More than 300 Australian suburbs have crossed the $1 million, median house value in just seven months, with Sydney and regional NSW adding the largest number of new entrants, data from CoreLogic shows.
Between May and December last year, 311 suburbs hit a median price of $1 million or higher, lifting the nationwide total 38.4 per cent to 1120.
A total of 77 Sydney suburbs joined the ranks, with most of the new entrants located on the Central Coast, as demand rippled out from the capital. There are now 417 Sydney suburbs with million-dollar-plus median prices.
Houses in Tascott, Woy Woy, Umina Beach and Lisarow in the Gosford area now have a million-dollar median, as well as those in Tumbi Umbi, Bateau Bay, Chittaway Point and Ourimbah in the Wyong district.
The number of million-dollar suburbs more than doubled to 116 in regional NSW, boosted by many Newcastle suburbs joining the club.
Among them are New Lambton Heights, Lambton, New Lambton, Adamstown, Adamstown Heights and Carrington.
Brisbane also recorded a sharp rise in the number of suburbs hitting the million-dollar mark with 40 new entrants, taking its total to 91, while regional Queensland added 36 suburbs to 82.
They include suburbs from Brisbane’s north, south and west such as Sandgate, Shorncliffe, Nundah, Kedron, Sunnybank, Annerley and Enoggera.
“I’m not surprised to see a large increase in the number of suburbs reaching the million-dollar mark in Brisbane because of the strong growth we’ve had in the past year,” said Zoran Solano, buyer’s agent with Hot Property Buyers Agency based in Brisbane.
“A lot of these suburbs have been flying under the radar for so long, but are now rising strongly as buyers seek out cheaper options. At the moment, it’s almost impossible to buy a house under a million dollars within a 10-kilometre radius from the CBD.”
In Melbourne, 37 suburbs have joined the pool and lifted the total to 221, while Adelaide added 25 suburbs to 70 and the ACT recorded 18 new additions to a total of 45.
Melbourne’s north-east, north-west and outer east accounted for the majority of suburbs reaching million plus medians. Among them are Watsonia, Heidelberg Heights, Keilor East, Gisborne, Croydon and Selby.
In Adelaide, most of the newly minted million-dollar suburbs are located in the central and hills district, such as Teringie, Stirling, Nailsworth, Aldgate and Prospect.
Canberra’s new additions are mostly from the Gungahlin and Belconnen districts, such as Palmerston, Moncrieff, Throsby and McKellar.
In Perth, 10 new suburbs have crossed the million-plus median, and boosted the total to 52. They include inner Perth suburbs as well as those in the north-west and south-west such as Inglewood, Fremantle, Alfred Cove and Waterford.
Hobart’s million-dollar suburbs count has risen from two suburbs to seven. They include Newtown, Mount Stuart and South Hobart.