THERE were 633 suburbs in Australia with a median price over $1 million in the 12 months to July, according to Core-Logic data.
Most were in NSW (415), while WA had 30 suburbs where the median price exceeded seven figures.
This number has fallen since July 2016, when WA had 33 suburbs with median prices over $1 million.
Ardross, Banjup, Crawley, Daglish, Menora and Mt Lawley saw their median house price fall below $1 million during the period, while increases in the median price in Coolbinia, Gracetown and South Fremantle saw these suburbs grab a place on this year’s list.
Just 5km from Perth, Coolbinia is an older suburb that was originally part of Mt Lawley.
Beaufort Realty director Pam Herron said it was sought after because most of the suburb had a low density zoning of R10 and a further restrictive covenant prohibiting the building of more than one dwelling house per lot.
“This means people can safely buy without the fear of units being built around them,” she said.
“The council is also more receptive to demolition in this area, which means you can buy an old home on a big block and build your dream home.”
Mrs Herron said the above factors coupled with the shortage of properties in the area had contributed to the rising median price.
“Coolbinia has about 1200 residential addresses and these are mostly single residential dwellings on large blocks,” she said.
Beaufort Realty is currently marketing 38 Adair Parade, Coolbinia.
The Art Deco home on an 913sq m block is a prime example of an older home on a large block in Coolbinia.
It is for sale for $1.199 million – $1.299 million.