Despite fluctuations, the Australian property market remains one of the world's most resilient, with prices in most capital cities and regional areas currently at an all-time high.
The national median house price is now $785,000, however, in June 2024, 34% of suburbs had a median house price exceeding $1 million.
New South Wales leads with 672 million-dollar suburbs (47%), largely due to Sydney's median house price of over $1.4 million.
Queensland surpasses Victoria slightly, with 268 million-dollar suburbs compared to Victoria's 246.
The Northern Territory has only two suburbs in the million-dollar club, while Tasmania has seven.
| State | Million-dollar suburbs | Percentage |
| NSW | 672 | 46.7% |
| QLD | 268 | 18.6% |
| VIC | 246 | 17.1% |
| SA | 108 | 7.5% |
| WA | 90 | 6.3% |
| ACT | 45 | 3.1% |
| TAS | 7 | 0.5% |
| NT | 2 | 0.1% |
| Total | 1438 | 100% |
Currently, suburbs like Wollongong (NSW), Franklin (ACT), Geelong (VIC), Beaconsfield (WA), and Mount Gravatt (QLD) are on the million-dollar list.
Many suburbs have had median prices over a million dollars for years, such as Brighton East (VIC) with a median of $2.25 million and Surry Hills (NSW) with a median of $2.23 million.
With rising house prices, more suburbs will soon join this club.
Based on the past decade's average yearly median growth, up to 166 suburbs could reach $1 million in the next 12 months if this growth continues.
| State | Million-dollar suburbs | Percentage |
| NSW | 70 | 42% |
| QLD | 37 | 22% |
| VIC | 23 | 14% |
| SA | 13 | 8% |
| ACT | 10 | 6% |
| TAS | 7 | 4% |
| WA | 6 | 4% |
| Grand Total | 166 | 100% |
There are 70 suburbs in NSW that could reach $1 million if their median house prices grow similarly.
| Suburb | Avg 10-year growth | Current median sale price | Projected price in 2025 |
| Lansvale NSW 2166 | 6% | $950,000 | $1,006,169 |
| Jordan Springs NSW 2747 | 6% | $945,000 | $1,001,956 |
| Elderslie NSW 2570 | 6% | $950,000 | $1,007,670 |
| Gregory Hills NSW 2557 | 6% | $947,500 | $1,005,647 |
| Fern Bay NSW 2295 | 6% | $943,000 | $1,001,594 |
Of these, 57% are in Greater Sydney, with the rest in regional NSW.
Lansvale, Jordan Springs, and Elderslie need just a 6% increase to hit the $1 million mark.
In Ringwood, Victoria, the median house price needs to grow by 5% to reach $1 million.
| Suburb | Avg 10-year growth | Current median sale price | Projected price in 2025 |
| Ringwood VIC 3134 | 5% | $999,500 | $1,053,099 |
| Yallambie VIC 3085 | 6% | $963,500 | $1,021,852 |
| Wandana Heights VIC 3216 | 6% | $998,000 | $1,058,659 |
| Avondale Heights VIC 3034 | 6% | $960,000 | $1,018,431 |
| Airport West VIC 3042 | 6% | $960,000 | $1,021,081 |
Suburbs like Yallambie and Wandana Heights are close, needing only $58,000 and $60,000, respectively.
Two-thirds of these suburbs are in Greater Melbourne.
Two-thirds of Queensland’s potential million-dollar suburbs are in the metro area.
| Suburb | Avg 10-year growth | Current median sale price | Projected price in 2025 |
| Birtinya QLD 4575 | 5% | $972,500 | $1,023,333 |
| Eatons Hill QLD 4035 | 6% | $995,000 | $1,057,537 |
| Moggill QLD 4070 | 7% | $955,000 | $1,018,494 |
| Middle Park QLD 4074 | 7% | $960,000 | $1,024,021 |
| Carseldine QLD 4034 | 7% | $997,500 | $1,066,355 |
Birtinya on the Sunshine Coast shows the most promise, needing just $27,500 more to hit $1 million, with a current median of $972,500.
There are 13 suburbs that show promise of reaching $1 million in the next 12 months in South Australia.
Clapham only needs price growth of 5% to reach the goal.
| Suburb | Avg 10-year growth | Current median sale price | Projected price in 2025 |
| Clapham SA 5062 | 5% | $961,000 | $1,012,668 |
| Magill SA 5072 | 6% | $972,500 | $1,034,189 |
| Torrensville SA 5031 | 7% | $941,500 | $1,008,308 |
| Daw Park SA 5041 | 7% | $972,000 | $1,043,226 |
| Kidman Park SA 5025 | 7% | $985,000 | $1,057,612 |
Torrensville, Daw Park, and Kidman Park are just a 7% increase away from reaching $1 million.
Just 4% of suburbs were in Western Australia, totalling six with a good chance of reaching $1 million by 2025.
Doubleview is just 3% or $26,600 away from reaching $1 million and Mindarie and Lathlain need to grow by 4% over the next 12 months.
| Suburb | Avg 10-year growth | Current median sale price | Projected price in 2025 |
| Doubleview WA 6018 | 3% | $985,000 | $1,011,593 |
| Mindarie WA 6030 | 4% | $975,000 | $1,013,934 |
| Lathlain WA 6100 | 4% | $999,750 | $1,040,143 |
| Dunsborough WA 6281 | 5% | $972,500 | $1,021,058 |
| Serpentine WA 6125 | 6% | $975,000 | $1,036,968 |
There are 10 potential suburbs in ACT that could make it into the million-dollar club by next year, with five in need of 6% growth.
Fisher is $56,000 away from the target and Macarthur needs just $59,000.
| Suburb | Avg 10-year growth | Current median sale price | Projected price in 2025 |
| Fisher ACT 2611 | 6% | $955,000 | $1,011,212 |
| Macarthur ACT 2904 | 6% | $984,500 | $1,043,719 |
| Weston ACT 2611 | 6% | $966,000 | $1,027,224 |
| Holder ACT 2611 | 6% | $940,000 | $1,000,265 |
| Duffy ACT 2611 | 6% | $960,000 | $1,022,331 |
Seven suburbs in Tasmania could hit $1 million in the next 12 months, making up 4% of the potential suburbs.
Mount Nelson and Kingston beach have the highest potential to hit the target with growth of 8% needed over 12 months.
| Suburb | Avg 10-year growth | Current median sale price | Projected price in 2025 |
| Mount Nelson TAS 7007 | 8% | $937,500 | $1,009,249 |
| Kingston Beach TAS 7050 | 8% | $952,500 | $1,029,231 |
| Sandford TAS 7020 | 9% | $981,500 | $1,065,435 |
| Rose Bay TAS 7015 | 9% | $980,000 | $1,067,652 |
| Mount Stuart TAS 7000 | 9% | $987,500 | $1,079,081 |
Although price growth has been more subdued compared to the pandemic period, further growth is expected through the rest of 2024 and into 2025.
Time will tell which suburbs will join the $1 million club, but prospects look positive.
