Record number of new Aussie millionaires
More Aussies than ever have become millionaires over the past 12 months. Here’s how.
The number of Australian suburbs with a $1 million median price for either houses or apartments has reached a new record high, according to new CoreLogic data.
Over the 12 months to 31 August, 218 more suburbs surpassed a $1 million median for houses or apartments. Australia now has 1,257 suburbs with a median house value at or above $1 million, as well as 140 suburbs with a median apartment value at the same level.
Sydney and Brisbane recorded the highest number of new suburbs with a $1 million median at 46 each, but the reasons for this are different.
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Sydney has had less price growth than Brisbane over the past year, but it remains Australia’s most valuable capital city by far, and also one of the largest with a higher number of suburbs. So, it takes less price growth to tip more suburbs into the $1 million median bracket.
Brisbane is different. It’s been the affordable alternative to Sydney and Melbourne for many years, and it’s a smaller city. The reason it’s seen the same number of suburbs as Sydney reach a $1 million median is very strong price growth at triple the rate of Sydney.
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This has been driven by strong interstate migration and a tighter supply of homes for sale compared to Sydney.
Brisbane and South-East Queensland are undoubtedly the best areas for investors and families willing to relocate for value and lifestyle in the work-from-home era.
Price growth has been so substantial that Brisbane is now Australia’s second-most valuable capital city for the first time since 1997.
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Let’s take a look at the statistics on the East Coast, and find out which suburbs are among the newcomers to the million-dollar markets club.
NSW
Sydney now has 448 suburbs with a median house price above $1 million and 107 suburbs with an apartment median at the same level. Newcomers include Blacktown, St Clair and Liverpool (houses) and Surry Hills and Menai (apartments).
Regional NSW has 111 suburbs with a median house price above $1 million and four suburbs for apartments. Most of them are on the north and south coasts within commuting distance of Sydney. Newcomers include Calderwood, Whitebridge and Banora Point (houses).
VICTORIA
Melbourne has 191 suburbs with a median house price above $1 million and 11 suburbs for apartments. There are no newcomer suburbs but a few re-entrants into the $1 million median club, including Coburg North and Clarinda (houses) and Canterbury (apartments).
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Regional Victoria has 10 suburbs with a median house price above $1 million. It was the only area to see a decline in million-dollar markets, with Wandana Heights and Apollo Bay dropping out.
QUEENSLAND
Brisbane has 149 suburbs with a median house price above $1 million. No suburbs have apartment medians at this level. Newcomers include Chermside, Shailer Park and Birkdale.
Regional Queensland has 97 suburbs with a median house price above $1 million and 13 suburbs for apartments.
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The bulk of them are in the Gold Coast and Sunshine Coast areas. Newcomers include Palm Cove, Jacobs Well and Forest Glen (houses) and Currumbin and Miami (apartments).
TASMANIA
Only three suburbs in Hobart have a median house value over $1 million, and there are none in regional Tasmania. There are no newcomers.
Australian Capital Territory
Canberra has 45 suburbs with a median house price above $1 million and only one suburb – Yarralumla – with an apartment median at the same level. There are no newcomers but a few re-entrants, including Chifley, Cook and Gowrie.
By John McGrath
* John McGrath is the founder, Managing Director and Chief Executive Officer of McGrath Estate Agents
Originally published as Record number of new Aussie millionaires
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