220 Suburbs Record $1m-Plus For Every House Sold
The tally is likely to rise over the next 12 months.
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A total of 220 suburbs recorded every house sold or settled at or above $1 million last year, according to data from CoreLogic.
Sydney, unsurprisingly, accounted for nearly two-thirds of the overall tally with 135 suburbs transacting at $1 million or over for each house as the NSW capital experienced a 29.6% surge in house prices during the year.
While Sydney dominates the list, Brisbane and Adelaide were poised to see the biggest rise in the proportion of homes selling for at least seven figures, with both capitals enjoying strong growth momentum, according to CoreLogic research director Tim Lawless.
“We are expecting the Brisbane and Adelaide markets to show a stronger return relative to the larger cities this year,” Mr Lawless said.
“Similarly, the regional markets around the country, especially those within commuting distance of the largest capitals, seemed well-positioned to grow their share of premium-valued properties.”
Melbourne saw 27 suburbs where every house sold for $1 million or more with the majority located in Bayside, Port Phillip, Banyule or in the Mornington Peninsula areas.
Regional NSW recorded 37 suburbs where every house was sold for over a million with the Byron and Shoalhaven regions taking the lead. Regional Victoria by comparison had six suburbs, Queensland, four and WA, one.
Proportionally, the ACT has posted the most dramatic gain of million dollar-plus sales — up 21.1% to 39.1%.
In Brisbane, the share of million dollar-plus sales nearly doubled to 19.3% while Melbourne was up 10.2% to 41.5% of overall sales.
Sydney again saw the largest slice of million dollar-plus homes in its market with 63.1% of all transactions over the mark.
So too Sydney’s million dollar-plus unit sales, with the NSW capital accounting for 29.8% of all unit sales worth above a million dollars.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Capital cities lead the way as median home values see clear upswing
2 min
Home values continue their upwards trajectory, recording the strongest monthly growth in 18 months, CoreLogic data shows.
The property data provider reports that their Home Value Index has noted a third consecutive rise in values in May, accelerating 1.2 percent over the past month. This is on the back of a 0.6 percent increase in March and 0.5 percent rise in April.
Sydney recorded the strongest results, up 1.8 percent, the highest recorded in the city since September 2021. The fall in Sydney’s home values bottomed in January but have since accelerated sharply by 4.8 percent, adding $48,390 to the median dwelling value.
Melbourne recorded more modest gains, with home values increasing by 0.9 percent, bringing the total rise this quarter to 1.6 percent. It was the smaller capitals of Brisbane (up 1.4 percent) and Perth (up 1.3 percent) that reported stronger gains.
CoreLogic research director Tim Lawless said the lack of housing stock was an obvious influence on the growing values.
“Advertised listings trended lower through May with roughly 1,800 fewer capital city homes advertised for sale relative to the end of April. Inventory levels are -15.3 percent lower than they were at the same time last year and -24.4 percent below the previous five-year average for this time of year,” he said.
“With such a short supply of available housing stock, buyers are becoming more competitive and there’s an element of FOMO creeping into the market.
“Amid increased competition, auction clearance rates have trended higher, holding at 70 percent or above over the past three weeks. For private treaty sales, homes are selling faster and with less vendor discounting.”
Vendor discounting has been a feature in some parts of the country, particularly prestige regional areas that saw rapid price rises during the pandemic – and subsequent falls as people returned to the workplace in major centres.
The CoreLogic Home Value Index reports while prices appear to have found the floor in regional areas, the pace of recovery has been slower.
“Although regional home values are trending higher, the rate of gain hasn’t kept pace with the capitals. Over the past three months, growth in the combined capitals index was more than triple the pace of growth seen across the combined regionals at 2.8% and 0.8% respectively,” Mr Lawless said.
“Although advertised housing supply remains tight across regional Australia, demand from net overseas migration is less substantial. ABS data points to around 15% of Australia’s net overseas migration being centred in the regions each year. Additionally, a slowdown in internal migration rates across the regions has helped to ease the demand side pressures on housing.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
