Million-dollar homes are increasingly commonplace in Australia, with new research showing roughly one in every three suburbs pack a median seven-figure price tag.
According to a new paper by Cotality, 195 suburbs have jumped into the exclusive club after strong housing market gains over the last 12 months.
Thirty per cent of all sales in the last year were for $1 million or more.
The research looks at thousands of suburbs nationwide split into 4844 markets – 3514 of houses and 1330 of units – pulling out the median values.
Sydney most expensive, Brisbane rising fast
With a median dwelling price of $1.24m, Sydney remains the most expensive capital, with just one in seven suburbs coming with a mid-point house price below $1m.
Cotality economist Kaytlin Ezzy said national dwelling prices were up 46.8 per cent. “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 pre-tax earnings to service a loan on a million-dollar property,” she said.
Brisbane had the most suburbs crash through the benchmark figure, with 38 markets (including houses and units) joining a club of 205 to carry a million-dollar pricetag.
There are also 141 markets in regional Queensland with a median above $1 million.
The majority are on the Gold and Sunshine Coasts, but now include four Toowomba suburbs, Castle Hill in Townsville, and Cannon Valley, inland to Airlie Beach.