More than 160 suburbs could join the million-dollar club in the next 12 months, according to research from PropTrack.
Senior data analyst Karen Dellow said across Australia 1438 suburbs were currently in the million-dollar club, with NSW recording the highest number of suburbs on the exclusive list at 672.
That makes up 46.7 per cent of Australia’s million-dollar suburbs.
“Queensland surpasses Victoria slightly, with 268 million-dollar suburbs compared to Victoria’s 246,” Ms Dellow said.
“The Northern Territory has only two suburbs in the million-dollar club, while Tasmania has seven.
“Currently, suburbs like Wollongong (NSW), Franklin (ACT), Geelong (VIC), Beaconsfield (WA), and Mount Gravatt (QLD) are on the million-dollar list.”
Ms Dellow said more than 160 suburbs could soon join the club, including 70 in NSW, 37 in Queensland, 23 in Victoria and 13 in South Australia.
“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,” she said.
In NSW, Lansvale, Jordan Springs, Elderslie, Gregory Hills and Fern Bay are projected to join the million-dollar club, and have current median sales prices of $943,000 or higher.
“There are 70 suburbs in NSW that could reach $1 million if their median house prices grow similarly,” Ms Dellow said.
“Of these, 57 per cent are in Greater Sydney, with the rest in regional NSW.
“Lansvale, Jordan Springs and Elderslie, need just a 6 per cent increase to hit the $1 million mark.”
In Victoria, Ringwood, Yallambie, Wandana Heights, Avondale Heights and Airport West are also projected to join the million-dollar club.
“Suburbs like Yallambie and Wandana Heights are close, needing only $58,000 and $60,000 respectively,” Ms Dellow said.
In Queensland, Birtinya, Eatons Hill, Moggill, Middle Park and Carseldine are favourites to join the club, with Birtinya showing the most promise, needing just $27,500 more to hit a median of $1 million.
“In South Australia, there are 13 suburbs that show promise of reaching $1 million in the next 12 months,” Ms Dellow said.
“Clapham only needs price growth of 5 per cent to reach the goal.”
Clapham currently has a median sale price of $961,000.
Magill, Torrensville, Daw Park and Kidman Park are also projected to join the million-dollar club in the next 12 months.
In WA, the top five suburbs projected to join the million-dollar club are Doubleview, Mindarie, Lathlain, Dunsborough and Serpentine.
In the ACT, the top five suburbs are Fisher, Macarthur, Weston, Holder and Duffy.
“There are 10 potential suburbs in the ACT that could make it into the million-dollar club by next year, with five in need of 6 per cent growth,” Ms Dellow said.
“Fisher is $56,000 away from the target and Macarthur needs just $59,000.”
There are seven suburbs in Tasmania that could hit $1 million in the next 12 months, with Mount Nelson and Kingston Beach having the highest potential, needing growth of 8 per cent.
Sandford, Rose Bay and Mount Stuart round out the top five for Tasmania.
“Although price growth has been more subdued compared to the pandemic period, further growth is expected through the rest of 2024 and into 2025,” Ms Dellow said.
“Time will tell which suburbs will join the $1 million club, but prospects look positive.”
