218 suburbs and regions reach $1M median price

• 218 suburbs and regional property markets hit the $1M media price mark for the first time
• A quarter of these were in Sydney, where 40% of all property sales were above $1M
• In Melbourne, 25% of all property sales were above $1M, in the year to May 2021

In a year like no other, with a once in a century global pandemic and deepest economic recession since the 1930’s, property prices have risen.

It surely is a year like none before; none that was predicted, and the shakeout continues.

CoreLogic has identified 218 property markets around the country – 198 housing markets and 20 unit markets – where the median (middle) sales prices breached the $1 million mark for the first time, in the year to May 2021.

Every capital city and regional area in the country recorded an increase in property values over the past year.

“Australia’s current housing boom has led to property value increases ranging from 5.0% across greater Melbourne dwellings to a 20.3% rise in values across Darwin, pushing a more vast range of markets up to, and beyond, the million-dollar mark.”

Eliza Owen, CoreLogic

“In the last 12 months 218 markets joined the million-dollar club… a quarter of the markets (24.8%) that ticked over the million-dollar-median were in Sydney, with 54 suburbs seeing either house or unit median values in a suburb join the million-dollar club,” says Ms Owen.

Volume of property markets where house/unit median price reached >$1million
May 2021

While many Australians are feeling wealthier than they were a year ago, there were losers, argued Ms Owens.

“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.”

Australia-wide (SQM Research Data)

Around the nation

• NSW – Sydney has 340 housing and 79 unit markets in the 7-figure median price range or above; this is an increase of 25% on last year. 40% of all house sales in Sydney last year were above $1 million.
• VIC – 184 housing markets and 8 unit markets are over $1 million; in Melbourne 25% of all sales were over $1 million.
• QLD – 51 suburbs in Brisbane and 46 in the regions have a $1+ million median price; Teneriffe is the most expensive suburb with a median of $2,064,000.
• WA – 42 house markets are in the $1 million or above price bracket, up from 26 last year. Yallingup is the only regional market in the million-dollar club, and Dalkeith is the most expensive Perth suburb at $2,832,000.
• SA – Adelaide has 45 markets in the club, more than double the previous year; Unley Park is the most expensive with a median of $1,710,000.
• ACT – has 27 markets over the million dollars range, with Griffith the most expensive at $2,198,000.
• TAS – Hobart has two markets over a million, but no newcomers

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Source: The Million Dollar Markets Report, CoreLogic.