Despite fluctuations, the Australian property market remains one of the world’s most resilient, with prices in most capital cities and regional areas currently at an all-time high.
The national median house price is now $785,000, however, in June 2024, 34% of suburbs had a median house price exceeding $1 million.
Number of suburbs currently in the million-dollar club
Currently, suburbs like Wollongong (NSW), Franklin (ACT), Geelong (VIC), Beaconsfield (WA), and Mount Gravatt (QLD) are on the million-dollar list.
Many suburbs have had median prices over a million dollars for years, such as Brighton East (VIC) with a median of $2.25 million and Surry Hills (NSW) with a median of $2.23 million.
With rising house prices, more suburbs will soon join this club.
Based on the past decade’s average yearly median growth, up to 166 suburbs could reach $1 million in the next 12 months if this growth continues.
Number of suburbs projected to join the million-dollar club in the next 12 months
Victoria
In Ringwood, Victoria, the median house price needs to grow by 5% to reach $1 million.
Top 5 VIC suburbs projected to join the million-dollar club in the next 12 months
Suburbs like Yallambie and Wandana Heights are close, needing only $58,000 and $60,000, respectively.
Two-thirds of these suburbs are in Greater Melbourne.
Source: realestate.com.au
