437 new suburbs make CoreLogic RP Data's Million Dollar Club
An 11% rise in capital city home values nationally has pushed some 437 new suburbs onto CoreLogic RP Data's Million Dollar Club.
The club comprises suburbs where the median value of a median value of at least $1 million.
The membership requirement is that a minimum of ten sales above $1 million have to be made over the year.
According to CoreLogic RP Data head of research, Tim Lawless the rise in values has been strongest in Sydney and Melbourne, with the jump in the number of suburbs on the list is evidence of these strong value rises.
"The top 20 most expensive suburbs list show that Sydney suburbs clearly dominate the record board and account for 17 of the 20 most expensive suburbs nationally… On the other hand, only 1 Melbourne suburb and 2 Perth suburbs made it to the millionaire suburbs list," Mr Lawless said.
"There were also significantly more suburbs making the list for houses (424) than units (13). In fact, all of the suburbs listed for units were situated in Sydney and were located adjacent to or on the water.
"With growth levels potentially moderating over the coming year we aren’t likely to see as substantial a jump in the number of suburbs as what has been seen over previous years."
