Ray White Group’s data analysis reveals Australia now has 923 suburbs with a geometric mean house price of at least $1 million, with projections indicating this exclusive club will exceed 1,000 members within the next 12 months.
“Perth emerges as the star of Australia’s housing boom, contributing an outsized 22 of the 78 new million-dollar suburbs,” Ray White Group Senior Data Analyst, Atom Go Tian said.
“This remarkable showing reflects the city’s position as having the strongest house price growth over the past three years, with suburbs showing annual growth rates between 11-14 per cent.”
Mr Go Tian said that Perth’s growth pattern demonstrates a clear outward expansion from the city centre.
“All of the city’s inner suburbs now sit above $1 million, pushing growth into previously more affordable areas,” he said.
“Roleystone is the most likely candidate to cross the threshold, with current prices at $992,000 and 13 per cent annual growth pointing towards $1.12 million within 12 months.”
Several other Perth suburbs are tracking towards even higher price points, including Bayswater-Embleton-Bedford ($967,000), Padbury ($969,000), and Tuart Hill-Joondanna ($958,000), all positioned to exceed $1.08 million within a year.
Brisbane is also experiencing a significant surge that could reshape Australia’s property hierarchy, with 17 new suburbs expected to join the million-dollar club.
“Brisbane’s growth is the antithesis to Melbourne’s stagnation,” Mr Go Tian said.
“The Queensland capital is experiencing sustained 8-9 per cent annual growth, with 17 new suburbs expected to cross the million-dollar threshold, a surge that will likely see Brisbane tie with Melbourne for second place by next year.”
Like Perth, Brisbane’s growth is spreading beyond traditional premium areas.
Eagle Farm-Pinkenba leads at $978,000 with 9.9 per cent growth, while the expansion spans from Algester in the south ($991,000) to Karana Downs in Ipswich ($983,000).
Melbourne, despite currently holding second place nationally for million-dollar suburbs, has seen muted growth over the past three years, resulting in no new additions to the exclusive ranks.
Sydney continues to dominate Australia’s premium property landscape but is running out of affordable options as prices climb across the metropolitan area.
“Sydney’s 14 new suburbs tell the story of Australia’s most expensive housing market running out of affordable options,” Mr Go Tian said.
“With the city’s geometric mean house price already at $1.6 million, the new million-dollar suburbs represent the final pockets of relative affordability, mostly clustered in outer growth areas like Currans Hill in Camden ($995,000) and Hassall Grove-Plumpton in Blacktown ($989,000).”
Even these “affordable” areas are tracking towards $1.02-1.04 million, reflecting Sydney’s persistent upward price pressure.
Adelaide is contributing 11 new million-dollar suburbs, showing a pattern of expansion from the already-expensive Central and Hills region. Bellevue Heights ($997,000), Willunga ($998,000), and Coromandel Valley ($981,000) are all showing steady 7-8 per cent growth rates.
Regional areas are also making a strong showing in the million-dollar property market, particularly in Queensland’s growth corridors.
“Regional Queensland is the most popular regional area, buoyed by the presence of the Gold Coast and Sunshine Coast,” Mr Go Tian said.
Meridan Plains on the Sunshine Coast ($994,000), Middle Ridge in Toowoomba ($977,000), and Coomera on the Gold Coast ($959,000) are all approaching the million-dollar mark.
Western Australia’s premium coastal areas are also performing strongly, with Margaret River ($951,000) showing significant growth.
“Gelorup-Stratham in Bunbury stands out with current prices at $953,000 and 12 per cent growth, demonstrating that Perth’s housing boom extends well beyond the metropolitan area,” Mr Go Tian said.
