71 Brisbane suburbs join the million-dollar club
But if house prices fall, their time in the million-dollar club could be short-lived.Property listingsHundreds more suburbs across Australia have joined the million-dollar club over the past year.
CoreLogic research analyst Kaytlin Ezzy said the sheer volume of newcomers to the $1 million club, particularly across regional areas — which made up more than a third of new entries — reflected the property market’s strong growth. Nationally, 1240 house markets and 127 unit markets had a median of at least $1 million in May, equal to about 30 per cent of analysed suburbs. Only suburbs with a minimum of 20 sales in May 2021 and May 2022 were analysed, and some suburbs may have previously had a seven-figure median.
A further 100 regional suburbs joined the club. Coastal towns like Mollymook Beach and Manyana on the state’s South Coast, and Yamba and Banora Point on the North Coast were among the new entrants. Interstate demand had fuelled strong growth in Maroochydore, said selling agent Damien Said, principal of Century 21 On Duporth. While it had passed the peak levels seen earlier in the pandemic, he was still fielding strong interest from both retirees and younger professionals relocating from Victoria, Sydney and northern NSW.
In suburbs like Keilor East buyers with $1 million to spend were likely to pick up an original-condition three-bedroom house on about 600-650 square metres of land, said selling agent Alex Dimopoulos of Nelson Alexander Keilor East.