Added over 8 years ago

55 more million-dollar suburbs in 12 months

AUSTRALIA'S million-dollar suburb club soared to the highest point in five years, with 212 suburbs around the country recording a median price of $1 million-plus in the December quarter of last year.

Data from property analysis research firm RP Data yesterday showed there were 55 more million-dollar suburbs than in the previous year and 134 more than in 2005, The Australian reports.

The increase came in a year when sales were sluggish and capital city house values rose by just 4.7 per cent. Strong increase in housing prices in the million-dollar suburbs has improved returns for the property investor who bought in the early to mid 2000s, however although these properties are still viewed as good investments, not many people can afford such a high capital investment.

 

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