Australia's million dollar markets double since the pandemic
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2024 has been a more divided year for our property markets, but zoom out a few years and it's clear that there has been remarkable growth across the country.
In fact, the number of suburbs with a median price tag of $1 million or above has more than doubled from 14.3 per cent at the onset of Covid in 2020 to 29.3 per cent in August 2024 according to CoreLogic's latest report.
Over the past year alone, 218 markets around Australia have joined the coveted million-dollar club. Here are some of the highlights.
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Sydney and New South Wales
Compared to recent years, property price growth has been broadly slower for Sydney in 2024 as high interest rates and worsening affordability have kept another boom at bay.
Even so, there have been plenty of markets that have continued to prosper. Over the past 12 months, 37 Sydney suburbs have seen their median price tick over to seven digits.
Sydney suburbs joining the million-dollar club
| Suburb | Region | Property type | Median value (Aug '24) | Annual growth |
|---|---|---|---|---|
| Blacktown | Blacktown | Houses | $1,033,376 | 9.2% |
| Minchinbury | Blacktown | Houses | $1,063,671 | 12.7% |
| Surry Hills | Inner City | Units | $1,011,325 | 5.2% |
| Menangle Park | Outer South West | Houses | $1,130,327 | 18.8% |
| Claymore | Outer South West | Houses | $1,007,839 | 13.6% |
| Emu Heights | Outer West & Blue Mountains | Houses | $1,009,072 | 6.6% |
| Fairfield East | Parramatta | Houses | $1,046,844 | 10.8% |
| Liverpool | South West | Houses | $1,019,984 | 11.6% |
| Bonnyrigg | South West | Houses | $1,037,702 | 18.3% |
| Menai | Sutherland | Units | $1,067,586 | 8.3% |
Aside from units in the CBD-adjacent Surry Hills, most of the newly-joining suburbs were further from the already highly-priced city centre as growth continues to ripple outwards.
Menangle Park, Blacktown and Liverpool were among the suburbs gaining well in excess of Sydney's overall median growth levels from the past year.
There were some big movers away from the capital as well, with 25 regional suburbs rising above the $1 million mark.
Regional NSW suburbs joining the million-dollar club
| Suburb | Region | Property type | Median value (Aug '24) | Annual growth |
|---|---|---|---|---|
| Googong | Capital Region | Houses | $1,040,107 | 8.0% |
| Primbee | Illawarra | Houses | $1,028,264 | 22.7% |
| Calderwood | Illawarra | Houses | $1,014,219 | 10.5% |
| Whitebridge | Newcastle & Lake Macquarie | Houses | $1,006,023 | 2.6% |
| Banora Point | Richmond - Tweed | Houses | $1,038,415 | 11.5% |
The bulk were found in locations within a commutable distance to Sydney, particularly around the Illawarra, Newcastle and Southern Highlands regions.
Note: The above is sourced from CoreLogic median price data ranging from August 2023 to August 2024.
Melbourne and Victoria
The Melbourne property market has had a milder year than most as growth has slowed considerably through 2024, but there were still a handful of suburbs where gains pushed them into the million-dollar realm.
Melbourne suburbs joining the million-dollar club
| Suburb | Region | Property type | Median value (Aug '24) | Annual growth |
|---|---|---|---|---|
| Canterbury | Inner East | Units | $1,009,009 | 1.1% |
| Coburg North | North West | Houses | $1,031,811 | 6.1% |
| Keilor East | North West | Houses | $1,025,716 | 2.6% |
| Riddells Creek | North West | Houses | $1,006,959 | 5.1% |
| Clarinda | South East | Houses | $1,014,155 | 4.9% |
| Gembrook | South East | Houses | $1,002,101 | 1.4% |
| McCrae | Mornington Peninsula | Houses | $1,010,191 | 2.2% |
Houses in the burgeoning Coburg North enjoyed an annual price increase of +6.1 per cent to lift the suburb into seven-figure territory.
Other entrants include nearby Keilor East and Riddells Creek, southeastern suburbs Clarinda and Gembrook, and units in Canterbury.
Note: The above is sourced from CoreLogic median price data ranging from August 2023 to August 2024.
Brisbane and Queensland
It's been another stellar year for Queensland property, so it's no surprise that the Sunshine State saw the highest number of suburbs bursting into the million-dollar club.
In Greater Brisbane alone, 46 suburbs breached the seven-figure mark over the past year.
Brisbane suburbs joining the million-dollar club
| Suburb | Region | Property type | Median value (Aug '24) | Annual growth |
|---|---|---|---|---|
| Birkdale | Brisbane East | Houses | $1,083,243 | 15.5% |
| Manly West | Brisbane East | Houses | $1,107,052 | 15.8% |
| Chermside | Brisbane North | Houses | $1,014,479 | 18.4% |
| Geebung | Brisbane North | Houses | $1,074,636 | 20.6% |
| Drewvale | Brisbane South | Houses | $1,109,594 | 15.7% |
| Salisbury | Brisbane South | Houses | $1,096,490 | 13.8% |
| Ferny Grove | Brisbane West | Houses | $1,043,051 | 14.8% |
| Bellbowrie | Brisbane West | Houses | $1,028,459 | 10.9% |
| Karalee | Ipswich | Houses | $1,001,676 | 12.4% |
| Logan Village | Logan | Houses | $1,033,547 | 13.7% |
The gains have been widespread in Brisbane with postcodes from every point of the compass making their way onto the list, from Geebung down to Salisbury and Birkdale over to Bellbowrie.
