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Big lift in million dollar markets

More than 200 Australian locations became million dollar property markets in the last 12 months, as home prices rose at their fastest rate in more than 10 years.

Aerial photo of Shelly Beach and Cabbage Tree Bay in Manly, Sydney
High-value eastern suburbs such as Manly welcomed 54 new Sydney markets into the million dollar club. Photo: Shutterstock

More than 200 Australian locations became million dollar property markets in the last 12 months, as home prices rose at their fastest rate in more than 10 years. 

Research from CoreLogic showed 218 new markets laid claim to a median house or unit value of more than $1 million at the end of May, as compared to the same time last year.

Over that 12 months, national property prices grew by 10.6 per cent, the highest growth rate since midway throug…