Number of Million-Dollar Suburbs Skyrockets

More than 200 Australian locations have joined the ranks of million-dollar suburbs in the past year, according to new data.

Corelogic’s inaugural Million Dollar Markets report identified an additional 218 markets nationally where the median price has reached the million-dollar mark.

In the 12 months to May 2021 national dwelling market values increased 10.6 per cent, the highest growth rate since July 2010.

Corelogic’s head of research Eliza Owen said property prices had increased 5 per cent across greater Melbourne, while Darwin has experienced a 20 per cent increase.

“In the past 12 months 218 markets joined the million-dollar club— 198 were house markets and 20 unit markets,” Owen said.

“A quarter of the markets (24.8 per cent) that ticked over the million-dollar-median were in Sydney with 54 suburbs there joining the million dollar club.”

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Owen warned that while wealth accumulation for homeowners was positive, there were some downsides that people trying to enter the market should consider.

“For first home buyers, who tend to be more price sensitive, higher house prices and the volume of suburbs becoming million-dollar markets are likely building on the challenges already faced by these prospective buyers around home ownership and affordability,” she said.

“The latest ABS finance data reinforced this, showing April marked the third consecutive month of decline in finance secured for the purchase of property by first home buyers.”

New South Wales

Sydney remains the highest performer with 340 house and 79 unit markets with a median value of more than $1 million, which is 25.4 per cent higher than in May 2020.

Regional New South Wales markets have also increased exponentially with 55 suburbs joining the million-dollar club, a 267 per cent increase on this time last year.

Bellevue Hill in Sydney’s eastern suburbs remained the most expensive market with a median house value of $7,616,288, while Byron Bay was the most expensive regional area, with a median value of $2,343,546.

Victoria

In Melbourne there are 184 house and eight unit markets with a current median value more than $1 million, which is 34.3 per cent more than one year earlier.

Regional Victoria has also experienced a boom, with 11 house markets reaching the million- dollar median, compared to four last year.

Brighton is Melbourne’s most expensive house market with a median value of $3,316,986, while regionally Coonewarre was the highest median value at $1,671,374.

Queensland

Queensland is the only state where the combined regionals have a similar number of million-dollar suburbs to its capital city.

There were 51 suburbs across Brisbane with a median house value of at least $1 million, compared to 46 house and unit markets across regional Queensland, mostly driven by the popularity of the Sunshine and Gold coasts.

Teneriffe was Brisbane’s most expensive house market with a median value of $2,063,937, and regionally Sunshine Beach on the Sunshine Coast was Queensland’s most expensive, at $1,924,577.

Western Australia

In Perth there are 42 house markets with a current median value of $1m or higher at May 2021, which is 61.5 per cent more than one year earlier.

Dalkeith is Perth’s most expensive house market, with a median value of $2,832,349.

Only one house market in regional WA made the million-dollar club—Yallingup in the Bunbury region has a median house value of $1,258,355.

South Australia

There are 45 Adelaide suburbs with a median house value topping $1 million, which is more than double the number in 2020.

Unley Park in the Central & Hills region came in as the most expensive market for houses with a median value in May 2021 of $1,710,279.

Australian Capital Territory

An additional 27 suburbs in the ACT made the million-dollar list this year.

Griffith has the city’s highest median house value at $2,198,510.

Hobart

There were two markets across Hobart with a median house value of at least $1 million, but no newcomers in the past 12 months.

Battery Point remained Hobart’s most expensive suburb with a median house value at $1,336,528.

Australia's newest million-dollar suburbs: 2021