Regional Queensland also saw 25 suburbs tick over the $1 million median level in the last 12 months.
Regional QLD suburbs joining the million-dollar club
| Suburb | Region | Property type | Median value (Aug '24) | Annual growth |
|---|---|---|---|---|
| Goldsborough | Cairns | Houses | $1,067,791 | 17.1% |
| Molendinar | Gold Coast | Houses | $1,162,230 | 19.6% |
| Currumbin | Gold Coast | Units | $1,065,402 | 14.2% |
| Currimundi | Sunshine Coast | Houses | $1,024,259 | 11.8% |
| Little Mountain | Sunshine Coast | Houses | $1,044,336 | 14.4% |
Strong double-digit growth help spots in Cairns, the Gold Coast and the Sunshine Coast in particular join the prestigious club.
Note: The above is sourced from CoreLogic median price data ranging from August 2023 to August 2024.
Adelaide and South Australia
From March 2020 to now, Adelaide property prices have skyrocketed +69 per cent, completely changing the landscape of the once-affordable city.
The upward momentum hasn't slowed in the past year, and that's driven the median value in another 29 suburbs up above $1 million.
Adelaide suburbs joining the million-dollar club
| Suburb | Region | Property type | Median value (Aug '24) | Annual growth |
|---|---|---|---|---|
| Adelaide | Central and Hills | Houses | $1,105,808 | 11.8% |
| Felixstow | Central and Hills | Houses | $1,110,598 | 15.4% |
| Glynde | Central and Hills | Houses | $1,099,825 | 15.8% |
| Glandore | Adelaide South | Houses | $1,044,426 | 16.5% |
| Hawthorndene | Adelaide South | Houses | $1,010,955 | 16.4% |
| Panorama | Adelaide South | Houses | $1,038,916 | 19.1% |
| Seacliff Park | Adelaide South | Houses | $1,032,405 | 18.6% |
| Allenby Gardens | Adelaide West | Houses | $1,057,200 | 18.0% |
| Plympton | Adelaide West | Houses | $1,000,205 | 17.7% |
| West Croydon | Adelaide West | Houses | $1,038,463 | 16.1% |
Of those 29 suburbs, there's been a fairly even split between central, southern, and western locations, with houses in the suburb of Adelaide itself breaking through to seven figures.
Note: The above is sourced from CoreLogic median price data ranging from August 2023 to August 2024.
Perth and Western Australia
Perth has been the runaway star of Australian property over 2024, delivering phenomenal gains across the board.
It's no surprise that the relatively small capital city has seen a disproportionately large number of suburbs — 32 to be precise — being lifted above the million-dollar mark in the last 12 months.
Perth suburbs joining the million-dollar club
| Suburb | Region | Property type | Median value (Aug '24) | Annual growth |
|---|---|---|---|---|
| Cottesloe | Inner Perth | Units | $1,201,078 | 20.8% |
| Floreat | Inner Perth | Units | $1,015,157 | 22.0% |
| Darlington | North East | Houses | $1,036,779 | 19.5% |
| Parkerville | North East | Houses | $1,017,235 | 24.8% |
| Gnangara | North West | Houses | $1,034,114 | 28.3% |
| Scarborough | North West | Houses | $1,215,189 | 26.6% |
| Riverton | South East | Houses | $1,199,517 | 29.5% |
| Willetton | South East | Houses | $1,223,273 | 25.0% |
| Bateman | South West | Houses | $1,244,124 | 29.2% |
| Coogee | South West | Houses | $1,211,894 | 23.8% |
From units in the inner city to houses in just about every direction from the CBD, the monumental levels of growth Perth has seen not only in 2024 but in the years since 2020 have put many of the WA capital's markets on par with suburbs across Greater Sydney.
Note: The above is sourced from CoreLogic median price data ranging from August 2023 to August 2024.
Thinking of selling?
If you're looking to get in on the action either this year or in 2025, it's important to be as prepared as possible in order to cut through the competition and achieve a standout result.
Step 1: Understanding how your market is performing
Every market is different, and understanding your local market is fundamental to making the right selling decisions. Our guide to tracking market trends and data will help you to get a clear picture of how your market is performing and how that impacts you as a seller.
Step 2: Know what your property might be worth
Getting a free home value estimate is a great way to set a foundation for your selling expectations and begin planning the path forward.
Step 3: Get a no-obligation market appraisal from a top real estate agent
Understand what your property could sell for in the current market by speaking to the top-performing agents in your suburb. Comparing top agents in your area will help you find the perfect partner for your selling journey and move towards a successful result.
Step 4: Finally, get your property listing-ready
Taking a thorough approach to preparing your home for sale is another critical step. From cleaning, decluttering, painting and performing other cosmetic renovations to home staging, photography and marketing, getting your property to sale-ready condition is a must.
