Australia’s real estate market continues to defy high interest rates, with 171 suburbs joining the coveted million-dollar club in the past year. According to new data from PropTrack, these suburbs have seen their median house prices soar past the $1 million mark, reflecting sustained demand for housing across the country. Despite a slowdown in price growth due to economic factors, the national median house price still increased by 5.8% in the year to September 2024, highlighting the resilience of the housing market.
#89 Welsby Street, Brisbane
Brisbane Leads the Charge
Brisbane has emerged as the top performer, with more than 40 new suburbs crossing the million-dollar threshold. This surge is primarily driven by a housing shortage, fueled by an influx of people moving to the city and major infrastructure projects. The sharp rise in Brisbane’s house prices has pushed it ahead of both Melbourne and Canberra, making it Australia’s second most expensive capital city. The combination of limited housing supply and strong demand has propelled prices even higher. Many of the newly crowned million-dollar suburbs are in Brisbane’s middle ring, favored by families for its access to essential services and infrastructure.
Sydney’s Outer Suburbs on the Rise
Sydney had the second-highest number of new million-dollar suburbs, with 39 joining the ranks. Many of these suburbs are located in the city’s middle and outer rings, where affordability and investor interest have played key roles. Suburbs like Fairfield have seen strong growth, driven by property investors and overseas buyers seeking larger land sizes and solid rental returns. However, housing affordability remains a major concern for many buyers in these areas, even as they experience price growth.
Challenges of the Million-Dollar Milestone
While many homeowners in these newly affluent suburbs may welcome the price milestone, they also face a challenging reality. Limited housing availability makes it difficult for residents to upgrade within their communities, leaving some stuck in homes they’ve outgrown, unsure if they can find a better option without moving away.
Ultimately, joining the million-dollar club reflects both growth and prosperity but also highlights the broader issues in Australia’s housing market—particularly the persistent shortage of supply in key areas. As demand remains strong, more suburbs are likely to reach this milestone, but the affordability crisis continues to cast a shadow over the market.
Australia’s Highest Property Sales in 2024
As more suburbs breach the million-dollar mark, Australia also saw several record-breaking property sales in 2024, demonstrating the vast disparity in house prices across the country’s most desirable locations.
Sydney led the charge, with 142 Wolseley Road, Point Piper selling for a staggering $51.5 million in March 2024. Point Piper has long been recognised as a hub for luxury real estate, and this sale solidified Sydney’s place as the most expensive housing market in the country.
In regional New South Wales, Byron Bay’s reputation as a hotspot for celebrities and wealthy investors continues to grow, with 19 Brownell Drive selling for $17.125 million in March 2024.
#19 Brownell Drive, Byron Bay
In Melbourne, the highest sale of the year took place in the prestigious suburb of Toorak, where 14 St Georges Road fetched $40 million in February 2024. On the regional front, Torquay saw a remarkable sale, with a property at 82 The Esplanade selling for $7.9 million.
Brisbane’s New Farm suburb took the top spot with 89 Welsby Street selling for $18 million in April 2024. However, Queensland’s regional markets saw even more astonishing prices, with 43 Witta Circle in Noosa Heads selling for $30 million in May 2024.
#43 Witta Circle, Noosa Heads
Adelaide’s highest sale occurred at 16 Dutton Terrace, Medindie, for $8.3 million, while Perth followed with a notable sale in Mosman Park, where 177 Wellington Street sold for $25 million. Even Hobart and Canberra saw record-breaking sales, with 5 Ilfracombe Crescent in Sandy Bay selling for $4.4 million, and 6 Berbet Street in O’Malley, Canberra, fetching $9.4 million.
These staggering sales and the growing number of million-dollar suburbs highlight the continued appetite for prime real estate in Australia’s most desirable locations. While the housing market may be grappling with affordability issues, particularly for first-home buyers, the demand for luxury properties and investments in key regions remains as strong as ever.
