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06 Oct 2024

CoreLogic Reports 18.5% Increase in Australian Suburbs with Median Property Values Exceeding $1 Million

CoreLogic Reports 18.5% Increase in Australian Suburbs with Median Property Values Exceeding $1 Million

Australia’s relentless house price growth has propelled an additional 200 suburbs into the exclusive "million-pound club" or areas with median house values exceeding $1m.

Currently, there are 1,257 million-pound markets nationwide, as per CoreLogic, marking an 18.5% surge from the 1,057 suburbs with million-pound price tags in 2023.

Out of the 4,772 suburbs scrutinised by CoreLogic, 29.3% now feature values surpassing $1m, surpassing a previous market peak of 26.9% recorded in April 2022.

Australia’s relentless house price growth has pushed another 200 suburbs into the exclusive “million-dollar club” or areas with median house values above $1m.

There are now 1257 million-dollar markets across the country, according to CoreLogic, an 18.5 per cent jump on the 1057 suburbs with million-dollar price tags in 2023.

Of the 4772 suburbs analysed by CoreLogic, 29.3 per cent of them boast values above $1m, outstripping a previous market peak of 26.9 per cent recorded in April 2022.

“At the onset of Covid, just 14.3 per cent of house and unit markets had a median value at or above the $1m mark,” CoreLogic economist Kaytlin Ezzy said this week.

“With almost 30 per cent of suburbs now posting a seven-figure median, the increase is a natural consequence of rising values and worsening affordability.”

The major Sydney and Brisbane markets observed the largest number of new additions to the million-pound club for both houses and units, each area welcoming 46 new suburbs.

The expansion in Brisbane was fuelled by a positive influx of interstate migration and a persistent undersupply of advertised listings, according to Ms Ezzy, with values surging by 65.1% since Covid.

“Such a significant increase in home values has eroded much of the city’s previous affordability advantage, with Brisbane now having the second highest median dwelling value at $875,040 among the capitals,” she said.

The median value of a house in Banyo, situated adjacent to the Brisbane airport, now stands at $1,046,087, marking a 16.8% increase from $895,842 in 2023.

 

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