Sixty-eight Australian suburbs have moved into the million-dollar price bracket in the past three months after buyer confidence returned following the Federal Election result and the RBA’s reduction to interest rates.
The rise in million-dollar localities represents a 0.80% increase in the number of suburbs selling above the million-dollar price point from a year ago, according to new data from CoreLogic.
Many of the new suburbs that now have median prices above $1 million are in NSW – Kangaroo Valley, Haymarket, Northbridge, Mount Colah, and Redfern – helped by the revival in Sydney prices.
Others include in Beaumaris, Vic; Urrbrae, SA; Ainslie, ACT; Noosaville, Qld; and Myrtle Bank, SA.
Demand for units in Haymarket, Northbridge, Redfern, and Beaumaris during the past three months has been driven by tight supply. The story is similar in the Ainslie housing market in Canberra, where the median price is up 11%.