million.