The number of suburbs with $1 million dollar plus properties has leapt ahead
PROPERTY millionaires are on the rise with the number of suburbs where half the sales are for more than $1 million is up. Which state had the most?
PROPERTY millionaires are on the rise with the number of suburbs where owners sold for more than $1 million up substantially on last year.
The latest figures from CoreLogic RP Data reveals there are now 380 suburbs with a median house or unit price of more than $1 million compared with 261 at the same time last year.
The number of suburbs where half the properties sell for more than $3 million has also increased from five to seven.
New additions to the $3 million plus club are Toorak in Victoria, Vaucluse and Potts Point in New South Wales.
Lavender Bay in New South Wales dropped off the list as there were not enough house sales in the past year to generate a median house price.
There are more suburbs where half the properties sold for more than $1 million in New South Wales than any other state — 265.
Luxury enclave Point Piper has the highest median house price in Australia of $8.6 million, with five of the 10 sales recorded in the last 12 months above that price.
Still listed for sale on realestate.com.au is the Point Piper mansion Elaine, which has been owned by the Fairfax family for decades.
Rumours began circulating late last year that the property could be about to sell to overseas interests for around $70 million. But property records reveal no sale price yet and it is still listed for sale on realestate.com.au.
In Victoria there are 53 suburbs with medians above $1 million, with Toorak the strongest performer with a median house price of $3.0575 million.
The majority of luxury homes in the suburb are currently listed without an asking price, although a home at 611 Toorak Rd, Toorak is seeking offers for $4.3 million.
The home, known as Cloyne is on a 1021sq m block of land.
It has a grand entrance, formal sitting room, informal sitting and dining room and kitchen which all open via French doors to a swimming pool and cabana.
There are five bedrooms and five bathrooms. Property records reveal it sold in August 2014 for $3.8 million.
Western Australia has 35 suburbs with Peppermint Grove at the top of the list with a median house price of $3.55 million based on ten house sales in the past 12 months.
Unalla, a home at 5 View St, Peppermint Grove which was built about 1903 hit the market just before Christmas.
It is being sold through an offers to purchase campaign which closes March 3.
The home sits on 4360sq m, There is a tennis court, expansive gardens, a water fountain and a glasshouse on the property.
There are five bedrooms and three bathrooms, plus a billiard room, bar and cellar.
South Australia has 13 suburbs, the best performer was College Park with a median house price of $1.855 million.
Queensland has 10 suburbs with eclectic New Farm the best performer with a median house price of $1.25 million.
A home at 63 Welsby St, New Farm is being advertised for below replacement cost for $2.35 million.
The four-bedroom architecturally-designed home has four bedrooms, three-metre high ceilings and multiple double height feature voids. There is also a swimming pool.
The ACT has five suburbs with million dollar medians. Forrest had the highest median of $2.2 million while Northern Territory had just one suburb with a million dollar median.- Fannie Bay with a median of $1.045 million.