In the last year, the share of $1 million properties has increased phenomenally in Brisbane, Adelaide and Perth, according to the latest CoreLogic data.
As of the end of July, 46% of suburbs in Brisbane, 36% in Adelaide and 32% in Perth now have median house prices over $1 million. A year ago, the share of million-dollar suburbs in these cities was 30% in Brisbane, 26% in Adelaide and 20% in Perth.
Brisbane recorded the largest number of newly minted million-dollar suburbs over the past year, with 52 suburbs joining the club.
CoreLogic’s research director, Tim Lawless, expects more suburbs to cross the million-dollar threshold in the next six months. “Even though we are expecting the rate of growth to slow down, we’re not expecting prices to start going backward, particularly in Perth and Adelaide, because the supply side is just too low.”
