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At the end of January 2019, there are 649 million-dollar suburbs across Australia, up substantially from a decade earlier but down from a year ago, new CoreLogic data has revealed.
The CoreLogic Property Pulse for 14 February reports that in 2009, there were only 123 million-dollar suburbs in Australia — those that have a median house or unit value at or in excess of $1 million — and as many as 741 in January 2018.
Research analyst Cameron Kusher said that the decline occurred across both houses and units.
“As many as 602 suburbs nationally have a median house value of at least $1 million, down from 669 suburbs a year ago,” he said.
“Meanwhile, 47 suburbs have a median unit value of at least $1 million, down from 72 suburbs a year ago.”
In New South Wales, there were 366 suburbs that qualified for houses and 46 for units. A decade earlier, the figures were 78 and two; while a year ago, they were 402 for houses and 67 for units.
“Sydney accounted for 94 per cent of all million-dollar suburbs in NSW and all of the unit suburbs were within Sydney,” Mr Kusher said.
Split
In Victoria, there are 129 million-dollar suburbs.
“Looking at the split, only one suburb had a median unit value of more than $1 million,” Mr Kusher said.
“In January 2009, 16 suburbs had a median value of at last $1 million which highlights the substantial increase in dwelling values over the past decade. The number of suburbs with a million-dollar median has reduced quite significantly over the past year, down from 170 suburbs 12 months ago.”
Of the 129 suburbs, 125 of them are in Melbourne.
In Queensland, 38 suburbs qualify, substantially more than 10 years ago when there were only five.
“The number of million-dollar suburbs in Queensland has consistently increased each year since 2013 and is up from 34 suburbs in January 2018,” Mr Kusher said.
“This increase in million-dollar suburbs has occurred despite ongoing weak overall housing conditions across the state.”
There are 26 in Brisbane, up from 22 a year ago, and one in regional Queensland.
Slight
In South Australia, there are 27 million-dollar suburbs, up from just two a decade ago.
“Although overall dwelling value growth has been minimal over the past year, the number of million-dollar suburbs has risen from 19 a year ago to 27. All 27 of these million-dollar suburbs are located within Adelaide.”
There are 33 suburbs that qualify in Western Australia, down from 35 a year ago.
“A decade ago, 19 WA suburbs had a median value of at least $1 million, while over recent years, the number of million-dollar suburbs has fallen from a peak of 39 in 2015,” Mr Kusher said.
“Only one of the million-dollar suburbs is not located within Perth.”
In Tasmania, January 2019 marks the first year that Hobart has a suburb with a median value in excess of $1 million.
“The median house value in Battery Point currently sits at $1,067,186,” Mr Kusher said.
“Although values in Hobart have risen substantially over recent years, the supply of homes worth more than $1 million remains very low [compared] to other mainland capital cities.”
There are nine in the ACT and none in the Northern Territory.
“With credit conditions looking set to remain tight and value declines currently fastest for the most expensive properties, it is expected that in 12 months’ time, the number of million-dollar suburbs nationwide will have reduced further,” Mr Kusher said.
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