Brett Warren , National Director – Metropole Group
Over the past decade, Australia’s property market has undergone a seismic shift – one that’s turned modest homebuyers and everyday investors into unexpected millionaires, according to new data from PropTrack.
And nowhere is this transformation more striking than in New South Wales, Victoria, and Queensland where lifestyle, affordability, and long-term vision have delivered some seriously impressive capital growth.
Back in 2015, according to PropTrack, just 273 suburbs in Australia had median house prices above $1 million. Fast-forward to 2025, and that number has skyrocketed to 1,073 suburbs. That’s 800 more communities joining what’s known as the “million-dollar club.”
Australia’s three largest capital cities – Sydney, Melbourne, and Brisbane – have each taken distinct paths over the past decade when it comes to property market performance, but all three have delivered standout capital growth stories for homeowners and investors alike.
Sydney continues to be the heavyweight champ of property values. A decade ago, it already had some of the country’s most expensive suburbs, and it hasn’t slowed down since.
Today, it claims nine of the top 10 most expensive suburbs nationally, with 27 suburbs now boasting median house prices above $4 million—a price point that didn’t even exist back in 2015.
This surge has been fuelled by a combination of prestige property scarcity, high demand for coastal and harbourside living, and ongoing international interest. For investors, Sydney remains a high-stakes, high-reward market where premium locations continue to appreciate.
Melbourne, often seen as Sydney’s cultural cousin, has weathered its own twists in the market. While it may no longer dominate the national top 10, it still holds a strong reputation for blue-chip suburbs and lifestyle appeal.
Toorak, for instance, remains Victoria’s most prestigious address, with enduring appeal among high-net-worth buyers. Although some price adjustments followed the pandemic years, Melbourne’s broader market has proven resilient, with steady growth in both inner-city zones and regional-adjacent areas like Geelong. The city’s mix of heritage charm, cosmopolitan living, and top-tier schools makes it a perennial favourite for long-term capital gains.
Then there’s Brisbane – arguably the breakout star of the past decade. With lifestyle in spades and relative affordability, it’s become a magnet for southern state buyers. Suburbs that once had median prices well under half a million – like Highland Park and Hemmant – have now crossed the $1 million mark, putting them squarely in the big leagues.
Migration trends, infrastructure upgrades, and a growing reputation as a laid-back yet vibrant city have all contributed to Brisbane’s meteoric rise. For investors, this capital offers a compelling mix of growth potential and liveability.
In short, whether it’s Sydney’s luxury, Melbourne’s stability, or Brisbane’s momentum, Australia’s east coast capitals have proven time and again that strategic property ownership can deliver outstanding returns.
Looking ahead, the question becomes – where are the next million-dollar suburbs?
