Million-dollar homes are increasingly commonplace in Australia, with new research showing roughly one in every three suburbs pack a\u00a0median seven-figure price tag.<\/p>\n
According to a new paper by Cotality, 195 suburbs have jumped into the exclusive club after strong housing market gains over the last\u00a0 12 months.<\/p>\n
Thirty per cent of all sales in the last year were for $1 million or more.<\/p>\n
The research looks at thousands of suburbs nationwide split into 4844 markets – 3514 of houses and 1330 of units – pulling out the\u00a0median values.<\/p>\n
Sydney most expensive, Brisbane rising fast<\/p>\n
With a median dwelling price of $1.24m, Sydney remains the most expensive capital, with just one in seven suburbs coming with a\u00a0mid-point house price below $1m.<\/p>\n
Cotality economist Kaytlin Ezzy said national dwelling prices were up 46.8 per cent.\u00a0“A household on the average income of $106,000 with a 20 per cent deposit, would need to dedicate more than 50 per cent of their\u00a0pre-tax earnings to service a loan on a million-dollar property,” she said.<\/p>\n
Brisbane had the most suburbs crash through the benchmark figure, with 38 markets (including houses and units) joining a club of 205\u00a0to carry a million-dollar pricetag.<\/p>\n
There are also 141 markets in regional Queensland with a median above $1 million.<\/p>\n
The majority are on the Gold and Sunshine Coasts, but now include four Toowomba suburbs, Castle Hill in Townsville, and Cannon\u00a0Valley, inland to Airlie Beach.<\/p>\n","protected":false},"excerpt":{"rendered":"Million-dollar homes are increasingly commonplace in Australia, with new research showing roughly one in every three suburbs pack…\n","protected":false},"author":2,"featured_media":231543,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[64,63,99,139524,164,171,4686],"class_list":["post-231542","post","type-post","status-publish","format-standard","has-post-thumbnail","category-markets","tag-au","tag-australia","tag-business","tag-cba-story","tag-economy","tag-markets","tag-property"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/231542","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=231542"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/231542\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/231543"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=231542"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=231542"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=231542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}