Home properties are becoming more and more expensive all across Australia, with 11 suburbs in Queensland now making it to the $1-million median price club. Clayfield is among the Queensland suburbs that have reached the million-dollar median value in 2016.
This is according to a report from CoreLogic, which noted the significant rise of the number of suburbs with median price of at least seven figures. The CoreLogic report indicates there were 760 suburbs with a minimum median value of $1 million in December 2016. This represents a 176% increase from 275 suburbs five years ago at the end of 2011.
The report can either be good news or bad news to residential property investors. Those who already own a home could see their asset value increase. But those who are looking to buy could find it more difficult to buy or invest.
The increase in housing prices in many suburbs nationwide is a result of continuing growth in home values in major cities like Sydney. Sydney accounted for 65 percent of the suburbs in the million-dollar club, while Melbource accounted for 16 percent and Brisbane, 3 percent.
Other Queensland suburbs that reached at least $1 million median house price in 2016 are Bulimba, Fortitude Valley, Ransome, St. Lucia, Pullenvale and Clear Island Waters.
