Million-plus price tags becoming passe?

PROPERTY NEWS


Recent prestige property market research compiled by rpdata.com senior analyst Cameron Kusher reveals that a property with a median house price of around $1million is not necessarily a big deal in today’s market – especially when stacked up against Peppermint Grove in WA which now boasts a median house price of $4,537,500.

Mr Kusher said that with the premium residential market recording the highest capital gains over the last 12 months, the number of suburbs with a median price of at least $1 million have become more common.
For the 12 months to February 2010, rpdata.com confirmed that 165 suburbs nationwide recorded a median price of at least $1 million for either houses or units.
In comparison, during the previous 12 months there were 147 suburbs nationally with a median price of at least $1 million, indicating that the number of $1 million suburbs has increased by 12 per cent over the last year.
Mr Kusher said that despite the jump in million dollar suburbs, there are still fewer than what was recorded prior to the Global Financial Crisis.