Coastal towns and outer suburbs dominate the ranks of freshly minted million-dollar suburbs with homebuyers seeking larger homes and lifestyle locations to spend more time working from home.
Over the 12 months to August, 99 suburbs crossed the million-dollar median mark, led by NSW with 34 entrants, followed by Queensland with 30 and Victoria with 24, analysis by Domain shows. WA recorded six new million-dollar suburbs, the ACT three and SA and Tasmania one each.
More than half of the new members to the million- dollar club were located in the coastal areas, with Caves Beach and Hamilton South in the Newcastle area among the recent additions.
Some of Sydney’s outer ring suburbs also crossed the million-dollar median during the past year, with the south-west, west and north-west making up the bulk of the new entrants.
In Brisbane, the list was dominated by the suburbs along the river, with Graceville, Indooroopilly and Taringa now achieving a million-dollar median. In Melbourne, Viewbank, Nunawading, Lysterfield and Niddrie were among the latest suburbs to joint the list.
Domain chief of research Nicola Powell says more suburbs will pass the million-dollar median in the coming months as buyers continue to seek out areas offering lifestyle and space.