Median values for houses or units have this year topped $1 million for the first time in 148 Australian suburbs.
With dwelling values in Sydney having increased by 16.4% over the 12 months to June 2017, it has resulted in an additional 90 suburbs having a median value of more than $1 million over the year.
Suburbs in regions as far away from the CBD as Camden are now pushing above $1 million showing just how unaffordable Sydney is coming for people that don’t own homes but a boon for those that do.
Dwelling values in Melbourne increased by 13.0% over the 12 months to June 2017 which has resulted in an additional 39 suburbs having a median value over $1 million.
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The strong growth in values in Melbourne is pushing an increasing number of suburbs above $1 million.
Another nine suburbs had a median value above $1 million compared to a year ago in Brisbane. Brisbane already has far fewer suburbs with a median value over $1 million and this is due to the fact that housing costs overall are much lower.
Over the 12 months to June 2017, Brisbane dwelling values increased by a relatively low 2.8%.
Adelaide has added an additional suburbs to the $1 million ranks over the past 12 months.
This is despite the fact that value growth has increased by a relatively minor 5.4% which would indicate the relative strength of the higher end housing market.
Although Perth dwelling values fell by -2.6% over the 12 months to June 2017 Darling Downs saw values rise 25.2% over the past year which has taken it above $1 million.
Canberra dwelling values increase d by 7.8% over the 12 months to June 2017.
As a result of the strong growth in values another two suburbs ended the year with a median value above $1 million.