Affordability pressures are pushing up prices in coastal areas and the outer suburbs with more neighborhoods in these places likely to record million dollar median prices by March.
The next group of suburbs likely to join the million dollar median club – once considered the sole preserve of blue-chip enclaves – are spread across New South Wales, Victoria and Queensland.
These areas, which used to be too far from town or were perhaps overlooked in favour of pricier nearby suburbs, are set to record median house prices of between $1.043 million – $1.126 million in the next six months, according to a new analysis.
By September of this year, 609 suburbs had recorded a median price of $1 million or more, with 112 new areas joining the million dollar club in 2017. In 2012, there were just 227 suburbs in Australia with a million dollar median.
(Source: realestate.com.au)
