Adelaide now boasts 22 million-dollar suburbs, with most located in the blue-chip east, closely followed by the south and then the north.
Analyzing numbers from CoreLogic, The Weekly Times reports that the number of suburbs with a median house price of over a million dollars have doubled in Norwood Payneham & St Peters, Unley, Burnside and parts of Mitcham.
In just two years, these areas have gone from having 9 million-dollar suburbs up to 18.
The median house price data covers the period from April 2016 to April 2017 and suburbs that saw at least 10 sales.
Springfield, a prestigious suburb that frequently has sales topping one million, wasn’t included due to having less than 10 sales in the one-year period.
Real estate agents told The Weekly Times that the increase in million-dollar suburbs was due to increased competition between buyers and a “spillage effect” that lifted the value of neighbouring suburbs.
The spillage effect suggests that buyers who would love to live somewhere like Unley Park may be happy to look at somewhere “close enough” such as Hawthorn.
In the north, Walkerville nudged out Medindie to become the most expensive out of the four northern suburbs to crack one million.
The east, with a total of 9, has the most million-dollar suburbs. Leabrook is the most expensive, closely followed by Rose Park and Toorak Gardens.
The south has 8 million-dollar suburbs and also lays claim to the most expensive suburb, Unley Park.
Meanwhile, the West only has one suburb – Tennyson – with a median house price of over one million.
Here is the list of Adelaide’s 22 million-dollar suburbs and their median home value:
NORTH ADELAIDE $1,100,000
ROSE PARK $1,466,000
TOORAK GARDENS $1,390,000
ST PETERS $1,256,000
COLLEGE PARK $1,180,000
UNLEY PARK $1,505,000
HYDE PARK $1,180,000
KINGS PARK $1,005,000
*NOTE South-eastern million-dollar suburb SPRINGFIELD not included due to lack of sales.