The Chief Economist at realestate.com.au, Nerida Conisbee, has remarked that the premium property market has been one of the most stable property markets during the COVID-19 pandemic.

This comment followed the release of data which revealed that Australia has 46 new million-dollar suburbs, despite the pandemic and associated recession. And only ten formerly million-dollar suburbs dropped out of the listing; a net gain of 36 suburbs in the list.

In Melbourne, there are 24 suburbs with median house prices above seven figures, while Sydney has fifteen and Brisbane has seven.

Ms Conisbee attributes this stability to a few factors: high levels of stimulus, stable bans, mortgage payment freezes, and the fact that highly-paid sectors haven’t seen widespread unem
ployment.

While Melbourne has seen the largest rise in suburbs joining the million-dollar club, Ms Conisbee believes that it is too early to tell what impact Melbourne’s second wave of lockdowns will have on the market.

But when looking at the growth that we’ve seen over the last financial year, despite obvious challenges, it is likely that the premium property market will remain resilient.