Over 250 Aussie markets lose million-dollar status

As the property market downturn worsens, a new report reveals the country’s million-dollar club has become even more exclusive, with hundreds of markets’ membership now revoked.

CoreLogic’s latest Million Dollar Market report showed 988 of the 4,436 house and unit markets analysed in May had a median property value of $1 million or more, down from 1,243 at the same time last year.

Data showed Sydney saw the largest decline in suburbs falling below the seven-figure mark, with 78 house and unit markets falling below the threshold. Regional NSW came in second, with 47 markets dropping below $1 million.

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