Top 10 suburbs with a million dollar price tag: Suburb Trends

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on December 23, 2021 Fact Checked
Top 10 suburbs with a million dollar price tag: Suburb Trends

A new report has listed the top 10 suburbs in Australia with a median house price of $1 million.

Out of the top 10, NSW boasts six suburbs, with regional areas dominating the list.

The Suburb Trends report scores suburbs based on evaluating six current market statistics: 

  1. Total building approvals - measuring pipeline supply looks high compared to the count of properties in the area.

  2. Current inventory levels - total average listings and average sales.

  3. Days on market - total cumulative days it takes to sell a property.

  4. Vacancy rates - total rental listings that are advertised for 21 days or more vs. total properties rented by real-estate agents.

  5. Yield - The advertised rental median for houses compared with median sale price for houses. It also gives an indication of the rental market strength across the broader area.

  6. Rental price trend - The 12m change (%) in advertised rental medians for houses.


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Rates correct as of January 17, 2022. View disclaimer.


Top 10 suburbs with median price of $1m:

1. Terranora, NSW

  • House median asking price: $1,016,200

  • House median asking price (12m ago): $795,000

"The current housing market for Terranora would be considered a sellers market with conditions relatively stronger compared to 3-months ago," the report said. 

"The time taken to sell a house (days-on-market) currently is 44. This has decreased from 83 days 12-months ago.

"The median house asking price for Terranora is $1,016,200. Using the Tweed Valley Sa3 regional data, we estimate a 32% change in median sale prices in the last 12-months."

2. New Lambton, NSW

  • House median asking price: $1,020,320

  • House median asking price (12m ago): $790,000

"The time taken to sell a house (days-on-market) currently is 23. This has decreased from 38 days 12-months ago," the report said. 

"The median house asking price for New Lambton is $1,020,320. Using the Newcastle Sa3 regional data, we estimate a 26% change in median sale prices in the last 12-months."

3. Lisarow, NSW

  • House median asking price: $1,100,000

  • House median asking price (12m ago): $806,000

"The median house asking price for Lisarow is $1,100,000," the report said.

"Using the Gosford Sa3 regional data, we estimate a 32% change in median sale prices in the last 12-months.

"The median house rent price for Lisarow is $650. Using the Gosford Sa3 regional data, we estimate a 18% change in median rent prices in the last 12-months."

4. Sapphire Beach, NSW

  • House median asking price: $1,130,000

  • House median asking price (12m ago): $862,881

"Using the Coffs Harbour Sa3 regional data, we estimate a 29% change in median sale prices in the last 12-months," the report said.

"The median house rent price for Sapphire Beach is $650. Using the Coffs Harbour Sa3 regional data, we estimate a 17% change in median rent prices in the last 12-months."

5. Leura, NSW

  • House median asking price: $1,137,120

  • House median asking price (12m ago): $880,000

The report said the median house price has risen 22% in the last year. 

"The time taken to sell a house (days-on-market) currently is 30. This has decreased from 66 days 12-months ago." 

6. Bonogin, QLD

  • House median asking price: $1,150,000

  • House median asking price (12m ago): $895,000

The report said the time taken to sell a house (days-on-market) currently is 29, down from 52 days 12-months ago. 

"The median house asking price for Bonogin is $1,150,000. Using the Mudgeeraba - Tallebudgera Sa3 regional data, we estimate a 25% change in median sale prices in the last 12-months."

7. Tallai, QLD

  • House median asking price: $1,200,000

  • House median asking price (12m ago): $940,000

The report said Tallai is currently a strong sellers market. 

"The time taken to sell a house (days-on-market) currently is 35. This has decreased from 58 days 12-months ago.

"We estimate a 26% change in median sale prices in the last 12-months."

8. Balnarring, VIC

  • House median asking price: $1,200,000

  • House median asking price (12m ago): $940,000

The report said the current housing market for Balnarring would be considered a strong sellers market with conditions relatively stable compared to 3-months ago.

"The time taken to sell a house (days-on-market) currently is 18. This has decreased from 34 days 12-months ago. 

"We estimate a 23% change in median sale prices in the last 12-months."

9. Terrigal, NSW

  • House median asking price: $1,368,550

  • House median asking price (12m ago): $969,000

The report said Terrigal has a solid average monthly sale volume with 22 average house(s) sold per month.

"Using the Gosford Sa3 regional data, we estimate a 32% change in median sale prices in the last 12-months."

10. Currumbin, QLD

  • House median asking price: $1,450,000

  • House median asking price (12m ago): $1,095,000

"The median house asking price for Currumbin is $1,450,000," the report said. 

"Using the Coolangatta Sa3 regional data, we estimate a 35% change in median sale prices in the last 12-months."


Image by Samuel Clara via Unsplash

Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.

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Aaron joined Savings.com.au in 2021. He is a finance journalist with a keen interest in property, the share market, and improving financial literacy in young Australians.

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