First-home buyers and those on a tight budget face slim chances of finding a house for less than $1 million across more than 500 suburbs in Australia, according to the most recent data.
There were 513 suburbs where 90% or more of house sales in the past 12 months exceeded $1 million In July 2024.
For most buyers trying to get on the property ladder, a house costing $1 million is out of their price range and therefore these suburbs are out of reach for budget-conscious and first-home buyers.
Five years ago, there were merely 159 suburbs where the majority of house sales were over $1 million. This number has now tripled.
There were six suburbs on the list where exactly 10% of house sales came in under a million in the past 12 months, with West End and Newmarket, in Brisbane, taking the top 2 spots.
| Suburb | Region | Property Type | 10th percentile price |
| West End | Greater Brisbane | House | $1,000,000 |
| Newmarket | Greater Brisbane | House | $1,000,000 |
| South Fremantle | Greater Perth | House | $1,000,000 |
| Greystanes | Greater Sydney | House | $1,000,000 |
| Kensington Park | Greater Adelaide | House | $1,000,000 |
| Colebee | Greater Sydney | House | $1,000,000 |
| Chelmer | Greater Brisbane | House | $1,000,400 |
| North Warrandyte | Greater Melbourne | House | $1,002,000 |
| Helensburgh | Rest of NSW | House | $1,003,000 |
Unsurprisingly, the majority (52%) of these million-dollar suburbs are in Sydney. However, back in 2019, Sydney had only 128 such suburbs compared to 269 today.
In Greystanes in Sydney, buyers have the highest chance of finding a house under $1 million of all the priciest suburbs in this city, with exactly 10% of sales below this threshold.
In Melbourne, 91 suburbs fall into this unaffordable category, with the best chances of finding a property under $1 million in North Warrandyte, Essendon, or Highett.
Five years ago, only 25 Melbourne suburbs had 90% or more of sales over $1 million; now, that number has nearly quadrupled.
Outside Sydney and Melbourne, many expensive suburbs were found in other cities and regional areas.
Brisbane now has 37 suburbs where 90% or more sales were over $1 million, including Bulimba, Coorparoo, and Hamilton.
The regional area with the highest number of pricey suburbs is regional Queensland, all on the Gold Coast and Sunshine Coast, with 28 suburbs each.
However, some suburbs offer very few, or even zero houses in this price range.
In Bellevue Hill, 90% of sales in the past 12 months were over $5 million, making it highly unlikely that the remaining 10% of sales were less than $1 million.
| Suburb | Region | Property Type | 10th percentile price |
| Bellevue Hill | Greater Sydney | House | $5,376,000 |
| North Bondi | Greater Sydney | House | $3,680,000 |
| Bronte | Greater Sydney | House | $3,600,000 |
| Dover Heights | Greater Sydney | House | $3,500,000 |
| Castlecrag | Greater Sydney | House | $3,500,000 |
| Vaucluse | Greater Sydney | House | $3,471,000 |
| Clovelly | Greater Sydney | House | $3,231,000 |
| Bondi Beach | Greater Sydney | House | $3,193,000 |
| East Killara | Greater Sydney | House | $3,112,000 |
| Rose Bay | Greater Sydney | House | $3,110,000 |
The median house price here was $9.75 million in July, making Bellevue Hill the most expensive suburb in Australia and the least likely place to find a house for less than a million dollars.
| Regions | Count of suburbs | Proportion of suburbs |
| Greater Sydney | 269 | 52.4% |
| Greater Melbourne | 91 | 17.7% |
| Greater Brisbane | 37 | 7.2% |
| Rest of Qld | 28 | 5.5% |
| Greater Perth | 27 | 5.3% |
| Greater Adelaide | 25 | 4.9% |
| Rest of NSW | 24 | 4.7% |
| Australian Capital Territory | 10 | 1.9% |
| Rest of Vic. | 2 | 0.4% |
The most feasible way to afford living in one of these suburbs is by purchasing a unit rather than a house, as only a few suburbs have the majority of units costing more than $1 million. However, there are some exceptions.
Currently, six suburbs have 90% or more of unit sales over $1 million in the past 12 months. However, there are more but many suburbs lack sufficient sales data to be included.
Buyers will be contending for the limited units available for less than $1 million in Double Bay, Clovelly, and Darling Point.
| Suburb | Region | Property Type | 10th percentile price |
| Waverton | Greater Sydney | Unit | $1,044,900 |
| Double Bay | Greater Sydney | Unit | $1,049,500 |
| Cherrybrook | Greater Sydney | Unit | $1,144,300 |
| Warriewood | Greater Sydney | Unit | $1,150,000 |
| Clovelly | Greater Sydney | Unit | $1,302,000 |
| Darling Point | Greater Sydney | Unit | $1,312,500 |
Even for those who grew up in these suburbs and wish to purchase a house there, the reality is that unless one has a budget of $1 million or more, considerations will have to be made towards units or moving further afield where houses are cheaper.
Given the rapid increase in the number of pricey suburbs, it's fair to predict that the list will continue to grow in the coming years, making it even harder for first-home buyers to get onto the property ladder in the suburbs they've always lived in.
