AUSTRALIA’S $3 MILLION SUBURBS DOUBLE AGAIN DURING 2021 BOOM

Australia’s $3 million suburb club has doubled again in 2021 thanks to the housing market boom, as the luxury property market powers ahead during the pandemic.

The hot pace of property price growth this year has led to more suburbs cracking the $3 million median house price, realestate.com.au senior economist Eleanor Creagh said.

“The luxury market has continued to power full steam ahead in 2021,” Ms Creagh said.

“The luxury market had a very strong year last year in 2020 and managed to shake off the recession, and this year has managed to shake off the Delta variant as well.”

The number of suburbs with median house sale prices over $3 million doubled during 2020, with the luxury residential market experiencing particularly strong conditions as people saved more and total household wealth grew.

The $3 million-plus club has doubled again this year amid boom conditions in the overall housing market and the luxury sector.

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