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Australia’s new million-dollar suburbs
| Suburb | GCCSA area | Median house price | Annual change |
| Adamstown | Rest of NSW | $1,007,500 | 6% |
| Albany Creek | Greater Brisbane | $1,000,000 | 14% |
| Alfred Cove | Greater Perth | $1,275,000 | 39% |
| Allenby Gardens | Greater Adelaide | $1,005,000 | 18% |
| Appin | Greater Sydney | $1,100,000 | 14% |
| Aroona | Rest of Qld | $1,027,500 | 14% |
| Arundel | Rest of Qld | $1,030,000 | 14% |
| Ashmore | Rest of Qld | $1,080,000 | 16% |
| Aspley | Greater Brisbane | $1,050,000 | 17% |
| Attwood | Greater Melbourne | $1,030,000 | 13% |
| Banora Point | Rest of NSW | $1,080,000 | 16% |
| Bateau Bay | Greater Sydney | $1,075,000 | 10% |
| Beaconsfield | Greater Melbourne | $1,017,000 | 5% |
| Beaconsfield | Greater Perth | $1,050,000 | 19% |
| Bedfordale | Greater Perth | $1,130,000 | 19% |
| Belair | Greater Adelaide | $1,155,000 | 22% |
| Bermagui | Rest of NSW | $1,145,000 | 31% |
| Bilambil Heights | Rest of NSW | $1,045,000 | 16% |
| Blaxland | Greater Sydney | $1,100,000 | 12% |
| Bonnyrigg Heights | Greater Sydney | $1,200,000 | 22% |
| Bonville | Rest of NSW | $1,195,000 | 33% |
| Briar Hill | Greater Melbourne | $1,022,500 | 5% |
| Bull Creek | Greater Perth | $1,100,000 | 29% |
| Cabramatta West | Greater Sydney | $1,200,000 | 26% |
| Calamvale | Greater Brisbane | $1,200,001 | 25% |
| Canley Heights | Greater Sydney | $1,100,000 | 16% |
| Carina | Greater Brisbane | $1,130,000 | 17% |
| Carrara | Rest of Qld | $1,156,750 | 23% |
| Carseldine | Greater Brisbane | $1,045,000 | 12% |
| Casula | Greater Sydney | $1,125,000 | 14% |
| Chermside West | Greater Brisbane | $1,015,000 | 18% |
| Chester Hill | Greater Sydney | $1,200,000 | 22% |
| Claremont Meadows | Greater Sydney | $1,030,270 | 20% |
| Clarence Gardens | Greater Adelaide | $1,041,000 | 13% |
| Cleveland | Greater Brisbane | $1,032,500 | 8% |
| Cobbitty | Greater Sydney | $1,043,500 | 12% |
| Coburg North | Greater Melbourne | $1,007,500 | 12% |
| Coogee | Greater Perth | $1,168,500 | 23% |
| Cook | Greater Canberra | $1,007,000 | 13% |
| Cooroy | Rest of Qld | $1,010,000 | 10% |
| Cornubia | Greater Brisbane | $1,045,000 | 15% |
| Darlington | Greater Perth | $1,006,250 | 18% |
| Daw Park | Greater Adelaide | $1,085,000 | 33% |
| Diamond Creek | Greater Melbourne | $1,068,000 | 12% |
| Dora Creek | Rest of NSW | $1,000,000 | 12% |
| Doubleview | Greater Perth | $1,070,000 | 20% |
| Drewvale | Greater Brisbane | $1,090,000 | 17% |
| Duncraig | Greater Perth | $1,125,000 | 18% |
| Dundowran Beach | Rest of Qld | $1,150,000 | 20% |
| Dunsborough | Rest of WA | $1,055,000 | 21% |
| Eatons Hill | Greater Brisbane | $1,045,000 | 15% |
| Elderslie | Greater Sydney | $1,000,000 | 2% |
| Empire Bay | Greater Sydney | $1,427,500 | 58% |
| Emu Heights | Greater Sydney | $1,022,500 | 11% |
| Erskine Park | Greater Sydney | $1,087,500 | 12% |
| Everton Park | Greater Brisbane | $1,020,000 | 10% |
