CoreLogic’s inaugural Million Dollar Markets report has identified 218 markets where either house or unit median values in a suburb reached the million- dollar-mark in May 2021 compared to May 2020.

The report also highlights how the current housing market upswing has happened nationwide, with each capital city market and ‘rest of state’ region recording an increase in values over the last 12 months.

Eliza Owen, CoreLogic’s Head of Research Australia, says Australia’s housing boom has led to property value increases ranging from 5% in Melbourne to a 20.3% rise in values across Darwin, pushing a more vast range of markets up to, and beyond, the million- dollar mark.

“In the last 12 months 218 markets joined the million- dollar club, 198 of which were house markets and 20 unit markets,” Owen says. “A quarter of the markets that ticked over the million-dollar median were in Sydney, with 54 suburbs seeing either house or unit median values in a suburb join the million-dollar club.”