Million Dollar Markets

The steady growth in Australian property values in recent years means one in three suburbs now has a median value higher than $1 million.

The number of suburbs with $1 million plus medians has grown by 143% in the past five years, according to analysis by Cotality and is now common outside of prestige property markets.

The data shows 1652 markets had a median value at or above the $1 million mark, compared to 1468 at the same time last year.

Brisbane experienced the biggest growth in million-dollar median suburbs in the past 12 months, with 38 additional suburbs added to the list.

New South Wales still has the highest number of suburbs with $1milion medians, 771, followed by Queensland with 346, Victoria with 218, Western Australia with 141, ACT with 56, South Australia with 116 and Hobart with 4.

According to Cotality, properties with a seven-figure price tag made up 30.8% of sales in the year to September 2025, more than double the level at the same time five years ago.

Cotality economist Kaytlin Ezzy says a $1 million price tag is becoming more common as rising values push more Australian suburbs into the seven-figure club.

“Five years ago, just 14% of Australian suburbs were members of the million-dollar club, with the majority concentrated in Sydney’s prestigious Northern Beaches, Eastern Suburbs, and North Sydney and Hornsby regions,” she says.

“Today, 41.9% of house and 13.5% of unit suburbs nationally claim a spot on the once prestigious million-dollar list, with seven-figure price tags becoming more commonplace.”