Outer city suburbs among newest million-dollar markets
One in three property markets across Australia now boast a median value of $1 million plus, a new record high. Here are some of the new entrants across the country.
THERE are now more suburbs than ever with a median property price of at least $1 million. Surging 143 per cent in five years, the $1 million club now goes far beyond traditional prestige areas of Australia’s capitals. Here are some of the latest suburbs to join the coveted list.
NSW
Rooty Hill
Once considered a lower socio-economic area, Rooty Hill is part of a wave of suburbs in Sydney’s west now commanding higher prices. Historically comprising a high concentration of government housing, the suburb’s changing face is seeing many low-income buyers squeezed out by those unable to buy in higher-priced inner suburbs.
Victoria
Clayton South
Originally developed as a location for market gardens, the suburb, about 20km south-east of Melbourne’s CBD, is now benefiting from NSW buyers looking to invest across the border, according to experts. The suburb is seen as better value area for families and is bucking the trend of subdued property price growth in Melbourne.
Queensland
Capalaba
Property values in Capalaba, south of Brisbane, are on the rise as home buyers look for a more affordable option still accessible to the city centre. The suburb is also being buoyed by plans for a $250 million revitalisation set to include public space and a new library, customer service centre, arts centre and community hall.
Western Australia
Bouvard
The second southernmost suburb of Mandurah, about 100 km south of Perth, Bouvard is regarded as a hidden gem that has been popular for many years with those seeking a quick break from the hustle and bustle of city life. These days, property values are on the rise as home buyers look for options after being priced out of the Perth market.
South Australia
Northgate
A suburb in Adelaide’s inner north-east, Northgate property values are gaining from factors buoying Adelaide’s property market more broadly. These include a comparative affordability advantage on a capital city basis, low housing stock, and strong buyer demand.
ACT
Fraser
Located in Canberra’s Belconnen district, Fraser is characterised by spacious homes on large blocks and is one of the city’s most tightly held suburbs. Situated next to Mount Rogers, the suburb also boasts great bushwalks and quiet streets. A public housing renewal in the area is another factor helping to revitalise the suburb.
