CoreLogic have released a fun stat this week – particularly fun if you’re a homeowner, not so much if you’re trying to become one.
According to researchers there, the number of suburbs in Australia with a median property price of $1 million or more has jumped by 176 per cent in the last five years.
Of all the suburbs in our great land, there are now 760 that have joined the $1 million median house price club.
In 2011 that number of suburbs was just 275.
In no great surprise to anyone, New South Wales boasted the most suburbs with a $1 million median house price, accounting for around 70 per cent of all those in the country.
Victoria has the second most with around 16 per cent.
CoreLogic’s Cameron Kusher discussed the statistics with Australian Broker.
“This year, housing affordability is going to become an increasing issue around the country,” he said.
“Our view is still that we’re going to see growth in 2017 in Sydney and Melbourne and that’s going to push more suburbs into that $1 million category.”
Mr Kusher said the current over-supply of apartments in Melbourne and Brisbane was making houses more attractive to buyers and putting further upward pressure on prices.
“We’re already seeing the unit market in terms of growth lag behind houses,” he told Australian Broker.
“As more and more density comes into those inner city areas, I think it’s going to make houses more sought after and it will probably push more suburbs into that $1 million median.”
“While growth won’t keep up pace with that of the past five years, Australia will have more suburbs with a typical value of $1 million or more in 12 months’ time.”