Australia’s $5 million club revealed

PHOTO: The $5 million club

After a bumper year in Australian property, real estate down under has reached a new bar. There are now 17 suburbs with a median house price in excess of $5 million with plenty more highly sought after neighbourhoods nipping at their heels.

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REA Group’s data arm PropTrack crunched the numbers and found there are also 15 suburbs with a $4 million to $5 million median, and an extraordinary 82 locations where the median is between $3 million and $4 million.

Overall, a whopping 114 million suburbs recorded medians in excess of the $3 million mark in the year to January 31.

Unsurprisingly, the $5 million “club” were overwhelmingly located in Sydney’s exclusive Eastern Suburbs, Northern Beaches and Upper North Shore.

Sydney’s Northern Beaches are among the few suburbs in the $5m club. Picture: John Appleyard

Only two were located outside of the Harbour City, including Toorak in Melbourne with a median of $5.425 million, where 150 houses transacted in a year, and Newrybar in the Byron Bay hinterland where the median was $5 million after 15 sales.

Top 10 suburbs with medians in excess of $5 million

Suburb / 12-month median

Point Piper, NSW $10.15 m

Tamarama, NSW $9.6 m

Whale Beach, NSW $8.4 m

Centennial Park, NSW $7.46 m

Vaucluse, NSW $7.45 m

Bellevue Hill, NSW $7.285 m

Duffys Forest, NSW $6.5625 m

Double Bay, NSW $6.082 m

Cremorne Point, NSW $5.862 m

Dover Heights, NSW $5.804 m