The number of Australian suburbs with an average house price of $1 million or more is expected to increase significantly in the coming year, according to a new analysis.
Currently, there are 857 million-dollar suburbs in Australia – four times the number in 2014 and 17.5 per cent more than last year. Ray White predicts that approximately 99 new suburbs will join this exclusive club over the next 12 months if current growth trends continue.
“Thirty of these will come from NSW, 24 from Queensland, and 18 from Victoria, which means Queensland has a very high probability of overtaking Victoria as the state with the second most count of million-dollar suburbs,” Ray White said.
New South Wales continues to lead the nation with 358 million-dollar suburbs, more than double any other state. Victoria holds second place with 176 suburbs, closely followed by Queensland with 174.
Queensland has experienced the most rapid growth in million-dollar suburbs over the past decade, increasing from just seven in 2014 to 174 in 2024, a 25-fold increase. The Australian Capital Territory has seen the second-highest growth rate, with its count of million-dollar suburbs rising from six to 70 over the same period.
Suburbs expected to break the $1 million mark in the coming year include Narara, Erskine Park, and Springwood in NSW; Albion, Broadmeadows, and Brooklyn in Victoria; and Keperra, Chermside West, and Salisbury in Queensland.
In Western Australia, Perth suburbs such as Kingsley, Mullaloo, and Greenwood are projected to join the million-dollar club. South Australian suburbs like Panorama, Hallett Cove, and Woodcroft are also expected to see significant property value increases.
The ACT is experiencing growth as well, with Dunlop, Ngunnawal, and Macgregor likely to exceed the $1 million threshold. In Tasmania, Hobart suburbs including Kingston, Claremont, and Geilston Bay are anticipating house prices climbing beyond $1 million.
This surge in million-dollar suburbs reflects the broader trend of rapidly increasing property values across Australia.
Despite economic challenges, the housing market continues to show resilience and growth, particularly in desirable suburban areas.
As more suburbs join the million-dollar club, questions arise about housing affordability and the long-term implications for Australia’s property market. The trend also highlights the growing disparity between different regions and the increasing concentration of wealth in certain areas.
Real estate experts suggest that factors such as location, infrastructure development, and lifestyle amenities will continue to drive property values in these emerging million-dollar suburbs.
However, they also caution that such rapid price growth may not be sustainable in the long term and could lead to market corrections in the future.
