In Brisbane, 41 suburbs that had previously had a median value above $1 million have since dropped below that level. It regional Queensland, another 21 towns or locations faced the same outcome.

Brisbane still had 74 markets above $1 million and the regions 55.

“One year and 12 interest rate rises later, membership to the million-dollar club has become more exclusive, with many of last year’s entrants now falling below the million-dollar market,” CoreLogic economist Kaytlin Ezzy said.

Big median value drops in the million-dollar suburbs were in places like Fairfield which fell 29 per cent per cent, Stafford Heights (-16.7 per cent), Virginia (-17 per cent), Seventeeen Mile Rocks (-17 per cent) and Northgate (-16 per cent).

Outside Brisbane, all the falls out of the $1 million club were on either the Sunshine or Gold coasts. Maroochydore and Tewantin suffered the biggest falls of 14 per cent fall to drop out of the $1 million club.

The biggest fall on the Gold Coast was at Carrara (-12 per cent).

“These regions have benefitted greatly through the Covid upswing, with flexible working arrangements, lifestyle benefits and relative affordability all which made them attractive options for buyers,” Ezzy said.

“However, the Covid surge in values also made these markets more sensitive to the rising cost of debt with many of the recently minted million dollar suburbs fall below the seven-figure mark.”

She said the falls might be disappointing for new buyers but many of the suburbs were still well above their pre-Covid values.

“The cash rate will have an impact on the performance of million-dollar suburbs. Historically, increases in the cash rate have put downward pressure on market values and many economists and banks have lifted their forecast for where rates might peak following June’s increase,” she said.

“It’s likely this will delay the return of some house and unit markets to the million-dollar club.”

Falling out of the $1m club

Murrarie -12%

Wellington Pt -10.8%

Wynnum -12%

Aspley -13.2%

Carseldine -11.3%

Everton Park -13%

McDowall -14.9%

Northgate -16%

Stafford -16.2%

Stafford heights -16.7%

Virginia -17%

Annerley -18.6%

Calamvale -3.6%

Carina -15.3%

Fairfield -28.9%

Kuraby -11.9%

Macgregor -10.8%

Mansfield – 14.8%

Moorooka -12%

Mt Gravatt -14.9%

Mt Gravatt East -15.7%

Parkinson -10.9%

Sunnybank Hills -9.1%

Upper Mt Gravatt -13.2%

Gaythorne -12.4%

Kenmore -15.7%

Mitchelton -15.8%

17 Mile Rocks -17.4%

Sinnamon Park -11.8%

The Gap -14.5%

Upper Kedron -10.9%

Mt Crosby -9.1%

Buccan -9.1%

North Maclean -7.2%

Elimbah -7.8%

Wamuran -9.1%

Albany Creek -13.4%

Dayboro -6.8%

Rest of Queensland

Arundel -9%

Ashmore -10.3%

Biggera Water -11%

Burleigh Heads -6%

Carrara -12.6%

Helensvale -7.6%

Mudgeeraba -11.8%

Parkwood -8.6%

Tamborine Mtn -8.5%

Willow Vale -8%

Aroona -12.5%

Battery Hill -10.7%

Birtinya -11.7%

Eudlo -11.6%

Forest Glen -11.7%

Golden Beach -9.2%

Maleny -15%

Maroochydore -14.7%

Montville -8%

Mountain Creek -8%

Noosaville -12.2%

Tewantin -14.3

Witta -6.3%