Almost 450 Sydney suburbs had a seven-figure median house price in May, as did 104 unit markets.
“Sydney’s million-dollar markets are fairly widespread, with more than half (51.9 per cent) of all Sydney sales over the 12 months to May transacting at or above $1 million,” Ezzy said.
She noted new entrants to Sydney’s million-dollar club could be slightly more insulated during the market downturn, as more affordable areas are less volatile than the top end.
A further 100 regional suburbs joined the club. Coastal towns like Mollymook Beach ($1,198,986) and Manyana ($1,008,304) on the state’s South Coast, and Yamba ($1,001,245) and Banora Point ($1,000,664) on the North Coast were among the new entrants.
Queensland had the second-highest number of new million-dollar suburbs. In Brisbane, 71 markets – including Stafford Heights ($1,016,653) and Aspley ($1,005,454) – joined the ranks, taking the total to 122.
Across the rest of the state, 59 suburbs joined, taking the total to 107. Maroochydore ($1,051,420) on the Sunshine Coast, and Parkwood ($1,009,4210) on the Gold Coast, were among the newest entrants.
“Across Queensland, particularly the south-east coast, a lot of growth has been driven by strong interstate migration, largely linked to its relative affordability compared to other capital cities … and the lifestyle factors it has to offer,” Ezzy said.
Interstate demand had fuelled strong growth in Maroochydore, said selling agent Damien Said, principal of Century 21 On Duporth. While it had passed the peak levels seen earlier in the pandemic, he was still fielding strong interest from both retirees and younger professionals relocating from Victoria, Sydney and northern NSW.
At the median house price of $1,051,420, up about 23 per cent over the year, buyers could pick up a home on 700 square metres of land two or three streets back from the water, but it would be in original condition, he said.
In Melbourne, 212 house markets and 11 unit markets had a median at or above $1 million. Kilsyth South ($1,001,324), Keilor East ($1,032,337) and Avondale Heights ($1,036,581) are among 33 suburbs that reached a seven-figure median over the past year.
In suburbs like Keilor East buyers with $1 million to spend were likely to pick up an original-condition three-bedroom house on about 600-650 square metres of land, said selling agent Alex Dimopoulos of Nelson Alexander Keilor East.
“It doesn’t get you a great deal anymore,” he said. “We’ve had pretty rapid price growth. What was selling for $950,000 to $1 million 12 months ago, those older style houses, are now selling for up to $1.15 million to $1.2 million.”
But he said price growth had slowed lately, and buyers at that price point now faced less competition.
In regional Victoria, 22 regions now have a median house price of at least $1 million, most of which were in Geelong. Ten of these suburbs joined the club in the past year, including Portarlington ($1,003,148) and Highton ($872,020).