418 suburbs have now joined the million-dollar club during Australia’s housing boom.
PropTrack director of economic research Cameron Kusher told realestate.com.au that many suburbs have eclipsed the $1 million median price mark in Australia:
“The past 12 months has seen property prices rise at their third highest rate on record, plus people have been comfortable borrowing more due to low mortgage rates and dedicating more income to housing because they essentially couldn’t spend in ways they usually would during the pandemic.”
According to PropTrack data, 1100 suburbs around Australia now have a median house price in excess of $1 million.
Both Sydney and Canberra have city-wide median house prices in excess of $1 million.
Greater Sydney has almost 450 suburbs with a $1 million-plus median house price.
Melbourne now has more than 200 suburbs with a $1 million-plus median house price.
| State/territory | Number of new $1m suburbs |
| New South Wales | 181 |
| Queensland | 94 |
| Victoria | 60 |
| South Australia | 40 |
| Australian Capital Territory | 23 |
| Western Australia | 14 |
| Tasmania | 5 |
| Northern Territory | 1 |
The new additions in the million-dollar club include:
- Sydney: Bankstown ($1.17 million median house price), Lakemba ($1.087m), and Punchbowl ($1.06m) in the inner southwest area; Glenbrook ($1.265m) and Leura ($1.19m) in the Blue Mountains; Auburn ($1.055m) and Merrylands ($1.058m) in the Parramatta region; and Cabramatta ($1.075m) and Wetherill Park ($1.026m) in the southwest.
- Melbourne: Chelsea ($1.02m) and Bonbeach ($1.152m) are newcomers, along with Greensborough ($1.02m), Diamond Creek ($1.047m) and Wattle Glen ($1.037m) in the north east and Gisborne ($1.08m), Macedon ($1.11m) in the Macedon Ranges, Nunawading ($1.26m), Forest Hill ($1.2m), Ringwood ($1.035m), Rowville ($1.038m), Mount Dandenong ($1.09m), Dingley Village ($1.045m), Mulgrave ($1m), Rye ($1.16m), Frankston South ($1.159m), Safety Beach ($1.18m), Mornington ($1.112m) and Dromana ($1.08m).
- Adelaide: Trinity Gardens ($1.546m), Beaumont ($1.5m), Wayville ($1.5m), Unley ($1.37m), North Adelaide ($1.101m), North Brighton ($1m), Stirling ($1.089m), Aldgate ($1.05m) and Henley Beach ($1.25m).
- Canberra: Farrer ($1.4m), Lyneham ($1.275m), Lyons ($1.27m), Downer ($1.26m), Mawson ($1.207m), Dickson ($1.117m), Forde ($1.1m) and Chifley ($1.081m).
- Perth: East Perth ($1.087m), Marmion ($1.25m), North Beach ($1.05m), Shelley ($1.056m), Kensington ($1.03m) and Fremantle ($1m).
- Hobart: Acton Park ($1.1m), Mount Stuart ($1.065m), Dynnyrne ($1.02m), West Hobart ($1.006m) and Tranmere ($1m).
- Brisbane: Manly ($1.2m) in Brisbane’s east, Gordon Park ($1.251m) and Shorncliffe ($.125m) in the north, Robertson ($1.351m) and Carindale ($1.28m) in the south and Kenmore Hills ($1.31m) in the west.
- Gold Coast: Miami ($1.48m), Burleigh Waters ($1.375m), and Burleigh Heads ($1.3m).
- Sunshine Coast: Noosa North Shore ($1.592m), Diddillibah ($1.462m), Peregian Beach ($1.275m), and Coolum Beach ($1.2m).
Mr. Kusher adds:
“Paying $1 million for a house is much more normal nowadays anywhere than it was in the past and the $1 million price tag is no longer necessarily the indication of owning a premium property like it was in decades past.”
Mr. Kusher believes that Australian housing prices will continue to rise in 2022 at a slower pace.