The latest research from CoreLogic puts into hard numbers what we already knew - more people than ever before are paying at least $1million for their home.
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Over the year to March 2022, 23.8 per cent of homes in Australia sold for $1million or more, according to CoreLogic's Million Dollar Markets report.
A growing proportion of those homes were in regional Australia, thanks to the pandemic triggering something of an exodus from capital cities.
House values in regional Australia have climbed 41.4 per cent since March 2020. That compares with a 21.8 per cent rise in the capital cities.
Regional New South Wales has 150 house markets and four unit markets with a median value of $1million or more. That is more than double the number a year ago.
Four of those markets are in Eurobodalla and three are in Bega Valley Shire.
They are:
- Broulee - $1,061,951 (up from $746,798 in May 2021)
- Mirador - $1,054,247 (up from $811,652)
- Tomakin - $1,030,887 (up from $723,944)
- Malua Bay - $1,022,640 (up from $724,899)
- Tura Beach - $1,016,341 (up from $759,883)
- Bermagui - $1,011,772 (up from $720,674)
- Lilli Pilli - $1,011,220 (up from $719,961)
Despite the findings, CoreLogic research analyst Kaytlin Ezzy said that some markets that pushed past the million-dollar barrier in the past year could just as soon fall below it given worsening economic indicators.
These included the threat of high non-discretionary inflation and rising interest rates.
"As the market moves into the downward phase of the cycle it's likely a number of the recent entrants to the million-dollar list will see their median values decline below the $1 million mark," Ms Ezzy said.
"Despite this, Australian household wealth hit record high levels at the end of the March quarter, driven by continued strength in the housing market largely driven by gains across the real estate sector."
What does $1 million get you?
There are multiple properties listed on RealEstateView.com.au highlighting the million-dollar price tag across these Far South Coast towns.
A four-bedroom, two-bathroom house in Bagarin Avenue in Tomakin is advertised for sale at $1.2million. A short level stroll to beaches, shops and cafes, it has a double garage and is 15 minutes from Moruya.
For $1,050,000 you can buy a three-bedroom, two-bathroom house in Pyang Avenue in Malua Bay. This one's a fixer-upper though. As the agent says, "sure, it needs renovating, it's tired and needs new carpet and paint at the very least."
At north Tura Beach, a four-bedroom, two-bathroom house in Madeline Court is under contract. Price guidance was $1.1million. It is two kilometres from Tura Beach Headland and not far from Dolphin Cove Beach.
In Bermagui, a three-bedroom, two-bathroom house in River Road is offered for sale at $1,048,000. It is located 30 metres from Bermagui River edge for fishing and a short level walk to shops and beaches.
If you don't have $1million to spare, don't despair.
According to the website of Julie Rutherford Real Estate in Bermagui, "property listings are still tight but we have some outstanding buys in the under $500,000 range".
