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If you’ve spent the last few years watching property prices skyrocket, you can finally take a breath. Australian house and unit prices recently recorded their first quarterly price drop in more than three years. Better yet, new data from Domain's June Quarterly House Price Report reveals a handful of suburbs have been pushed out of the $1 million, $2 million and $3 million clubs, making real estate slightly more affordable.
Unsurprisingly, Victoria and New South Wales took the brunt of the hit, claiming 12 of the 15 suburbs. Interest rate hikes, living cost pressures, reduced borrowing power and lower confidence from buyers and sellers are largely to blame.
For houses, Melbourne’s exclusive bayside suburb of Brighton saw the biggest quarterly dip. Its median house price recorded a $205,000 quarterly drop (6.6 per cent) to $2.915m, edging it out of the elite $3m club. South Yarra and Malvern East both surrendered their $2m status after falling 8.2 per cent ($1.855m) and three per cent ($1.94m) respectively. Meanwhile, houses in Chelsea Heights and Scoresby, alongside units in Hampton, have officially reset below $1m.
Two NSW suburbs were also kicked out of the $3m club, including the leafy harbourside suburb of Birchgrove, where the median house price plunged from $3.02m to $2.885m. Over on the Lower North Shore, Gladesville’s median house price also decreased from $3.008m to $2.95m. You can see the full results here.