More suburbs with A$1m houses on Australia's map

Hong Kong

THE number of Australian suburbs where homes command a median A$1 million (S$1.02 million) price has surged in the wake of a four-year-long housing boom driven by declining interest rates and demand from investors.

Suburbs nationwide where the median value is at least A$1 million jumped 29 per cent to 613 in the year ended June, and more than doubled over the past three years, according to a report from real estate research firm CoreLogic Inc on Thursday.