The number of Australian suburbs with a median house or unit value in the million-dollar club reached a record high in August, according to the latest CoreLogic Million-Dollar Markets report.
The report showed one-third of the 4772 suburbs analysed recorded a current median value at or above $1 million, up from a recent low of 21 per cent in January 2023 following the start of the rate-tightening cycle.
The number of Perth suburbs that have joined the million dollar club has soared over the past year.Credit: Ross Swanborough
CoreLogic economist Kaytlin Ezzy said Perth came in third, with 35 new entrants and one re-entrant to the million-dollar club over the year.
It also marked the first time that unit markets in four Perth suburbs topped the million-dollar mark.
“Despite recording the highest annual rise in dwelling values among the capitals and rest of state regions, Perth’s relatively low starting point resulted in fewer new seven-figure markets compared to Sydney and Brisbane,” Ezzy said.
“At the other end of the scale are Melbourne and regional Victoria, where dwelling values fell by one per cent over the year.
“An unfavourable investment taxation environment, a higher level of new housing completions, and an above average level of advertised supply have put downwards pressure on values, resulting in fewer new million-dollar entrants in Melbourne and a net decline across Regional Victoria.”
Ezzy said it was unlikely that Perth had reached the peak in the number of million-dollar markets.
“As of August, there are 24 suburbs with a median value above $990,000 currently recording positive quarterly value growth,” she said.
