Nearly 150 suburbs have lost their $1 million property price tag as the real estate downturn takes hold across the country.
New data from PropTrack, exclusively compiled for news.com.au, found that 144 suburbs in Australia have been kicked out of the million-dollar property club since interest rates began rising in May, along with a crackdown on loans and the increasing cost of living crisis.
Of those, NSW had the most suburbs that suffered from dramatic median price plunges which effectively lost them their million-dollar status. In all, 63 suburbs dropped out of the seven-figure threshold in the state.
Then in Queensland, 39 suburbs got the boot while in Victoria, 20 dipped below the $1 million mark.
Meanwhile, in the ACT only 14 suburbs experienced a drop in value while Tasmania and South Australia lost three suburbs.
Western Australia and the Northern Territory only saw one suburb each drop below $1 million in value, although it’s worth noting they had a much smaller pool to begin with.
PropTrack found that altogether, an eye-watering 12 per cent of properties have dropped out of the million-dollar club.
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The top 10 suburbs with the largest drops in price came from Brisbane, the NSW Central Coast (north of Sydney) and Canberra.
Surprisingly, no Sydney suburbs were in the top 10.
Many of the areas that dropped out of the millionaire’s club had only managed to scrape their way in last year during the housing boom, which saw properties rise nationally by 25 per cent.
However, the largest drop in value was just over 16 per cent, which means not all the gains from last year have been wiped out.
Brisbane tops suburbs with biggest falls
The market correction has been bad news for Stafford residents, in Brisbane’s north, with the median house price falling more there than anywhere else.
Stafford’s 16.9 per cent drop saw properties in the area go from being worth a median of $1.127 million in May, to just $937,000 by October.
That means those properties lost $191,000 worth of value.
Other Brisbane areas that lost value included Upper Mount Gravatt and Salisbury both in the city’s south, losing $149,000 and $140,000 respectively.
Nudgee in Brisbane’s north went from being worth $1,044,327 to $903,383, a 13.5 per cent drop.
Then in NSW, the Central Coast was named and shamed as the area rapidly losing value.
Ettalong Beach, Umina Beach, Blackwall and Lisarow all made it on to the list.
For Ettalong, it came second, as a result of shedding $190,000 worth of value in the past six months.
The others lost $180,000, $159,000 and $153,000, respectively.
Over in Canberra, two suburbs got an honourable mention for losing the most amount of money.
Gowrie and Oxley went from being worth over $1 million down to $870,000 and $894,000 respectively.
The former fell by 14.7 per cent while the latter dropped by 13.7 per cent.
Story Credit: news.com.au