Seventeen new ACT suburbs have soared into the million-dollar club this year as Canberra’s runaway housing market reaches unprecedented heights.
CoreLogic’s inaugural Million Dollar Markets report has identified 218 markets across the country where either house or unit median values in a suburb reached the million-dollar mark in May 2021 compared to May 2020.
In the ACT, 22 suburbs made the million-dollar median house and unit list, with leafy inner south suburb Griffith leading the way with the city’s highest median house value at $2,198,510.
Hughes has made the biggest splash into the million-dollar club, with a median house value of $1,363,733, up from $965,290 a year ago.
Other notables include Mawson, which a year ago had a median value of $743,343 but is now comfortably in seven figures at $1,069,081.
Five Canberra suburbs already had million-dollar-plus median values in May 2020, all in the inner south, apart from Campbell across the lake.
After Griffith, Red Hill, Deakin, Yarralumla and Campbell take the honours, followed by newcomer Hughes.
The list shows the leaping values beyond the inner suburbs, particularly in the Woden Valley, Weston Creek and Belconnen.
Agents have reported intense demand for stand-alone houses, large numbers of bidders, high auction clearance rates and many pre-auction arrangments.
It comes down to cheap money, relatively high incomes and not enough stock on the market.
Those deterred by the high prices have had to readjust their expectations and shoot for townhouses or apartments.
CoreLogic’s Head of Research Australia, Eliza Owen, said the boom had led to property value increases ranging from 5.0 per cent across greater Melbourne dwellings to a 20.3 per cent rise in values across Darwin, pushing more markets up to, and beyond, the million-dollar mark.
“In the last 12 months, 218 markets joined the million-dollar club; 198 of which were house markets and 20 unit markets. A quarter of the markets (24.8 per cent) that ticked over the million-dollar median were in Sydney, with 54 suburbs seeing either house or unit median values in a suburb join the million-dollar club,” she said.
The highest frequency of suburbs ticking over the million-dollar median was in Sydney, with 54 markets seeing either houses or units reach a median of $1 million or more, accounting for 24.8 per cent of all markets.
Over the year to March, Sydney also had around 40 per cent of sales transact for at least $1 million.
CoreLogic says the current housing boom across Australia is also very broad-based.