Add CategoryLiving in a million-dollar suburb has become a reality for more than 170 new neighbourhoods around Australia, with house prices smashing the $1 million benchmark for the first time over the past year.
New PropTrack data has revealed 171 suburbs where median house prices have surpassed $1 million in the past 12 months.
Take a look at the list of Australia's new million-dollar suburbs
It comes as home price growth slows down across the country in the high-interest rate environment, although the national median house price still increased by 5.8% in the year to September.
The capital cities held most of the new million-dollar suburbs, accounting for more than three quarters of the list.
There were 39 regional suburbs that joined the club, most of which were located across rural Queensland and New South Wales.
PropTrack senior economist Anne Flaherty said the demand for property across the country remained elevated despite high interest rates.
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More than 170 suburbs across the country have joined the million-dollar club. Picture: Getty
“For a lot of these suburbs, the level of price growth that we've seen over the past couple of years is astonishing in light of the fact that interest rates remain so high, and it really points to the fact that demand is still really high for property,” she said.
Brisbane leads the way
Brisbane had the most million-dollar entrants out of all of the capital cities, with more than 40 suburbs gaining seven-figure house prices.
Brisbane-based agent at Ray White Everton Park Andrew King said house-price growth across the city had been fuelled by an undersupply of homes.
“We haven't been building enough homes yet – we've had a lot of people moving to Brisbane,” he said.
This Brisbane house at 51 Pikeson Street, Everton Park sold for $1.135 million last month. Everton Park was one of the latest suburbs to join million-dollar club. Picture: realestate.com.au/sold
“There's been a lot of infrastructure projects that have brought people to the city, which has meant that any sort of housing oversupply that we had in past years has disappeared.”
"Many of those suburbs where house prices have tipped over the million-dollar mark are made up of your blue-collar, everyday families that need to be close to certain services.
“Many of these suburbs are in the middle ring of Brisbane, which has good access to services and everything you need, so it’s been popular.”
Ms Flaherty said house price growth had been so strong in Brisbane that it had overtaken Melbourne and Canberra to become the second most expensive capital city in Australia.
“Brisbane has been one of the outperforming cities over the past couple of years, and net interstate migration into Queensland was the strongest of any state during the pandemic,” she said.
“Queensland has continued to see pretty strong population growth across the board.”
House prices in Adelaide's Glenelg North has exceeded $1 million. This three-bedroom house at 21 St Annes Terrace in the suburb traded for $1.17 million last month. Picture: realestate.com.au/sold
Outer Sydney suburbs join the million-dollar club
Sydney had the second highest concentration of new million-dollar neighbourhoods, with 39 suburbs joining the club.
Many of those Sydney suburbs on the list were located across the middle and outer rings of the capital city, and Century 21 Fairfield director Maan Muhana said many of these markets offered good value for buyers.
In markets such as Fairfield, located about 30 kilometres from Sydney’s CBD, home price growth has been driven by property investors, overseas buyers and other groups, Mr Muhana said.
The Sydney suburb of Fairfield has seen house prices jump above $1 million. This four-bedroom house at 14 Adam Street sold for $1.46 million last month. Picture: realestate.com.au/sold
“Fairfield and surrounding areas have become an investor’s delight,” he said.
“We’re seeing people from other parts of Sydney invest in the area because you can still find decent-sized blocks of land and if you invest a million dollars, you can still get a good rental return.”
Vince Labbozzetta, Sydney-based director at Raine & Horne Liverpool, said housing affordability was driving buyers into many of these property markets.
The four-bedroom house at 8 Panetta Avenue in Liverpool sold for $1.2 million last month. Liverpool is one of the 39 Sydney suburbs to join the million-dollar club. Picture: realestate.com.au/sold
“Some parts of Sydney have slowed down, but southwest Sydney is still more affordable than most parts,” Mr Labbozzetta said.
“There's only so much land available in Sydney, so we're finding more and more out-of-area buyers are coming into Liverpool.
“The reason people are coming to the area is because you’ve got all the services: hospitals, shopping, transport, parks, rivers and more.
Duncraig was one of the 24 Perth suburbs to make the list. This five-bedroom house at 58 Myaree Way recently fetched $1.45 million. Picture: realestate.com.au/sold
There was a catch, however, Mr Labbozzetta said.
While homeowners in these new million-dollar neighbourhoods were certain to be happy about the house-price milestone, he said many would stay put in homes they may have grown out of – given how hard it may be to find something more suitable in their community.
“You might get more for your house now, but where can you go once you sell? You may need to move somewhere else,” he said.
| 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 |
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