There has been a decline in million-dollar suburbs in Australia over the last year, according to new research from CoreLogic.
As the housing market came off the boil between January 2018 and January 2019, there was a drop from 741 to 649 suburbs that had a median house or unit value at or in excess of $1 million.
While this figure has fallen over the 12-month time period, it is still a substantial increase from 123 suburbs a decade earlier.
According to CoreLogic, 602 suburbs nationally have a median house value of at least $1 million currently, down from 669 suburbs a year ago. Further, 47 suburbs have a median unit value of at least $1 million, down from 72 suburbs in the same time frame.
How each state compares:
New South Wales may still hold the title of state with the most suburbs with a million-dollar median, but this number has fallen over the last year. The number of suburbs with median house values over $1 million fell from 402 to 366 between January 2018 and January 2019.
The number of suburbs with median unit values over $1 million fell from 67 to 46 between January 2018 and January 2019. Sydney accounts for 93.7 per cent of all million-dollar suburbs in New South Wales, and all the unit suburbs were within Sydney.
Victoria was found to have 128 suburbs with a median house value of at least $1 million, and one suburb with a median unit value of $1 million. There has been a fall from 170 suburbs to the combined 129 suburbs with million-dollar median values between January 2018 to January 2019. Compared to 10 years ago, only 16 suburbs had a median value of at least $1 million.
Queensland saw an increase in suburbs with million-dollar house medians, growing from 34 to 38 between January 2018 to January 2019. According to CoreLogic, the number of million-dollar house suburbs in Qld has “consistently increased each year since 2013”.
South Australia also experienced an increase in million-dollar house median suburbs, rising to 27 suburbs from 19 between January 2018 to January 2019. All these million-dollar house suburbs are located within Adelaide.
Western Australia saw a decrease in houses with a median value of $1 million, falling from 35 suburbs to 33 suburbs between January 2018 to January 2019. Western Australia hit its peak of 39 million-dollar suburbs in 2015.
Tasmania experienced its first year with a suburb that has a median value more than $1 million, with the median house value in Battery Point reaching at $1,067,186.
Australian Capital Territory has nine suburbs with a median house value over $1 million. However, there has been a fall in the number of million-dollar unit suburbs, vanishing from one to zero suburbs within the 12 months between January 2018 and January 2019.
The Northern Territory does not currently have any suburbs with a median dollar median value and has not over the last ten years.