More than 500 Australian suburbs have hit a point where 90% of house sales exceed $1 million, according to the latest PropTrack data from July.
This marks a dramatic jump from five years ago when only 159 suburbs crossed this threshold.
“It’s a huge challenge for first-home buyers,” said Karen Dellow (pictured above), senior data analyst for www.realestate.com.au. “The market is getting increasingly out of reach for those with tight budgets.”
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In Sydney, 52% of suburbs have now surpassed this $1 million mark. Melbourne follows with 91 suburbs falling into the same bracket, while Brisbane and regional Queensland are also seeing a surge.
Sydney’s Greystanes offers the best chance for home buyers to find a house under $1 million, with 10% of sales falling below that mark.
In Melbourne, suburbs like North Warrandyte, Essendon, and Highett present the best odds for buyers seeking affordability.
“The prices in these areas are staggering. Five years ago, the figures were much more manageable,” Dellow said.
Sydney now has 269 suburbs where prices have skyrocketed above $1 million, compared to just 128 in 2019.
Beyond the big cities, regional hotspots like the Gold Coast and Sunshine Coast have seen steep increases in property values. Brisbane now has 37 suburbs where 90% of homes sell for over $1 million.
“The regional boom is surprising but not unexpected,” Dellow said. “These areas are becoming highly desirable, and that’s driving up prices.”
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