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Australian suburbs with million-dollar homes now number one in three, driven by surging prices in Sydney, Brisbane, and Western Australia, worsening affordability.
Million-dollar homes now make up one in three Australian suburbs, with 195 new entries in the past year, according to a Cotality report.
National median prices rose 46.8%, driven by strong growth in Sydney, Brisbane, Western Australia, and South Australia.
Brisbane added 38 new million-dollar suburbs, while Perth and regional WA saw surges of 83% and 87% over five years.
Victoria had only seven new entries, and Tasmania and the Northern Territory had none.
Canberra’s median house price reached $1.02 million.
The report warns affordability is worsening, with average-income households needing over half their pre-tax income to afford a $1 million mortgage.
Los suburbios australianos con casas de un millón de dólares ahora son el número uno de cada tres, impulsados por el aumento de precios en Sydney, Brisbane y Australia Occidental, empeorando la asequibilidad.