Latest million dollar plus suburbs

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House with character in a prized location ... 22 Kent Street, Epping, Sydney, has a price guide over $1,850,000. Picture: realestate.com.au Source: Supplied

THE number of suburbs with million dollar median values is on the increase with 89 new additions to the list since last year.

The latest figures from CoreLogic/ RP Data show that New South Wales was well ahead of other states with 63 new suburbs which recorded a median value above $1 million in August 2014, but were below $1 million in August 2013

CoreLogic/ RP Data senior analyst Cameron Kusher said the increase in suburbs was a reflection of the natural cycle of property values growing.

GROWTH IN HOME VALUES FOR WESTERN SYDNEY

DREAM HOMES FIT FOR A MILLIONAIRE'S WISH LIST

A Sydney bargain ... A four-bedroom home in Malvern in South Australia is listed for between $1.2 million and $1.3 million. Picture: realestate.com.au Source: Supplied

"We have seen an increase in the number of suburbs with a median value of more than $1 million and that has particularly been the case in New South Wales or Sydney really and Victoria,'' he said.

"This is really on the back of fairly strong housing market conditions over the last 12 months in those cities.

"I think particularly why you are seeing it more so in New South Wales is the economy is much stronger there than other state economies so that helps.''

Has your suburb made the list ... IThe top 15 new million dollar median suburbs in New South Wales. Source: CoreLogic/ RP Data. Source: CourierMail

Mr Kusher said New South Wales had such a strong showing because prices in the housing market were a lot more expensive now, than in the past.

"So you are seeing an awful lot more areas now creep up into that million dollar plus space,'' he said.

It's a seller's market ... Victoria had the second highest number of suburbs added to the million dollar median list. Source: CoreLogic/ RP Data. Source: CourierMail

Mr Kusher said in Victoria there was a lot of demand close to the city and that was pushing values higher in some of those suburbs.

"There is still quite a lot of activity south of the city, south east of the city, there is still a lot of activity happening there and that is where you are finding most of these suburbs now over $1 million.''

Medians in Tennyson have risen to more than $1 million after Mirvac's Tennyson Reach development ... This unit at 3104/211 King Arthur Tce, Tennyson, is listed for $1.05 million. Picture: realestate.com.au Source: Supplied

Remortgaging possible here ... South Australia and Western Australia had new additions to the million dollar median list in the year to August. Source: CoreLogic/RP Data. Source: CourierMail

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