Suburbs set to join the million-dollar club by 2025


Karen Dellow
Karen Dellow

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.

Sydney has the highest proportion of million-dollar suburbs. Image: Getty.

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.

Number of suburbs currently in the million-dollar club

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%
Source: PropTrack

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.

Geelong is already in the million-dollar club with a median of exactly $1 million. Image: Getty.

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.

Number of suburbs projected to join the million-dollar club in the next 12 months

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%
Source: PropTrack

 

New South Wales

There are 70 suburbs in NSW that could reach $1 million if their median house prices grow similarly.

Top 5 NSW suburbs projected to join the million-dollar club in the next 12 months

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
Source: PropTrack

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.

Victoria

In Ringwood, Victoria, the median house price needs to grow by 5% to reach $1 million.

Top 5 VIC suburbs projected to join the million-dollar club in the next 12 months

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
Source: PropTrack

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.

Queensland

Two-thirds of Queensland’s potential million-dollar suburbs are in the metro area.

Top 5 QLD suburbs projected to join the million-dollar club in the next 12 months

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
Source: PropTrack.

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.

South Australia

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.

Top 5 SA suburbs projected to join the million-dollar club in the next 12 months

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
Source: PropTrack.

Torrensville, Daw Park, and Kidman Park are just a 7% increase away from reaching $1 million.

Western Australia

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.

Top 5 WA suburbs projected to join the million-dollar club in 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
Source: PropTrack

Australian Capital Territory

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.

Top 5 ACT suburbs projected to join the million-dollar club in the next 12 months

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
Source: PropTrack.

Tasmania

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.

Top 5 TAS suburbs projected to join the million-dollar club in the next 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
Source: PropTrack

To see the full list of suburbs click here.

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.

Check out more PropTrack Insights.

Where home prices are forecast to increase most in the next year

Are people reselling homes they just bought due to financial stress?

Suburbs where competition between renters is the most fierce

 

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