Believe it or not…Australia has 46 new million-dollar suburbs despite the Coronavirus induced recession.
Melbourne saw median house prices in 24 suburbs exceed the seven-figure threshold this year, while Sydney had 15 and Brisbane, seven.
Despite everything that’s been thrown at them, our property markets have remained remarkably resilient.
And the upper end of the market has remained remarkably solid during these challenging times
But not surprisingly 10 suburbs fell out of this exclusive club in the 2020 financial year according to new data from realestate.com.au .
Nerida Conisbee, realestate.com.au’s chief economist, said the premium property market has been “one of the most stable property markets during the COVID-19 pandemic.”
“The property market is currently being supported by high levels of stimulus, a stable banking system, mortgage payment freezes and relative confidence amongst buyers. As a result, pricing has remained stable, despite being in a recession,” she said.
“This is likely due to the strong momentum leading into the shutdowns, and because highly paid sectors haven’t seen widespread unemployment yet.
“Over the last 12 months, more suburbs have entered the million-dollar club than suburbs that have fallen out, but there are still some opportunities to get into a premium suburb for six figures.”
The realestate.com.au median house price data was captured between July 2019 and June 2020, and suburbs with less than 30 sales in this period were excluded.
24 new million-dollar suburbs in Melbourne
The Melbourne real estate market has seen the biggest rise in suburbs joining the million-dollar club in Australia.
“At this stage, it’s too early to tell what impact Melbourne’s second lockdown will have on the market,” Ms Conisbee said.
Melbourne now has 119 suburbs with a median of $1million or more – up from 98 a year ago, according to realestate.com.au data.
3 suburbs – Aspendale, Niddrie and Spotswood – fell off the $million list.
15 new million-dollar suburbs in Sydney
This means there are now 209 suburbs in Sydney with home values above $1 million, following house prices growing by 13.3 per cent over the financial year 2020.
According to realestate.com.au, 4 Sydney suburbs fell out of the million-dollar list:
- Campsie: $1,190,000 to $985,000
- Lidcombe: $1,020,000 to $980,000
- North Avoca: $1,030,000 to $932,500
- Sutherland: $1,027,500 to $975,000
7 new million-dollar suburbs in Brisbane
Seven Brisbane suburbs joined the million-dollar club for the year to June 2020.
Only one suburb – Balmoral fell off the list, with its median house price slipping from $1.07 million to $882,500 over the last financial year
Now is the time to take action and set yourself for the opportunities that will present themselves as the market moves on
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