10 suburbs on the Northern Rivers where house prices are now $1 million or more

We all know it costs a fortune to buy at Byron Bay, but a new report has shown there are 10 suburbs on the Northern Rivers that are now considered to be million-dollar markets.

This property at Ibis Place, Lennox Head, sold for $1.626 million on June 19.

It’s no secret that it costs a fortune to buy property in Byron Bay, where the median house price is now $2.34 million‒ almost double what it was just 12 months ago.

Neighbouring villages such as Myocum, Federal and Suffolk Park have median house prices hovering around the $2m mark.

Again, it’s no surprise that values in those highly sought-after areas have skyrocketed.

But a new report has shown several suburbs on the Northern Rivers have recently been added to the millionaire’s club.

CoreLogic’s inaugural Million Dollar Markets report, released this week, analysed data from the 12 months from May 2020 to May 2021.

In that time, 10 towns on the Northern Rivers jumped onto the list of places where median house prices are more than $1m.

Lennox Head now has a median house price of $1.4m, up from $990,000.

This home, 30 Blue Seas Parade, Lennox Head, sold for $4 million in November 2020.

Skennars Head is now at $1.38m, up from $920,000 a year ago.

Others in the top of the list included Brunswick Heads ($1.21m), Ocean Shores ($1.19m), Byron Bay units ($1.16m), Cumbalum ($1.11m), Mullumbimby ($1.12m), Pottsville ($1.07m), East Ballina ($1.01m), and Bogangar ($1.04m).

CoreLogic’s head of research Australia, Eliza Owen, said the value of the national dwelling market hit a record high in January 2021, and continued to hit a fresh record high each month.

“The wealth effect of house value increases has likely been a key component of elevated consumer confidence, and Australia’s economic recovery from strict social distancing restrictions through 2020,” she wrote in the report.

This property at Pacific Heights Drive, Cumbalum, sold for $1.660 million in April 2021.

“The increased value of housing also cements the asset as a pillar of household wealth and security, making up 53 per cent of household wealth through the fourth quarter of 2020.

“New data from CoreLogic shows the upswing has also carried more Australian households into the ‘millionaires’ club.

“While there have been several upsides to the current market upswing in terms of wealth accumulation for homeowners, there are downsides to consider.

“For first home buyers, who tend to be more price sensitive, higher house prices have likely prevented home ownership.

“Furthermore, current dwelling value rises have been enabled by record low housing lending rates, which has increased borrowing capacity, and household debt.”