The 487 newly minted million dollar suburbs could fall off the list as price falls accelerate.
The share of homes selling for more than $1 million jumped to a record high of 23.8 per cent of all sales in the 12 months to May, buoyed by the bullish economic and property performance during the latter part of 2021, data from CoreLogic shows.during the same period, taking the total number of suburbs to 1367.
A 10 per cent price drop would cut one-fifth or 274 suburbs off the million-dollar list nationwide, and 87 Sydney markets would drop out of the list. In the city’s south-west, 30 new suburbs crossed the million-dollar median mark, 15 in the outer west and 20 on the Central Coast. During the same period, more than half of all sales in Greater Sydney had a value of $1 million or higher.
Mr Lawless said while houses significantly outweighed units in the million-dollar club, the unit sector could be more resilient to larger value falls than the detached housing sector.
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