The number of million-dollar house sales in the Hunter has ballooned by 268 per cent in the past two years.
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An analysis of data from CoreLogic shows the number of million-dollar-plus residential property sales in many Hunter towns and suburbs went through the roof during the property boom.
The number of million-dollar house sales in Medowie leapt from just three in the 12 months to September 2020 to 61 in the year to September 2022.
It was a similar story across the region as low interest rates and pandemic-related stimulus payments pushed house prices to new heights.
Bolwarra Heights had one million-dollar transaction in the year to September 2020 and 25 this year.
Branxton had none two years ago and 23 this year. Kahibah also had none two years ago and 26 this year.
In two major new housing release areas on Newcastle's western fringe, Cameron Park (1 to 41) and Fletcher (1 to 35), million-dollar sales rocketed from two to 76 in two years.
Across the region, the number of seven-figure house sales included in the CoreLogic figures rose from 896 in the year to September 2020 to 3298 in the corresponding period this year.
The number of million-dollar apartment sales jumped from 120 to 272.
The statistics do not include house sales in suburbs with fewer than 20 transactions, including some exclusive areas such as Bar Beach, The Junction and The Hill.
Other areas with big increases in million-dollar sales included Anna Bay (3 to 28), Chisholm (2 to 26), Corlette (12 to 75), Lorn (1 to 24), Thornton (1 to 23), Belmont (10 to 39), Belmont North (1 to 27), Bonnells Bay (2 to 26), Charlestown (7 to 76), Mayfield (2 to 40), Stockton (11 to 51), Swansea (1 to 30) and Wallsend (2 to 24).
By contrast, seven-figure sales in the beachside suburb of Merewether grew only marginally from 110 in 2020 to 141 in 2022.
The Newcastle Herald reported on Wednesday that six Newcastle suburbs had dropped off the list of areas with median house values of $1 million or more and that price growth varied significantly across the Hunter.
Valentine and Merewether had double-digit percentage falls in median house prices in the year to November amid rising interest rates.
Other suburbs with significant declines in median values this year included Hamilton North (-9.4 per cent), Mayfield East (-8.8 per cent), Whitebridge (-8.5 per cent), Cooks Hill (-8.5 per cent), Merewether Heights (-7.8 per cent), Georgetown (-7.8 per cent), Boolaroo (-6.8 per cent), Garden Suburb (-6.8 per cent), Mayfield (-6.7 per cent) and Macquarie Hills (-6.3 per cent).
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Michael Parris
Michael Parris reports on politics for the Newcastle Herald. He started at the Herald in 1994 after working in the ABC Newcastle newsroom. Michael spent much of his career as a sub-editor before moving into political reporting in 2017. He was a finalist in the Sports Australia national media awards for his stories about a male-only tennis club in Newcastle. He has covered NSW and federal elections, state and federal budgets and local politics. He has also written extensively about the COVID-19 pandemic with a special focus on data analysis and the effects of lockdowns on the Hunter community.
Michael Parris reports on politics for the Newcastle Herald. He started at the Herald in 1994 after working in the ABC Newcastle newsroom. Michael spent much of his career as a sub-editor before moving into political reporting in 2017. He was a finalist in the Sports Australia national media awards for his stories about a male-only tennis club in Newcastle. He has covered NSW and federal elections, state and federal budgets and local politics. He has also written extensively about the COVID-19 pandemic with a special focus on data analysis and the effects of lockdowns on the Hunter community.
