A home owner in one of Australia’s biggest cities needs to be living in a $1.2million house or apartment to be considered rich.
A high-tier property is in the top 25 per cent bracket when it comes to prices.
Across Australia’s capital cities, a home worth more than $1.2million sits in the top quartile.
Values for upmarket metropolitan real estate climbed by 4.1 per cent in the three months to February 2021 as record-low interest rates saw property prices hit record highs in most parts of Australia, CoreLogic has revealed.
A home owner in one of Australia’s biggest cities needs to be living in a $1.2million house or apartment to be considered rich. Melbourne’s top-tier dwelling price (Glen Waverley house, pictured) is slightly higher at $1.251million, with values for expensive homes rising by 4 per cent in just three months
Melbourne’s top-tier dwelling price is slightly higher at $1.251million, with values for expensive homes rising by 4 per cent in just three months.
But to be rich in Sydney, a home owner needs to live in a house or apartment worth at least $1.716million, with prestige values there surging by 4.5 per cent since early December.
Canberra’s elite price is also in the seven figures with top-tier prices rising by 4.5 per cent to $1.004million.
The pressure to be among esteemed company is a little less intense in Brisbane with elite-level prices climbing by 3.9 per cent to $834,350 in the three months to February.
Perth, the home of billionaire mining and media tycoons, is not far behind with $803,876 considered expensive as trendy prices rose by 4.4 per cent during the quarter.
Being fashionable in Hobart is almost as hard with top-tier prices increasing by 4.4 per cent to $783,128.
Adelaide was a little less elusive, with $724,018 considered rich, as prices in this category edged up by a more modest 2.8 per cent.
Darwin had the lowest exclusive club barrier of $612,574 but in just three months, prices in the top quartile rose 6.6 per cent.
But to be rich in Sydney, a home owner needs to live in a house or apartment worth at least $1.716million, with prestige values there surging by 4.5 per cent since early December. Pictured is a Beecroft house on the market for $1.695million
Being fashionable in Hobart is almost as hard with top-tier prices rising by 4.4 per cent to $783,128. Pictured is a house at Rose Bay on the market for $745,000
Yet in Sydney, a house or apartment worth $603,582 or less would be in the bottom 25 per cent of the property market.
Values for budget real estate rose by a much more modest 2.4 per cent in three months.
In Melbourne, living in a $507,412 home makes someone poor, with prices over three months at the bottom end of the market rising by just 2.6 per cent.
In the other state capitals, the cheapest segment of real estate was under $400,000 ranging from $319,916 in Adelaide, $333,567 in Perth, $344,211 in Brisbane and $377,990 in Hobart.
In the territories, the cheapest properties were typically worth $257,808 in Darwin and $469,182 in Canberra.
Eliza Owen, CoreLogic’s head of research in Australia, said the March discontinuation of $15,000 HomeBuilder subsidies was likely to diminish first-home buyer activity and see prestigious property prices rise at a steeper pace in 2021.
‘What is being observed across the market at the moment is that periods of upswing deliver higher returns across the more expensive segment of the property market,’ she said.
‘Similarly, the low end of the housing market may appear subdued while the rest of the market is booming, but holds its value relatively well during downturns.’
Darwin had the lowest exclusive club barrier of $612,574 but in just three months, prices in the top quartile rose 6.6 per cent. Pictured is a Stuart Park house for $650,000