Record Number of Australian Homes Now Cost More Than $1 Million: CoreLogic

Published on September 26, 2024

A record number of Australian homes now cost more than $1 million (US$684,060), according to the latest CoreLogic report. The latest Million-Dollar Markets report revealed 29.3 percent of a surveyed 4,772 suburbs had median values of $1 million or more, as of August. This marks an 8 percent increase from the previous figure of 21.7 percent in January 2023, when property values levelled out following a series of interest rate hikes. In contrast, at the start of the COVID-19 pandemic, only 14.3 percent of housing markets had surpassed the million-dollar mark. Sydney and Brisbane both saw an additional 46 suburbs cross the million-dollar mark. This was followed by the greater Perth region (36 suburbs), regional Queensland (30 suburbs mainly in Gold Coast and Sunshine Coast), greater Adelaide (29 suburbs), and regional New South Wales (22 suburbs, with the northern NSW area of Casuarina reaching a median of $2,320,189)....

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