Revealed: The 92 suburbs that have fallen below the $1million mark as Australian property prices continue to crash
- In one year, 92 suburbs across Australia have fallen below the $1million median
- CoreLogic real estate data showed sharp falls beyond Sydney and Melbourne
- One suburb in Sydney's outer north plummeted by 19 per cent in just one year
- Big house price falls also occurred in Brisbane, the Gold Coast and Canberra
Australia's property price crash has worsened with median prices in 92 suburbs falling below the $1million mark - and it's not confined to Sydney and Melbourne.
At the end of January 2019, 649 suburbs had a median house or unit price in the seven figures, a dramatic fall from 741 a year earlier with areas of Brisbane, the Gold Coast and Canberra also suffering, real estate data group CoreLogic has revealed.
The house price slide is particularly pronounced in Sydney, with median prices in one outer northern suburb plummeting by 19 per cent in just one year.
Since peaking in July 2017, Sydney's median house values have dived by 13.7 per.
Australia's property price crash has worsened with median prices in 92 suburbs falling below the $1million mark - and it's not confined to Sydney and Melbourne.
House and unit median prices together have plunged by 12.3 per cent in less than 18 months.
This plummet in Australia's biggest city is even worse than the 9.6 per cent tumble that occurred between 1989 and 1991, during a period which started with 19 per cent interest rates and ended with a recession.
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The ANZ bank is expecting prices to plummet by 20 per cent from their peak in 2017, even though interest rates are at a record low of 1.5 per cent.
In the year to the end of January, Sydney's median house price plummeted by 10.9 per cent, as median values dropped to $902,786.
The house price slide is particularly pronounced in Sydney, with median prices the outer northern suburb of Mount Colah (pictured) plummeting by 19 per cent in just one year
That was mild compared to one suburb in Sydney's outer north where median house prices fell 19 per cent, with values in Mount Colah falling from $1.128million to $914,660.
At nearby Hornsby Heights, equivalent values fell by more than $100,000 from $1.137million to $934,672.
At Loftus, in the Sutherland Shire in Sydney's south, median house values fell by 17 per cent, diving from $1.052million to $874,224.
East Hills in Sydney's south-west also took a hit with median house prices falling 14 per cent from $1.048million to $900,822 in one year.
Apartment values in wealthier suburbs closer to the city also tumbled, with median values falling at Cammeray, on the lower north shore, from $1.074million to $968,000.
Equivalent unit values also fell in the eastern suburbs, with Bondi Junction values down from $1,103million to $977,548 as median prices in Coogee dropped from $1,112million to $993,335.
In Brisbane, equivalent values at Indooroopilly in the inner-west fell 5.5 per cent from $1.007million to $951,477.
Sydney wasn't the only city to suffer, with median house prices at Maribyrnong in Melbourne's west falling by 11 per cent from $1.066million to $950,190.
In Brisbane, equivalent values at Indooroopilly in the inner-west fell 5.5 per cent from $1.007million to $951,477, even though the Queensland capital's median house price rose 0.1 per cent during the year.
The Gold Coast was also affected with median house prices at Currumbin Valley falling 10 per cent from $1.005million to $900,276.
Canberra also suffered, with apartment values at Yarralumla diving 17 per cent from $1.001million to $831,873.
Median house values in another national capital suburb also fell, with values at Ainslie diving from $1.015million to $978,682.
Across Australia, the number of suburbs with median house prices of $1million or more fell from 669 to 602 in one year.
Meanwhile, the number of suburbs with median unit prices in the seven figures plunged from 72 to 47.
Canberra also suffered, with apartment values at Yarralumla (pictured) diving 17 per cent from $1.001million to $831,873
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