It wasn’t so long ago that the term ‘millionaire’ applied to only a few Australians who happened to be hugely successful entrepreneurs.  Today, it actually applies to thousands of mum and dad homeowners who live in the 212 suburbs nationwide where $1 million is the median price of a standard family home. 

Independent research house RP Data says 55 further suburbs joined the $1-million club in 2010 – a 35 per cent increase in one year and a doubling since 2006 when there were 110 suburbs with a median of $1 million.

Although they fit the definition of a millionaire, most mums and dads don’t think of themselves that way because $1 million is simply what you need to spend these days to buy a family home in a nice suburb that is reasonably close to the city.

Especially in New South Wales. That’s where 56 per cent of the 212 suburbs are – and they’re all in Sydney in areas like Ku-ring-gai local government area (LGA) (15 suburbs), North Sydney LGA (12) and Woollahra LGA (10).

Victoria runs a distant second with 20 per cent of the 212 suburbs, although it has recorded a huge increase in the number of suburbs with a $1-million price tag over the past five years. Next is Western Australia at 12 per cent and Queensland at six per cent.

And get this. The Northern Territory makes the list but Tasmania doesn’t. The Northern Territory has one suburb with a median above $1 million while the highest median price that Tassie buyers have to pay is $750,000 in Battery Point.

These new statistics were recently released by RP Data. They are based on property prices for the calendar year of 2010 and are based only on suburbs with more than 10 sales in the year.

Now, drum roll please. Here’s the list of Australia’s top 25 most expensive suburbs. Before you look, there’s something interesting to note. Even though NSW has the largest proportion of our most expensive suburbs, one in four of our top 25 most expensive suburbs are either in Western Australia or Victoria.

For the third time in a row, the blue ribbon riverfront suburb of Peppermint Grove in Western Australia takes out the number one position at a median price of $4.6 million – almost $1 million more than the suburb in second place, which is the harbourside Vaucluse in Sydney’s Eastern Suburbs at a median $3.78 million. Read on.

  1. Peppermint Grove, WA - $4.6 million
  2. Vaucluse, NSW - $3.788 million
  3. Bellevue Hill, NSW - $3.4 million
  4. Dalkeith, WA - $2.8 million
  5. Dover Heights, NSW - $2.675 million
  6. Palm Beach, NSW - $2.485 million
  7. Woolwich, NSW - $2.475 million
  8. Toorak, VIC - $2.45 million
  9. Rose Bay, NSW - $2.383 million
  10. Longueville, NSW - $2.31 million
  11. Double Bay, NSW - $2.3 million
  12. Kangaroo Point, NSW - $2.291 million
  13. Darling Point, NSW - $2.242 million
  14. St Kilda West, VIC - $2.213 million
  15. Kooyong, VIC - $2.15 million
  16. Northwood, NSW - $2.1 million
  17. Mosman, NSW - $2.1 million
  18. Kirribilli, NSW - $2.088 million
  19. Clontarf, NSW - $2.075 million
  20. Balmain East, NSW - $2.073 million
  21. Bronte, NSW - $1.895 million
  22. Clovelly, NSW - $1.868 million
  23. Cottesloe, WA - $1.863 million
  24. Woollahra, NSW - $1.849 million
  25. Dawes Point, NSW - $1.825 million

*Source: RP Data – numbers rounded to three decimal places