The housing downturn has scrubbed six Newcastle suburbs from the million-dollar club over the past year.
Figures from property analysts CoreLogic show the median prices in Adamstown, Adamstown Heights, New Lambton, New Lambton Heights, Wickham and Carrington dropped back below $1 million in the 12 months to November.
The median price fell 7.1 per cent in New Lambton, 5.7 per cent in Adamstown and 6 per cent in Carrington. Adamstown Heights values dropped 1.8 per cent to a median of $999,999.
Coal Point was the only suburb to join the million-dollar club in that period in the Newcastle and Lake Macquarie council areas, jumping 3 per cent to a median of $1.008 million.
The number of Hunter suburbs CoreLogic listed with a seven-figure median fell from 23 to 19, though some expensive areas such as Bar Beach and The Hill did not meet the analysts' criteria due to low sales volumes.
Two suburbs, Merewether and Valentine, experienced double-digit median price falls over the year but retained their status in the exclusive property club.
Merewether's median dropped 10 per cent to $1.699 million and Valentine's fell 11 per cent to $1.09 million.
The CoreLogic figures reveal a huge difference in price growth across the region over the past five years.
Most of the suburbs with the highest five-year growth are in the more affordable areas of the coalfields, including Telarah (78.7 per cent), Kurri Kurri (66.6 per cent), Bellbird (66.1 per cent) and Weston (65.6 per cent), all of which have a median value at or below $600,000.
Other areas with new subdivisions also experienced strong median price rises since 2017, including table-topping Lochinvar at 89.9 per cent and North Rothbury at 67.4 per cent.
At the other end of the scale, the median price in historic Cooks Hill rose just 6.5 per cent in five years to $1.49 million after suffering an 8.5 per cent fall in the year to November.
The median price in another older inner suburb, Carrington, increased only 19.3 per cent in five years.
The median in all top-10 suburbs for five-year growth increased in the 12 months to November, while the median in all bottom-10 suburbs fell sharply.
Newcastle agent Ryan Houston predicted price growth would continue to stall in 2023 as investors sold off rental properties in the face of rising interest rates.
"I think we'll have a sudden surge of supply come to the market, and it could be a really good opportunity for cashed-up buyers to buy properties at a good price," he said.
"I think it's going to be normal to see one, two buyers at an open home."
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