More million-dollar markets than ever before

The number of Australian suburbs with a $1 million median price for either houses or apartments has reached a new record high.

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.

Looking at Melbourne alone, It 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).

Regional Victoria has 10 suburbs with a median house price above $1 million.

The suburbs that have dropped out of the million dollar median are noted below, with their current median displayed versus their former median a year ago.

CoreLogic says just under 30% of Australian suburbs now have a median house or apartment price at or above $1 million. It was half that level before the pandemic.