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Suburbs set to crack the $1m mark

By Sam O'Connor
  • November 16 2020
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Invest

Suburbs set to crack the $1m mark

By Sam O'Connor
November 16 2020

New data from realestate.com.au has revealed the suburbs getting close to hitting the magic $1 million price.

Suburbs set to crack the $1m mark

Suburbs set to crack the $1m mark

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By Sam O'Connor
  • November 16 2020
  • Share

New data from realestate.com.au has revealed the suburbs getting close to hitting the magic $1 million price.

Suburbs set to crack the $1m mark

Chief economist at realestate.com.au Nerida Conisbee said many of the suburbs to show up in the data were largely “mid-level” suburbs, particularly in Melbourne and Sydney.

“A million dollars in Melbourne no longer buys you what it used to. In Sydney, a million bucks is getting you very far out west, so a million dollars isn’t a lot of money to have if you’re looking to buy in the Sydney market,” Ms Conisbee said.

The Victorian suburbs on track to reach million-dollar medians in the next six months were Maribyrnong (now $990,000), Oakleigh South ($997,209), Viewbank ($992,058), Somers ($994,852), Balnarring ($956,574), Macedon ($933,449), South Kingsville ($975,000) and Geelong ($929,066) where the median is expected to skyrocket to $1,063,336 in six months.

Sydney’s west was a hotbed for suburbs on the verge of entering the million-dollar club with medians in the outer pockets of Glenbrook and Cecil Hills tipped to hit $1,026,679 and $1,019,746 by December before reaching $1,081,097 and $1,066,547 by early 2021, respectively.

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Other western ­suburbs in Sydney’s middle ring that were closing in on $1 million medians included Panania (now $975,000) and East Hills ($982,235) in the Canterbury-Bankstown region and Wentworthville ($992,039) just west of Parramatta.

In Queensland, the Sunshine Coast’s Moffat Beach (now $945,000) was tipped to hit $1,006,549 by December and $1,072,108 by early 2021.

Suburbs set to crack the $1m mark
Suburbs set to crack the $1m mark
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