| Fairfield | Greater Brisbane | $1,100,000 | 14% |
| Fairfield | Greater Sydney | $1,100,000 | 22% |
| Fairfield West | Greater Sydney | $1,092,500 | 17% |
| Felixstow | Greater Adelaide | $1,014,000 | 12% |
| Ferny Grove | Greater Brisbane | $1,015,000 | 15% |
| Figtree | Rest of NSW | $1,095,000 | 12% |
| Fulham Gardens | Greater Adelaide | $1,120,000 | 14% |
| Geebung | Greater Brisbane | $1,000,000 | 20% |
| Gilston | Rest of Qld | $1,189,000 | 21% |
| Glandore | Greater Adelaide | $1,132,000 | 15% |
| Glenelg North | Greater Adelaide | $1,275,000 | 28% |
| Glenfield | Greater Sydney | $1,023,500 | 9% |
| Golden Beach | Rest of Qld | $1,112,500 | 13% |
| Googong | Rest of NSW | $1,050,000 | 12% |
| Gooseberry Hill | Greater Perth | $1,050,000 | 12% |
| Green Valley | Greater Sydney | $1,050,000 | 17% |
| Greensborough | Greater Melbourne | $1,040,000 | 8% |
| Guildford West | Greater Sydney | $1,121,000 | 15% |
| Hammondville | Greater Sydney | $1,168,750 | 24% |
| Hinchinbrook | Greater Sydney | $1,022,500 | 8% |
| Horningsea Park | Greater Sydney | $1,020,000 | 6% |
| Inglewood | Greater Perth | $1,200,000 | 24% |
| Jacobs Well | Rest of Qld | $1,060,000 | 11% |
| Jandakot | Greater Perth | $1,025,000 | 35% |
| Kallaroo | Greater Perth | $1,250,000 | 34% |
| Karalee | Greater Brisbane | $1,000,000 | 7% |
| Keilor East | Greater Melbourne | $1,007,500 | 4% |
| Kings Park | Greater Sydney | $1,175,000 | 22% |
| Kuraby | Greater Brisbane | $1,215,000 | 28% |
| Labrador | Rest of Qld | $1,076,000 | 25% |
| Lambton | Rest of NSW | $1,100,000 | 14% |
| Lansvale | Greater Sydney | $1,000,000 | 8% |
| Lathlain | Greater Perth | $1,000,000 | 5% |
| Leeming | Greater Perth | $1,050,000 | 24% |
| Leura | Greater Sydney | $1,140,000 | 15% |
| Little Mountain | Rest of Qld | $1,040,000 | 19% |
| Liverpool | Greater Sydney | $1,001,000 | 9% |
| Lorn | Rest of NSW | $1,015,000 | 6% |
| Lota | Greater Brisbane | $1,052,500 | 14% |
| Macgregor | Greater Brisbane | $1,310,000 | 35% |
| Magill | Greater Adelaide | $1,050,000 | 17% |
| Manly West | Greater Brisbane | $1,110,000 | 22% |
| Marayong | Greater Sydney | $1,000,000 | 14% |
| Marden | Greater Adelaide | $1,050,000 | 20% |
| Maroochydore | Rest of Qld | $1,070,000 | 10% |
| Maudsland | Rest of Qld | $1,060,000 | 17% |
| McDowall | Greater Brisbane | $1,127,500 | 15% |
| Middle Park | Greater Brisbane | $1,080,000 | 19% |
| Milton | Rest of NSW | $1,077,500 | 17% |
| Minchinbury | Greater Sydney | $1,074,000 | 17% |
| Mindarie | Greater Perth | $1,082,500 | 23% |
| Mitchelton | Greater Brisbane | $1,106,000 | 19% |
| Molendinar | Rest of Qld | $1,090,000 | 20% |
| Mooloolah Valley | Rest of Qld | $1,000,000 | 8% |
| Moorooka | Greater Brisbane | $1,062,500 | 16% |
| Mount Riverview | Greater Sydney | $1,000,000 | 5% |
| Mountain Creek | Rest of Qld | $1,002,500 | 8% |
| Mullaloo | Greater Perth | $1,150,000 | 26% |
| Mundoolun | Greater Brisbane | $1,075,000 | 14% |
| Munruben | Greater Brisbane | $1,046,000 | 12% |
