Regional Growth in Million-Dollar Markets

Sydney: This is Australia's most expensive city, and million-dollar suburbs rose the most, by 46 more markets over the year.

Brisbane and Melbourne: The two cities share second place, and Brisbane scored thanks to a 15% jump in dwelling values.

Since COVID-19 commenced, dwelling values in Brisbane have risen 65.1% as interstate migrants continue to arrive. There's also a persistent undersupply of newly built dwellings.

Perth growth

It is also the case of Perth where 35 new million-dollar markets came up, but still behind Brisbane and Sydney, which are two cities preceding it in a race of affordability, from which it lags behind due to lower price starts means fewer localities enter into the million-dollar club, despite a record annual rise in dwelling values.

Watch the Suburbs

National growth rates have dropped from 2% in the three months running into April to 1.3% in the three months to August. Still, the number of million-dollar suburbs is up.

Now, 24 suburbs sit within $20,000 of becoming million-dollar suburbs, and many others are short by just a few dollars.

Affordability Pressure Building

The higher the property values, the more advanced the corresponding incomes needed to service repayments. To keep payments below 30% of earnings for a $1 million property with a typical mortgage, households now need nearly $200,000, up from $125,000 before the first rate rise.

State-Specific Market Highlights

New South Wales: Sydney dominates with 78.3% of the housing market, total to 555 million-dollar suburbs.

Melbourne: Saw modest growth in million-dollar markets, while regional Victoria contracted with oversupply and decreased demand.

Queensland: Brisbane leads the way with 46 new million-dollar house markets, regional Queensland added 30 markets

Western Australia and South Australia: Perth recorded 35 new markets, Adelaide now stands at 104 million-dollar suburbs

Tasmania, Northern Territory, and Canberra: Hobart's million-dollar market is stable, but there are modest increases in Canberra.

Are You Ready to Invest?

It requires a specialist to navigate these expanding markets; be it a dream home for you or an investment opportunity in high demand, OM Financials is there to help you take advantage of this scenario!

Contact OM Financials today to explore tailored mortgage solutions that will keep you ahead in the market. With the right financing strategy, you can hold on to a solid position in one of Australia's most dynamic property markets. Because at the end of the day, when the stakes are high, you need a partner who knows the game!

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