THERE were 633 suburbs in Australia with a median price over $1 million in the 12 months to July, according to CoreLogic 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 had their median house price fall below $1 million during the period, while increases in the median price in Coolbinia, Gracetown and South Fremantle helped these suburbs grab a place on this year’s list.
JMW Real Estate property consultant David Cross has been selling property in Gracetown for over 10 years.
He said the area attracted lifestyle buyers from the western suburbs who switched the city beach cafe strip scene for the pristine wilderness and surfing environs on the weekends.
“It’s a getaway from the busy work schedule where you can slip into the board shorts and walk amongst some very successful business identities in a super-relaxed atmosphere,” he said.
“We also see international expats putting their foot on properties to retire to down the track and local families to a lesser extent.”
Mr Cross said Gracetown’s main attraction was that it was a natural bay with elevated home sites taking in panoramic spectacular ocean views.
The surf was probably the next biggest attraction.
“Gracetown is the place a lot of West Australians would like to be when they are elsewhere and unrivalled internationally for a seasoned surfer or water-based sports person or just nature lover,” he said.
“It’s a great holiday coastal location and represents an enviable lifestyle destination in pristine environs right in the heart of the Margaret River wine region.”
Mr Cross said the local market had improved over the past year.
“Last summer I cleared a lot of stock that had been on the market for a few years at price points in the $1.4 million -$1.6 million mark, some of them off market, which heralded a real return of confidence to values in the bay,” he said.
“Properties around the $1 million mark are continuing to generate good activity and I expect this summer selling season to be strong again with a limited number of properties across price points being offered.
“We have a range of properties for sale, from the old beach shack that would suit the family running sand through it all day and locking it on Sunday to return to Perth and work, right up to the multi-storey modern abode that provides accommodation for extended family and friends to come and enjoy the finer things in life on a Leeuwin concert weekend.” n