Some suburbs have fallen out of the so-called “million dollar club” – where houses or units have a median value of more than $1 million – despite a recent uptick in prices across much of the country.
Cotality head of Australian research Eliza Owen said the counter-cyclical price falls were linked to weaker markets in those 11 suburbs than elsewhere.
House prices have fallen far enough in coastal NSW’s Bermagui to exclude it from the club.Credit: Destination NSW
“It definitely coincided with slower market conditions around these pockets, higher levels of days on market, a bit of increased vendor discounting,” she said. “So as you would expect, the suburbs that fell away from the $1 million price point also had weaker market conditions that suggested that buyers weren’t as enthusiastic about meeting that million-dollar price point.”
In Sydney, the St Peters, Centennial Park and Beecroft unit markets fell in value. Prices slipped most in Centennial Park, down 9.2 per cent to $964,000, followed by Beecroft, down 8 per cent to $974,000 and St Peters, down 2.4 per cent to $977,000.
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Melbourne had three markets fall out of the club. Canterbury (down 11.9 per cent to $950,000) and Templestowe Lower (3.3 per cent to $990,000) unit markets, and the Rye house market (5.3 per cent to $992,600) slipped below the mark.
In the ACT, Gungahlin fell 2.4 per cent to $992,000, and in regional NSW, houses in Bermagui (down 13.1 per cent to $879,000) and Evans Head (7.5 per cent to $970,000) dropped out.
In regional Victoria, houses in Bright were down 3.6 per cent to $985,700 and Apollo Bay houses slid 3.4 per cent to $975,000.
