Sydney’s property market continues to outperform all other capital cities perform strongly with house prices now at record levels and up 27.2% over this latest growth cycle.
The latest research by Onthehouse.com.au has revealed that NSW is the wealthiest state when it comes to residential property, with 23.4% of dwellings in the metropolitan area valued at over $1 million.
This strong capital growth has created a new generation of property millionaires out of ordinary Australians.
So let’s look at where Sydney’s million dollar streets and suburbs are located…
Million Dollar Suburbs:
While Sydney’s best street in terms property value can be found in Mosman, the suburb itself ranked eleventh on the top list of suburbs with 99.87% of houses in the millionaire’s club.
Balgowlah Heights, Clontarf, Cremorne Point, Duffys Forest, Henley, Huntleys Point and Huntleys Cove to have the greatest percentage of million dollar houses, with 99.99% of houses being
valued over $1 million.
Calculated on a percentage basis (houses valued over $1 million), the table below demonstrates the wealthiest NSW suburbs in ranking order.
John Edwards, Consulting Analyst for Onthehouse.com.au, said it was no surprise to see so many New South Wales suburbs housing some of Australia’s most expensive properties.
“Within the Top 10 alone, no suburb drops below 99%, and while Mosman didn’t make the Top 10, the fact it hosts Australia’s number one street still cements its position as one of Australia’s most prosperous localities.”
“Based on our findings, we expect to see new suburbs emerge as millionaire property hotspots over the coming year. It was interesting to note that Castle Hill topped the chart as the suburb with the largest increase in million dollar properties over the last 12 months, closely followed by Ryde, Epping, Cherrybrook and Carlingford.”
Sydney’s Million Dollar Streets
Onthehouse.com.au has revealed the most property-rich streets in NSW, with Raglan Street in Mosman being the best Sydney destination for million-dollar houses.
Calculated on a percentage basis (houses valued over $1 million), the table below shows where the best and wealthiest streets in Sydney can be found.
John Edwards, Consulting Analyst for Onthehouse.com.au, commented:
“With Australian values at a high, many more properties are breaking the million dollar mark.
The fact is, many of our property millionaires may not even know the value of their property.
While this latest data has revealed our nation’s most exclusive ‘millionaire rows’ – you don’t necessarily have to live in Mosman or Vaucluse to boast a million dollar home.”