Continual media coverage of property prices and interest rates reflects the importance of our homes as a cornerstone for building personal wealth.
It often feels as if every ebb and flow is highlighted, often leaving us confused about the true investment value of property.
New data reminds us why the majority of us firmly believe in property as a fundamental wealth asset.
The number of Australian suburbs with a median value average of more than $1 million has just hit record levels, according to industry researcher, CoreLogic.
Its “Million-Dollar Markets” report says 29.3% of the 4,772 suburbs analysed are now members of the so-called Million Dollar Club.
Back in January 2023, that percentage was just 21.7%.
The latest figure has broken the 26.9% level recorded during the last property price break-out in April 2022.
In the past 12 months, an additional 218 suburbs have joined the Million Dollar Club – an increase of 18.5%
Some 1,057 suburbs have houses with an average value of $1 million or more, and 122 areas have recorded apartment prices at the same high levels.
Incredibly, when Covid hit our shores, only 14.3% of house and unit markets had a median value at or above $1 million.
So, who’s doing best?
Sydney
As the most expensive capital, its average price is $1,180,463 and it recorded the highest rise of suburbs (+46) entering the Million Dollar Club.
Brisbane
Brisbane matched Sydney in terms of growth of suburbs entering the club (+46). It has the second highest median average price at $875,040. CoreLogic reports that values in Brisbane have jumped $65% since the onset of Covid.
If you’d like to find out whether your home is part of the Million Dollar Club scene – or you’d like to find out more about the value of your home – one of our agents would be happy to give you a market appraisal.