The TOP 3 Best Places to BUY Properties in Australia – Cost wise and Return wise

Australia has 46 new million-dollar suburbs despite the global health pandemic and economic recession, while 10 suburbs fell out of the exclusive club in FY20, latest data reveals. So below are the TOP 3 Best Places to BUY properties in Au -

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Melbourne saw median house prices in 24 suburbs exceed the seven-figure threshold this year, while Sydney had 15 and Brisbane, seven.


However, median prices in three Melbourne suburbs dropped below the million-dollar mark in FY20, as well as four in Sydney, one in Brisbane and two in Adelaide.


Nerida Conisbee, realestate.com.au’s chief economist, said the premium property market has been “one of the most stable property markets during the COVID-19 pandemic.”

Box Hill South in Melbourne’s east has joined the million-dollar club in FY20. Picture: realestate.com.au


“The property market is currently being supported by high levels of stimulus, a stable banking system, mortgage payment freezes and relative confidence amongst buyers. As a result, pricing has remained stable, despite being in a recession,” she said.

“This is likely due to the strong momentum leading into the shutdowns, and because highly paid sectors haven’t seen widespread unemployment yet.

“Over the last 12 months, more suburbs have entered the million-dollar club than suburbs that have fallen out, but there are still some opportunities to get into a premium suburb for six figures.”

The realestate.com.au median house price data was captured between July 2019 and June 2020, and suburbs with less than 30 sales in this period were excluded.


Melbourne

In Melbourne, these 24 suburbs joined the million-dollar club in FY20, rising from six-figure median house prices in FY19:


"Melbourne has seen the biggest rise in suburbs joining the million-dollar club in Australia. At this stage, it’s too early to tell what impact Melbourne’s second lockdown will have on the market,” Ms Conisbee said.

The city has 119 suburbs with a median of $1m or above, which is up from 98 a year ago, according to realestate.com.au data.


New entries spanned the trendy inner-north pockets of Brunswick EastPrestonCoburg and Collingwood, and inner-west counterparts like KensingtonFlemington and Seddon.


Leafy eastern suburbs featured heavily in the list, including Blackburn North and SouthBurwood East and Mitcham, and bayside suburbs such as CheltenhamEdithvale and Mt Martha.


Box Hill South saw the biggest change in median price for the 12-month period, and Mark Read from Jellis Craig Boroondara said it was likely attributed to a rise in the new and renovated housing stock.

Box Hill