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Recent data has revealed that 25.2 per cent of the combined capital city suburbs in Australia have a median house price of at least $1 million.
Property Club national spokesperson Troy Gunasekera says million-dollar capital city suburbs rose from 10.1 per cent to 25.2 per cent over the last five years.
Sydney recorded the highest proportion of suburbs with a median price of at least $1 million, at 54.3 per cent, followed by Melbourne at 28.8 per cent, CoreLogic data revealed.
“Price inflation has seen the number of suburbs with a median house price of at least $1 million in Sydney more than double over the past five years since 2012 when the percentage was 20.3 per cent,” Mr Gunasekera said.
“Currently, around one in every two Sydney suburbs have a median price of at least $1 million and over one in four Melbourne suburbs. Even in depressed Perth, more than one in 10 suburbs [12.3 per cent] have a median house price of at least $1 million.”
Canberra recorded 14.1 per cent of suburbs with a median price of at least $1 million. Brisbane had 4.8 per cent, Adelaide 4.7 per cent, Darwin 3.8 per cent and Hobart 1.1 per cent.
Mr Gunasekera said property tax collections by state government have increased, putting buyers in a difficult position.
“Since 2010, annual property tax collections have surged 42 per cent throughout Australia, compared to a 17 per cent increase in GST collections over the same period,” he said.
“For example, in Sydney and Melbourne, property buyers were paying on average between $31,763 and $32,680 in stamp duty charges when buying a property, while in other capital cities, average stamp duty charges for buying an average home can range from $17,000 in Perth to $20,000 in Adelaide.
“As a result of this surge in property taxes, property buyers in most capital cities of Australia are now paying the equivalent cost of buying a new car in stamp duty costs.”
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