Strong capital gains drive a surge in the number of million dollar suburbs during 2016

06 February 17

Over the five years to December 2016, the number of suburbs nationally with a median value of at least $1 million has increased by 176%.

There was a time in which having a dwelling worth $1 million or more meant that the property was exclusive and rare. Today dwellings with a $1 million valuation are becoming much more common. At the end of 2016, there were 760 suburbs nationally that had a median value of at least $1 million. This figure has increased from just 275 suburbs nationally five years earlier. Units have been the big mover with the number of $1 million suburbs increasing by 479% over the five years compared to a 160% increase for houses.

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