218 Markets Reach the Million Dollar Club in Australia This Year

It has been a turbulent 12 months in the Australian property market, despite this, 218 markets enjoyed either house of unit median values reaching the million-dollar mark in May 2021 compared to May 2020.

From COVID-induced dips to new record high peaks, CoreLogic’s inaugural Million Dollar Markets report released today has revealed the strength of the high-end market in 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,” CoreLogic head of research Australia Eliza Owen said.

“In the last 12 months 218 markets joined the million dollar club; 198 of which were house markets and 20 unit markets. 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,” Owen said.

New South Wales

It comes as no surprise that Sydney tops the list, enjoying 340 house and 79 unit markets and 55 regional markets with a median of $1 million or over.

Over the year to March 2021, around 40 per cent of sales across Sydney sold for at least $1 million, with Bellevue Hill in the eastern suburbs taking the cake as the most expensive market, with a current median house price of $7,616,288.

Byron Bay houses are NSW’s most expensive regional market with a median value of $2,343,546.  

In terms of million-dollar newcomers, houses in North Avoca on the Central Coast are deemed Sydney’s strongest newcomer with a median value now at $1,466,568 (up from $991,507 a year ago).

In Regional NSW, houses in Lennox Head in the Richmond-Tweed region top the newcomers with a median value at $1,402,024, up from $990,798 a year ago. 

Victoria

Coming in second, Melbourne witnessed 184 house and eight unit markets with a current median value of $1 million and above, 34.3 per cent more than one year earlier.

Regional Victoria now has 11 house markets reaching the million-dollar median value list, compared to only four a year ago. 

Twenty-five per cent of homes sold in Melbourne were $1 million or more, with Brighton emerging as the most expensive market, with a median of $3,316,986. Connewarre came in with the highest median house value across Regional Victoria, with a median of $1,671,374. 

For the newcomers, Mount Macedon now has a median house value of $1,319,881, up from $961,495 a year ago.

Queensland

Queensland is the only state in which the combined regionals and capital city have almost the same number of million-dollar suburbs.

The popularity of the Sunshine Coast and Gold Coast has resulted in 46 suburbs in regional Queensland having a median property value of at least $1 million, compared to 51 in regional Brisbane.

It is a close race between the most expensive metropolitan and regional suburb, with Teneriffe taking home the gong for the most expensive suburb in Brisbane ($1,207,524 house median) with Buddinna on the Sunshine Coast being the most expensive regional suburb ($1,283,111 house median).

Western Australia

Perth markets with a median of $1 million or more rose 61.5 per cent from one year earlier, with 42 house markets enjoying entry to the million-dollar club.

Dalkeith is Perth’s most expensive house market, with a median value of $2,832,349. Marmion is Perth’s most expensive newcomer, with a median house value of $1,186,078, up from $939,620 a year ago. 

Only one house market across regional WA made the million-dollar club, with Yallingup in the Bunbury region enjoying a median house value of $1,258,355.

Adelaide

Adelaide now has 45 markets with a median house value worth more than $1 million, which is more than twice the number from a year ago.

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 with Glen Osmond boasting the highest median house value of the newcomers at $1,226,501 (up from $985,185 a year ago). 

Australian Capital Territory

The home of politicians and roundabouts boasted 27 markets in the million-dollar median house and unit list, with Griffith enjoying a median house value of $2,198,510.

Hughes has made the biggest splash onto the ACT’s million-dollar club list, with a median house value of $1,363,733, up from $965,290 a year ago.

Hobart

There are two markets in Hobart with a median house value of $1 million or more, but no new entrants in the last year. With a median house value of $1,336,528 in Battery Point, being Hobart’s most expensive suburb.

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