| Murarrie | Greater Brisbane | $1,100,000 | 12% |
| Nelson Bay | Rest of NSW | $1,075,000 | 16% |
| North Richmond | Greater Sydney | $1,052,500 | 11% |
| Northgate | Greater Brisbane | $1,205,000 | 32% |
| Novar Gardens | Greater Adelaide | $1,017,500 | 5% |
| Nudgee | Greater Brisbane | $1,085,000 | 23% |
| Ocean Reef | Greater Perth | $1,190,000 | 24% |
| Ourimbah | Greater Sydney | $1,075,000 | 29% |
| Palmyra | Greater Perth | $1,010,000 | 36% |
| Parkinson | Greater Brisbane | $1,150,000 | 21% |
| Parkwood | Rest of Qld | $1,100,000 | 16% |
| Perth | Greater Perth | $1,130,000 | 25% |
| Pomona | Rest of Qld | $1,045,000 | 8% |
| Prestons | Greater Sydney | $1,100,000 | 15% |
| Prospect | Greater Adelaide | $1,152,500 | 25% |
| Prospect | Greater Sydney | $1,150,000 | 18% |
| Ringwood | Greater Melbourne | $1,000,000 | 1% |
| Riverstone | Greater Sydney | $1,026,000 | 12% |
| Riverton | Greater Perth | $1,040,000 | 33% |
| Salisbury | Greater Brisbane | $1,090,000 | 23% |
| Sandgate | Greater Brisbane | $1,260,000 | 30% |
| Scarborough | Greater Perth | $1,162,500 | 22% |
| Seacliff Park | Greater Adelaide | $1,015,000 | 28% |
| Seven Hills | Greater Sydney | $1,100,000 | 13% |
| Seventeen Mile Rocks | Greater Brisbane | $1,125,000 | 32% |
| Shailer Park | Greater Brisbane | $1,002,500 | 20% |
| Shoalhaven Heads | Rest of NSW | $1,100,000 | 12% |
| Smithfield | Greater Sydney | $1,150,000 | 19% |
| South Brighton | Greater Adelaide | $1,330,000 | 50% |
| Southport | Rest of Qld | $1,034,000 | 15% |
| Stafford | Greater Brisbane | $1,070,000 | 20% |
| Stafford Heights | Greater Brisbane | $1,100,000 | 21% |
| Stirling | Greater Perth | $1,200,000 | 30% |
| Sunnybank Hills | Greater Brisbane | $1,140,944 | 19% |
| Swansea | Rest of NSW | $1,000,000 | 11% |
| Tamborine Mountain | Rest of Qld | $1,040,000 | 9% |
| Tewantin | Rest of Qld | $1,100,000 | 16% |
| The Entrance | Greater Sydney | $1,025,000 | 14% |
| Thorneside | Greater Brisbane | $1,035,000 | 26% |
| Tingalpa | Greater Brisbane | $1,016,000 | 26% |
| Tranmere | Greater Adelaide | $1,135,000 | 23% |
| Tweed Heads West | Rest of NSW | $1,040,000 | 22% |
| Umina Beach | Greater Sydney | $1,100,000 | 10% |
| Upper Mount Gravatt | Greater Brisbane | $1,048,000 | 16% |
| Varsity Lakes | Rest of Qld | $1,150,000 | 21% |
| Virginia | Greater Brisbane | $1,210,000 | 42% |
| Wellington Point | Greater Brisbane | $1,150,000 | 18% |
| West Croydon | Greater Adelaide | $1,000,250 | 8% |
| West Lakes | Greater Adelaide | $1,180,000 | 37% |
| West Lakes Shore | Greater Adelaide | $1,145,000 | 19% |
| White Gum Valley | Greater Perth | $1,270,000 | 37% |
| Willetton | Greater Perth | $1,150,000 | 27% |
| Wilton | Greater Sydney | $1,150,000 | 25% |
| Woodend | Rest of Vic. | $1,015,000 | 4% |
| Wynnum | Greater Brisbane | $1,200,000 | 23% |
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced, or republished without prior written consent. Content developed in partnership with IFPA.
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