A newcomer to the CoreLogic suite of property market reports, the Mapping-the Market-Report - available online at: https://www.corelogic.com.au/reports/mapping-the-market is a geographical compilation of housing market values that highlight the deterioration in affordable housing over the past five years, particularly within Sydney and Melbourne. 

Commenting on the report, CoreLogic head of research Cameron Kusher said, “While topical headline trends are important, the geographical context of the housing market provides an equally relevant perspective on the performance of the housing market and the spatial distribution of housing values.” 

Late in 2017 dwelling values started to fall, with the declines most pronounced across higher value housing stock.  This may result in some reduction in suburbs with a median value above $1 million over the coming year. 

Cameron Kusher said, “Despite the recent fall in values across most cities, at a suburb level values typically remain higher than they were five years ago.  There are of course exceptions in market such as Perth and Darwin where dwelling values have been falling throughout the five year period.” 

A key finding from the analysis by CoreLogic research analyst Cameron Kusher, indicates that outside of Sydney and Melbourne, housing has become a little more expensive however, he noted that the magnitude of decline in more affordable housing has been much less severe. 

In Sydney, 10.6% of suburbs had a median value of more $2 million in June 2019 compared to 3.2% of suburbs in June 2014, while in Melbourne, in June 2014, 41.7% of suburbs in Melbourne had a median house value of less than $500,000 compared to 6.9% by the end of June 2019.   

Key Findings by capital city – houses & units 

Sydney 

Houses

10.6% of Sydney suburbs had a median value of more $2 million in June 2019 compared to 3.2% of suburbs in June 2014. 

Units 

31.4% of Sydney suburbs currently have a median unit value below $500,000 compared to 53.1% of suburbs five years earlier. 

Melbourne 

Houses

In June 2014, 41.7% of suburbs in Melbourne had a median house value of less than $500,000 compared to 6.9% by the end of June 2019.   

Units

The share of Melbourne suburbs with a median unit value of more than $500,000 has increased to 57.2% in June 2019 from 25.3% in June 2014. 

Brisbane 

Houses

The share of Brisbane suburbs with a median house value under $500,000 has shrunk from 52.4% in June 2014 to 40.3% in June 2019. 

Units

12.5% of Brisbane suburbs have a current median unit value in excess of $500,000 compared to 8.0% of suburbs in June 2014. 

Adelaide 

Houses 

As at the end of June 2019, 93.7% of Adelaide suburbs had a median house value of less than $1 million compared to 97.7% of suburbs five years earlier. 

Units

As at June 2014, 26.0% of Adelaide suburbs had a median unit value of less than $250,000 compared to 21.5% in June 2019. 

Perth 

Houses

As at June 2014, 15.0% of Perth suburbs had a median house value of more than $1 million with the share rising slightly to 10.3% by June 2019. 

Units

The share of Perth suburbs with a median unit values of less than $250,000 has increased from 15.8% in June 2014 to 25.9% in June 2019. 

Hobart 

Houses

The share of suburbs with a median house value of more than $500,000 has increased from 8.8% in June 2014 to 50.4% in June 2019. 

Units

In June 2014, 46.2% of Hobart suburbs had a median unit value of less than $250,000 and by June 2019 that figure had fallen to 9.7%. 

Darwin 

Houses

In June 2014, 30.5% of Darwin suburbs had a median house value of less than $500,000 compared to a greater 65.9% as at June 2019. 

Units

At the end of June 2019, 6.6% of Darwin suburbs had a median value of more than $500,000 compared to 14.8% five years earlier. 

Canberra 

Houses

The share of Canberra suburbs with a median house value of more than $1 million has increased from 6.7% in June 2014 to 11.4% in June 2019. 

Units

As at June 2019, 70.5% of Canberra suburbs had a median unit value under $500,000 compared to 87.6% five years earlier.