Australia's Million-Dollar Market Boom: More Suburbs Than Ever

The number of Australian suburbs with a median house or apartment price exceeding $1 million has reached a new record high. According to recent CoreLogic data, 218 more suburbs surpassed this milestone in the past year, bringing the total to 1,257 for houses and 140 for apartments.

Sydney and Brisbane led the way with the highest number of new million-dollar suburbs, each adding 46. However, the reasons behind this surge differ between the two cities. Sydney's growth was driven by its overall higher property values, while Brisbane experienced rapid price increases due to strong interstate migration and limited housing supply.

The eastern states, including New South Wales, Victoria, and Queensland, have seen significant growth in million-dollar markets. Notable newcomers include Blacktown, St Clair, and Liverpool in Sydney; Chermside, Shailer Park, and Birkdale in Brisbane; and Palm Cove, Jacobs Well, and Forest Glen in regional Queensland.

Despite the overall boom, some regions experienced declines. Regional Victoria lost two suburbs from its million-dollar market, while Tasmania remains relatively affordable with only three suburbs exceeding the $1 million mark.

Overall, the Australian housing market continues to heat up, with more suburbs entering the exclusive million-dollar club. This trend is driven by factors such as strong population growth, low interest rates, and increased demand for property.