Nearly 200 newly minted million-dollar suburbs have dropped off the rich list since interest rates started rising in May, data from CoreLogic shows.
In Sydney, houses in South Granville, Quakers Hill, Riverstone, Toongabbie and Picton are among those that are now worth less than $1 million on average, according to CoreLogic.Houses in Birrong, Camden South and Narellan Vale are also now fetching below $1 million after prices dropped by 10 per cent, 5.8 per cent and 6.6 per cent respectively in the past six months.
Blackwall house prices plummeted by 15 per cent to $974,843, Kincumber dropped by 14.8 per cent to 952,196 and prices were down by 13.2 per cent to $976,727 in Warnervale. Since May, prices in Broadmeadow dropped by 7.8 per cent, Carrington by 8.2 per cent, Hamilton by 7.5 per cent, Maryville by 6.1 per cent, New Lambton by 8 per cent and New Lambton Heights by 11.1 per cent.In Melbourne, the bulk of the suburbs leaving the million-dollar club were located in the outer east, northeast and southeast.
Benowa, Helensvale, Mudgeeraba and Tugun on the Gold Coast have also fallen out of the rich list, as have Mount Coolum, Peregian Springs and Pomona on the Sunshine Coast.