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Ten suburbs join Sydney's prestige property market

More Sydney suburbs have an average house price of over $1 million.

Ten suburbs around Sydney have added to the city's prestige property market.

Following recent price rises, the average house in areas such as Little Bay, Avalon and Lane Cove North is worth more than $1 million.

This is according to Australian Property Monitors' (APM) median house price data over the last six months.

However, APM senior economist Andrew Wilson says that houses costing this much are not unusual around Sydney.

Of the area's 656 suburbs, he suggests that more than 100 have houses worth more than $1 million.

He said: "It's as certain as death and taxes that the number of million-dollar suburbs in Sydney will rise."

But these prices have not deterred consumers so far.

The area has just experienced its most successful autumn auction season for three years, with an average clearance rate of 75 per cent.

What's more, the prestige property market seems to be proving popular.

In April, the city east and west area saw a clearance rate of 82 per cent.

Posted by Ravin Chatlani

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