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A lot of us aspire to have that high-rise penthouse suite or a harbourside family home, but it takes a lot of cash to reach the top 2 per cent club.
However, cash will go further in smaller areas compared to the big cities, CoreLogic head of research Tim Lawless said in his latest column.
“A 98th percentile house would set you back at least $3.21 million in Sydney ($2.3 million above the median) and $2.53 million in Melbourne,” he said. “While in more affordable areas such as regional South Australia, the top 2 per cent of the market is a much lower $553,790.”
Darwin is the only capital where you can have luxury real estate for less than a million dollars, with the entry price into the 98th percentile starting around $880,000, Mr Lawless said.
“Across the regional areas of each state, every area, apart from regional NSW and regional Queensland, shows a 98th percentile lower than $1 million.”
When you break down the home values in each state, it gives you a clearer image of where the top 2 per cent club begins in each suburb.
The municipality in NSW with the highest bar is Woollahra starting at $8.16 million.
In Victoria, Stonnington council was at the top with a starting price of $6.88 million to join the club.
While in Tasmania, the only area where the 98th percentile house value is more than $1 million is Hobart, at $1.25 million.
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