The national housing market’s growth has cooled significantly, with the annual rate of home value increases dropping to 6 per cent in October, according to CoreLogic data – down from a peak of 9.7 per cent earlier in the year.
This reflects a broader moderation, particularly in larger capitals like Sydney and Melbourne, but here in Logan, prices are still on the up, with seven local suburbs joining the “million-dollar market newcomers” list.
The CoreLogic report showed Cornubia, Greenbank, Logan Village, Mundoolun, Munruben, Shailer Park and Underwood all had a current median value of more than $1 million.
Underwood was the highest achiever, with prices up 20.8 per cent from August 2023 to September 2024, followed closely by Shailer Park, up 20.5 per cent.
CoreLogic Economist Kaytlin Ezzy said membership into the million-dollar club had become less exclusive in recent years.
Before COVID, only 14.3 per cent of house and unit markets had a median value above $1 million, but this has now risen to 30 per cent, with a significantly higher proportion of markets crossing the seven-figure mark.
“Despite the increase in the number of million-dollar markets, borrowers are likely to be dedicating more of their income towards servicing their mortgage,” Ms Ezzy said.
“With an $800,000 loan balance (assuming a 20 per cent deposit) and the current average variable mortgage rate for new owner occupiers (6.28 per cent), a household would need an annual income close to $200,000 to keep repayments on a $1 million home under 30 per cent of their income.
“While the pace of growth has started to ease, and growth conditions have become more diverse from region to region, it’s unlikely we’ve seen the peak in the number of million-dollar markets.”
