Record number of Australian homes surpassed $1 million

property value mark

November 2024 A record number of Australian suburbs now have a median house or unit value above $1 million, according to a new report. New data from CoreLogic shows 29.3 per cent — or 1,057 — of the nearly 4,800 suburbs surveyed across the country now have a million-dollar median. That's more than doubled since the beginning of the COVID pandemic, when just 14.3 per cent of dwellings met that mark. The report looked at the number of markets across Australia with a median house or unit value of at least $1 million. At no one's surprise, Sydney still dominates as Australia's most expensive capital, making up nearly half of the entire country's million-dollar suburbs. Prices in Brisbane also skyrocketed, with 46 suburbs joining or re-joining the seven-figure club. Melbourne was the only capital city which saw house price in some suburbs drop below the mark. House markets in 104 (36.6 per cent) of the 284 suburbs surveyed in Adelaide met the $1 million mark. This is up from 75 suburbs in August 2023.

Greek Tribune Adelaide, South Australia

Record number of Australian homes

surpassed $1 million property value mark

November 2024 A record number of Australian suburbs now have a median house or unit value above $1 million, according to a new report. New data from CoreLogic shows 29.3 per cent — or 1,057 — of the nearly 4,800 suburbs surveyed across the country now have a million-dollar median. That's more than doubled since the beginning of the COVID pandemic, when just 14.3 per cent of dwellings met that mark. The report looked at the number of markets across Australia with a median house or unit value of at least $1 million. At no one's surprise, Sydney still dominates as Australia's most expensive capital, making up nearly half of the entire country's million-dollar suburbs. Prices in Brisbane also skyrocketed, with 46 suburbs joining or re- joining the seven-figure club. Melbourne was the only capital city which saw house price in some suburbs drop below the mark. House markets in 104 (36.6 per cent) of the 284 suburbs surveyed in Adelaide met the $1 million mark. This is up from 75 suburbs in August 2023.

Greek Tribune Adelaide, South Australia