SYDNEY -- If you don't have a spare million bucks in your pocket, cross Raglan Street in Mosman off your house-hunting list.
This street in Sydney, Australia, is where the millionaires all line up in a row. Ninety-nine percent of the houses on this street, which winds down to Sydney Harbour, cost more than $1 million, according to new research by real-estate website Onthehouse.com.au.
But hold the champagne -- although Mosman can take credit for the flashy Raglan Street, it only comes in at no. 12 in a list of Australia's most expensive suburbs.
Consulting analyst John Edwards said the top 10 suburbs have more than 99% of houses valued at more than $1 million each.
"Within the top 10 alone, no suburb drops below 99%, and while Mosman didn’t make the top 10, the fact it hosts Australia’s no. 1 street still cements its position as one of Australia’s most prosperous localities,” Edwards said.
The report revealed the state of New South Wales has the most expensive houses, with 23.4% of homes there valued at more than $1 million.
The New South Wales suburbs of Balgowlah Heights, Clontarf, Cremorne Point, Duffys Forest, Henley, Huntleys Point and Huntleys Cove topped the rankings, along with Peppermint Grove in Western Australia. These suburbs tied for first place for the most expensive Australian suburb, with 99.99% of houses each over the $1-million mark.
With Australian housing values at a high, more properties are breaking the million-dollar value point, even in areas you would not expect, Edwards said.
“The fact is many of our property millionaires may not even know the value of their property. While this latest data has revealed our nation’s most exclusive ‘millionaire rows,’ you don’t necessarily have to live in Mosman or Vaucluse to boast a million-dollar home," he said.
