The million-dollar figure no longer denotes exclusive real estate
According to Cotality's most recent Million Dollar Markets study, which was made public on Wednesday, a record proportion of Australian real estate markets now have median prices in the seven-figure range.
Additionally, a staggering one in three suburbs across the country have a home or apartment worth at least $1 million, which is a 30.3 percent increase from this time last year.
Kaytlin Ezzy, a cotality economist, observed that the million-dollar club had grown quickly, with many new members appearing outside of the conventional "blue chip" areas.
Just 14% of Australian suburbs belonged to the million-dollar club five years ago, according to Ezzy. The bulk were found in Sydney's affluent northern beaches, eastern suburbs, and the North Sydney and Hornsby areas.
Members of the million-dollar club have grown by 142.9 percent since then, and home values nationwide have soared by more than 46.8 percent, or about $270,000 at the median level.
"With seven-figure price tags growing more widespread, 41.9% of homes and 13.5% of apartment suburbs nationwide now claim a place on the once-prestigious million-dollar list."
Ezzy claimed that because of price constraints and migratory patterns from the pandemic, the "face of the million-dollar market" was shifting abroad.
More areas are producing millionaires.
In the last year, Cotality recorded 63 new entrants in the united territories.
"More of those markets ticking over into that million-dollar club is a natural result of the areas showing fairly outstanding growth over the past couple of years," Ezzy stated.
"It is exciting to observe that the areas are beginning to play a larger role nationwide."
Numerous recent arrivals are lifestyle areas or the periphery of suburbs that have not always been connected to upscale real estate.
More mortgage belt districts like Sydney's Penrith and Melbourne's Taylors Lakes, as well as Oxley in Brisbane's Ipswich region and Upper Coomera in the Northern Gold Coast, are among the newly created million dollar markets, she stated.
"Seven-figure markets are becoming more widespread and are no longer limited to affluent suburbs."
This is where the million-dollar members of regional Australia are starting to appear.
Regional NSW: Returning country and coastal celebrities
With 18 markets (14 house and four unit suburbs) regaining seven-figure status after falling below in recent years, regional NSW had the most re-entrants into the million-dollar club.
The new wave of million-dollar medians is growing in emerging lifestyle belts, such as tree-change areas that saw a boom during COVID and retained their value, or seaside towns that are within commuting distance of Sydney, even though many of NSW's prestige enclaves have already passed that milestone.
The Hunter Valley, Illawarra, mid-north coast, Newcastle and Lake Macquarie, and Richmond-Tweed are the main locations for new members from regional NSW.
Newcastle, Bogagnar, and Casaurina, which is close to Cabarita Beach in the Tweed, were the only new units to enter the market.
Victoria's regional area: "The odd man out"
The only region in the country to see a net reduction in million-dollar marketplaces was regional Victoria.
simply 11 of the 278 regional suburbs that were examined still have a seven-figure median, but this is simply a decrease from the previous year.
Bright in the High Country and Apollo Bay on the Great Ocean Road fell below the threshold, while Wandana Heights homes in Geelong rejoined the club ($1.021 million).
"It has been the odd man out in terms of development across the country, but there are still pockets of growth and we are seeing some markets surge past that million-dollar threshold," Ezzy stated.
It is a combination of lockdown, more supply entering the market than in the rest of the nation, and less favorable taxation conditions.
In general, it has meant that prices have not experienced the same upward trend as the rest of the nation.
Compared to other states, Victoria's price increase has been milder, and many pandemic-driven hotspots have now plateaued.
However, according to local realtors, lifestyle demand is still high in upscale neighborhoods like Daylesford, the Surf Coast, and Mornington, which might return to seven-figure status if prices continue their gradual recovery in 2026.
Regional Queensland: Inland growth
More than 80 markets nationwide are expected to join the million-dollar club by the end of the year at their current quarterly growth pace, with Queensland spearheading that push, according to Ezzy.
With 37 new million-dollar markets, Queensland continues to be the top performer in the nation.
Greater Brisbane saw the majority of that increase, but regional Queensland, which has 141 seven-figure markets, is also experiencing a boom. Smaller inland centers are finally joining the ranks, although the majority are in the Sunshine Coast (61) and Gold Coast (69).
"The Gold Coast, Sunshine Coast, and Brisbane, of course, have been your token million-dollar markets across Queensland, and they are the majority of the south-east Queensland corridor that is claiming the most of those million-dollar markets," Ezzy stated.
"But the growth is coming from a little bit farther afield, because the majority of the markets in those regions are now million-dollar businesses."
According to Cotality's research, Queensland now has the widest geographic distribution of new high-value regional markets to date, with four Toowoomba suburbs, three Wide Bay suburbs, and one each in Townsville and the Whitsundays surpassing the million-dollar milestone.
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