More Australian suburbs join the million dollar median club as housing affordability slips further
One capital city has experienced exponential price growth since the start of the pandemic — and it’s not where you think
2 min
Almost one third of all Australian suburbs now have a median house or unit value at or above $1 million, new data has shown.
The latest CoreLogic Million-Dollar Markets report released today revealed 29.3 percent of the 4,772 suburbs analysed were members of the million-dollar club. The previous record was 26.9 percent in April 2022. CoreLogic economist Kaytlin Ezzy said the results are in stark contrast to median values in early 2020.
“At the onset of COVID, just 14.3 percent of house and unit markets had a median value at or above the $1 million mark,” she said. “With almost 30 percent of suburbs now posting a seven-figure median, the increase is a natural consequence of rising values and worsening affordability.”
Unsurprisingly, Sydney topped the table as Australia’s most expensive capital with a median of $1,180,463 and adding 46 net suburbs to the list. Sydney now has 448 house and 107 unit markets with a current median value of $1 million or greater.
However, growth in the smaller capitals has also been significant. CoreLogic data showed dwelling values in Brisbane have risen by 15 percent over the past year with a net increase of 46 million-dollar markets, tying with Sydney.
“The positive flow of interstate migration, coupled with a continued undersupply of advertised listings as well as newly built housing stock, has seen Brisbane values rise 65.1 percent since the onset of COVID,” Ms Ezzy said.
“Such a significant increase in home values has eroded much of the city’s previous affordability advantage, with Brisbane now having the second highest median dwelling value ($875,040) among the capitals.”
The results shine a light on housing affordability concerns, with the report noting that homeowners with a $800,000 mortgage and repayments based on current interest rates would need to be earning close to $200,000 in order to keep repayments under 30 percent of their income. Ms Ezzy said prior to the first interest rate hike, the minimum salary required for homeowners to avoid mortgage stress was about $125,000.
“Despite the increase in the number of million-dollar markets, borrowers are dedicating more of their income towards servicing their mortgage,” she said.
International AI strategist Justin Kabbani will headline the Kanebridge Property Summit in Sydney on June 18, with tickets selling fast.
Scotch whisky expert, luxury hospitality strategist and Keeper of the Quaich inductee Ross Blainey is bringing a new philosophy of luxury experiences to Citizen Kanebridge.
International AI strategist Justin Kabbani will headline the Kanebridge Property Summit in Sydney on June 18, with tickets selling fast.
2 minArtificial intelligence is rapidly reshaping business, investment and competitive advantage, and now Australia’s property industry is being told it cannot afford to sit on the sidelines.
International keynote speaker and AI strategist Justin Kabbani will headline the Kanebridge Property Summit at RACA Sydney on June 18, bringing rare insight into how forward-thinking property professionals can use AI to move faster, make smarter decisions and gain a serious edge in an increasingly competitive market.
Tickets to the exclusive summit are already selling fast.
Having worked with global brands including Uber, PepsiCo, Mattel and Destination NSW, Kabbani has become one of the leading voices on how businesses can turn AI from a buzzword into a genuine commercial advantage.
Known for his high-energy and highly practical presentations, Kabbani cuts through the hype surrounding AI and focuses on what actually matters: productivity, growth, leadership and real-world business results.
His keynote will explore how AI is already transforming industries globally, and what property developers, investors, agents and business leaders need to understand now to avoid being left behind.
Importantly, the session is designed to be practical, not theoretical.
Attendees will hear how AI can be applied across marketing, sales, operations and decision-making to improve efficiency, sharpen strategy and create new competitive advantages in a rapidly changing business environment.
The summit will also feature an exclusive roundtable bringing together leading property and finance experts for a candid, off-the-record Q&A exploring the forces shaping investment, development and wealth creation across Australia’s prestige property market.
The event follows the success of last year’s sold-out summit and will once again be hosted by respected MC John Alten.
With AI becoming one of the biggest disruptors facing business, the June 18 summit is expected to attract strong interest from property professionals, investors and business leaders looking to stay ahead of the curve.
The followings are included in every ticket:
- Full access to keynote sessions and the interactive roundtable.
- Premium selection of canapés and beverages throughout the evening.
- Complimentary annual digital subscription to two leading publications (Wall Street Journal and Kanebridge Quarterly), providing essential coverage of local and global markets, property trends and investment strategy.
Tickets are limited and selling quickly and you can buy here.
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