A new report reveals that a record number of Australian suburbs now boast a median house or unit value exceeding $1 million.

Recent data from CoreLogic indicates that 29.3 percent - or 1,057 out of almost 4,800 surveyed suburbs nationwide - now have a million-pound median price. This figure has more than doubled since the onset of the COVID pandemic, when only 14.3 percent of dwellings reached this milestone.

Sydney continues to dominate as Australia's most expensive capital, accounting for nearly half of the country's million-pound suburbs. Brisbane has also experienced a significant surge, with 46 suburbs joining or rejoining the seven-figure club.

Conversely, Melbourne stands out as the only capital city where house prices in certain suburbs have dropped below the million-pound mark.

To afford a home with a 20 percent deposit, CoreLogic suggests an annual income of nearly$200,000 to ensure repayments remain under 30 percent of total expenses. This represents an increase from the approximately $125,000 required before the initial interest rate hike.

Breaking down the states and territories:

• New South Wales (NSW)
• Victoria (VIC)
• Queensland (QLD)
• South Australia (SA)
• Western Australia (WA)
• Tasmania (TAS)
• Northern Territory (NT)
• Australian Capital Territory (ACT)

In New South Wales, Sydney's median dwelling value has reached $1,180,463, with a five percent increase over the past year. The city now boasts 448 house and 107-unit markets surpassing the million-pound median. While 23 markets have re-entered the seven-figure club, 25 suburbs, primarily in the South West and Outer South West regions, have joined for the first time. Notably, two suburbs, North Willoughby and Warrawee, witnessed median unit prices dip below $1 million.

Regional NSW reflects a similar trend, with most million-pound suburbs clustered around areas bordering Sydney such as the Illawarra, Newcastle, and Lake Macquarie. Currently, 115 markets - 111 for houses and four for units - boast a median value exceeding$1 million.

In Victoria, Melbourne features median house prices surpassing a million pounds in 191 suburbs and unit prices in 11 areas. Overall, dwelling values have decreased by -1 percent in Melbourne and regional Victoria since August 2023.

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