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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.”

SEE THE FULL LIST BELOW

▲ Bellevue Hill in Sydney’s eastern suburbs remained the most expensive market with a median house value of $7,616,288.


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

StateSuburb
NSWNorth Avoca
Copacabana
Bensville
Wamberal
St Huberts Island
Forresters Beach
Terrigal
Avalon Beach
Roselands
Heathcote
Erina
East Hills
Panania
Engadine
Empire Bay
Narrabeen
Camden Park
Beecroft
Riverwood
Revesby
Cecil Hills
Greenacre
Freshwater
Bankstown
Kurrajong
Saratoga
Constitution Hill
Condell Park
Collaroy
Chipping Norton
Elizabeth Bay
Green Point
Chiswick
Milperra
Pendle Hill
Colebee
Shelly Beach
Old Toongabbie
Avoca Beach
Abbotsbury
Davistown
Harrington Park
Acacia Gardens
Cromer
Berala
Schofields
Girraween
Sylvania
Cronulla
Potts Point
Kings Langley
South Wentworthville
Moorebank
Rushcutters Bay
Lennox Head
Skennars Head
Kiama Heights
Gerringong
Kiama
Brunswick Heads
Ocean Shores
Woonona
Mount Pleasant
Byron Bay
Redhead
Shell Cove
Jamberoo
Mullumbimby
Cumbalum
Kiama Downs
Suffolk Park
Pottsville
East Corrimal
Bogangar
Wollongong
Wollongong
Robertson
Towradgi
Renwick
East Ballina
Flinders
Vincentia
Keiraville
VICMount Macedon
Blairgowrie
Somers
St Andrews Beach
Balnarring
Ringwood North
Eltham
Oakleigh South
Macedon
Carrum
Safety Beach
Mornington
Chelsea
Montmorency
Heatherton
Pascoe Vale
Heathmont
Wantirna
Oak Park
Toorak
Croydon North
Croydon Hills
St Helena
Frankston South
Wattle Glen
Rye
Altona
Briar Hill
West Footscray
Dingley Village
Olinda
Ringwood East
Macleod
Black Rock
Mount Waverley
Jan Juc
Queenscliff
Torquay
Newtown
Ocean Grove
QLDAshgrove
Norman Park
Seven Hills
Toowong
Red Hill
Kenmore Hills
Coorparoo
Yeronga
Camp Hill
East Brisbane
Windsor
Herston
Newmarket
Robertson
Lutwyche
Wooloowin
Carindale
Sheldon
Kelvin Grove
Alderley
Morningside
Gordon Park
Buddina
Palm Beach
Alexandra Headlands
Burleigh Heads
Tallebudgera
Doonan
Noosa Heads
Burleigh Waters
Mooloolaba
Miami
Mons
Bokarina
Tallai
Coolangatta
Benowa
Bonogin
Twin Waters
Moffat Beach
Yaroomba
Currumbin Waters
Sunshine Beach
Mount Nathan
Mudjimba
Diddillibah
Pelican Waters
WAMarmion
Salter Point
North Beach
Bicton
Sorrento
Woodlands
Rossmoyne
Leederville
North Perth
Kensington
Mount Hawthorn
Booragoon
SAGlen Osmond
Kensington Park
Linden Park
Hawthorn
Burnside
Glenside
Kingswood
Kensington Gardens
Mitcham
Henley Beach South
Goodwood
Westbourne Park
Wattle Park
North Adelaide
Beulah Park
Parkside
Torrens Park
Somerton Park
ACTHughes
Farrer
Curtin
Isaacs
Weetangera
Chapman
Hackett
Pearce
Hawker
Nicholls
Lyneham
Mawson
Dickson
Lyons
Forde
Torrens
Downer
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Article originally posted at: https://www.theurbandeveloper.com/articles/million-dollar-suburbs-2021-boom