Canberra's "million-dollar club" is getting more exclusive, as the median house value in 15 suburbs fell below $1 million in May. Of the 86 ACT suburbs analysed by property data firm CoreLogic, there were 39 suburbs with a median house value of more than $1 million in May. No suburbs in Canberra had a unit value median of more than $1 million. This time last year, a record number of suburbs across Australia were named in CoreLogic 's Million Dollar Market report. But 12 cash rate rises and the recent property value downturn had resulted in a decline in the number of seven-figure markets, the report found. National home values fell 9.1 per cent in the 10 months between April 2022 and February 2023, CoreLogic's latest home value index found. As of May, 988 out of the 4436 national house and unit markets analysed had a median value of $1 million or more, down from 1243, or 28 per cent, the same time last year. Of the 15 Canberra suburbs that fell below the $1 million median, Kaleen in the Belconnen region recorded the biggest decline in values over the 12 months to May 2023. The median house value in Kaleen fell from $1.13 million to $951,572, a decline of 15.8 per cent. Amaroo, in the Gungahlin region, recorded a 14.2 per cent decline in the median house value from $1.15 million to $990,381. There was a 13.8 per cent decline in Fraser, a suburb of the Belconnen region, from $1.07 million to $920,754. View the full list of suburbs in the table below. CoreLogic economist Kaytlin Ezzy said while homeowners might be disappointed by the data, it wasn't all bad news. "Despite the decline in the number of million-dollar markets across Australia, the portion of properties selling for $1 million or more has actually held fairly steady over the year to March at almost one in four properties, suggesting high-end buyers are still active in the market," she said. But future cash rate changes would have an impact on million-dollar suburbs, Ms Ezzy said. "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." The numbers, however, may come as good news for buyers with a six-figure budget. A three-bedroom house in Flynn - where the suburb median fell to $937,236 in May - recently sold for well under seven figures. The home, 18 Vogelsang Place, sold for $815,000 after "really good demand" from buyers, the selling agent said. Catherine Halloran of Upside Realty ACT said the majority of interest in the house was from young families. "Flynn and anywhere around that Mount Rogers area tends to be really popular because they're good value homes, good size blocks," she said. MORE PROPERTY NEWS: Ms Halloran said there was currently more competition for three-bedroom homes compared to four-bedroom properties, which she said may explain a decline in the median value. She said there was strong demand among first home buyers at the $700,000 to $750,000 range, but less so for homes between $800,000 and $1.1 million. "It's around that median price point that we're probably seeing things soften a bit, which is really helping those that are sizing up to their next property - the second home buyers - which with all the interest rate [rises] is probably a huge relief," Ms Halloran said. Elsewhere, a four-bedroom house at 5 Yantara Street, Amaroo sold for $905,000 in May. A three-bedroom house in Kaleen recently scraped in under the $1 million mark, selling for $959,000. The house at 3 Darby Street sits on a 820-square-metre block. For those in the market to buy now, a four-bedroom home is currently for sale in Duffy just under the suburb median of $935,960. The home at 8 Rocklands Street is currently listed as accepting offers of more than $900,000. We've made it a whole lot easier for you to have your say. Our new comment platform requires only one log-in to access articles and to join the discussion on The Canberra Times website. Find out how to register so you can enjoy civil, friendly and engaging discussions. See our moderation policy here.