The number of suburbs with a million-dollar median across Australia fell year over year, with only 649 suburbs recording a median house or unit value at or in excess of $1 million at the end of last month, compared to the 741 suburbs logged in January 2018.
The current figure is significantly higher than the 123 suburbs a decade ago, but is lower than the 651 suburbs in 2017, according to CoreLogic.
The decline in million-dollar suburbs over the year occurred across houses and units. A total of 602 suburbs nationally have a median house value of at least $1 million currently —down from 669 suburbs in 2018. On the other hand, only 47 suburbs have a median unit value of at least $1 million—down from 72 suburbs a year ago.
The report found that there were 366 suburbs in New South Wales that had a median house value of at least $1 million and 46 suburbs with a median unit value of at least $1 million. This is much higher than the figures 10 years ago, when only 78 suburbs had a $1 million median house value and only two suburbs had a $1 million median for units. Year over year, though, numbers were down. In January 2019, 402 suburbs had $1 million median prices for houses, and 67 had $1 million median prices for units.
Sydney accounted for 93.7% of all million-dollar suburbs in NSW. All of the million-dollar unit suburbs were within the capital.
In Victoria, a total of 129 suburbs had a median value of at least $1 million in the previous month, and only one suburb had a median unit value of more than $1 million in the same period. In January 2009, 16 suburbs had a median value of at least $1 million, reflecting the strong growth in dwelling values over the past decade.
The number of Victoria suburbs with a million-dollar median has fallen drastically over the past year, down from 170 suburbs 12 months ago. Notably, 125 of the 129 suburbs with a million-dollar median value are located in Melbourne.
Queensland boasted 38 million-dollar suburbs, up from 34 a year prior. CoreLogic reported that the number of million-dollar suburbs in Qld has consistently increased each year since 2013
In Brisbane, there were 26 suburbs with a million-dollar median, up from 22 suburbs the previous year.
For Tasmania, this year marked the first time in which Hobart had a suburb with a median value in excess of $1 million. The median house value in Battery Point is currently at $1,067,186. Although values in Hobart have risen substantially over recent years, the supply of homes worth more than $1 million remains very low relative to other mainland capital cities.
The Northern Territory, meanwhile, had no suburbs with a million-dollar median value throughout any of the past 10 years.
The Australian Capital Territory recorded nine suburbs with a median house value of at least $1 million in January. However, there were no suburbs that had a median unit value of at least $1 million
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