Brett Warren , National Director – Metropole Group
Australia’s property landscape is shifting – and fast. According to Cotality’s latest Million Dollar Market report, one in three property markets now commands a median value of $1 million or more. That’s a record high, plus, it’s not just prestige postcodes driving the change.
Sydney, Melbourne, and Brisbane are leading the charge, with seven-figure suburbs expanding well beyond traditional blue-chip areas. In fact, Brisbane recorded the largest net increase in million-dollar markets over the past year, with 37 new entrants joining the club. Sydney followed closely, now boasting seven in 10 markets above the $1 million threshold.
What does this mean for homebuyers and investors?
Firstly, it’s a sign of strength. Dwelling values nationally have risen nearly 47% over five years, and the prevalence of million-dollar markets reflects sustained demand, tight supply, and growing confidence in long-term property fundamentals.
For investors, this signals resilience and potential capital growth – especially in emerging suburbs that are only now crossing the seven-figure line.
Interestingly, many of these new million-dollar markets aren’t in the heart of the city. Suburban areas like Penrith in Sydney, Taylors Lakes in Melbourne, and Oxley in Brisbane’s Ipswich region are now part of the million-dollar club. These locations offer lifestyle appeal, infrastructure investment, and relative affordability compared to inner-city counterparts.
For homebuyers, especially first-timers, the rising median values can feel daunting, but it’s important to remember that price growth often reflects opportunity. Areas entering the million-dollar bracket tend to attract more attention, better amenities, and stronger long-term performance. With strategic guidance, buyers can still find value – particularly in suburbs on the cusp of growth.
Affordability remains a challenge, with average-income households needing to commit over 50% of pre-tax earnings to service a $1 million mortgage. But with expanded government support schemes and low stock levels continuing to drive competition, values are expected to rise further through 2025. Over 80 markets are on track to join the million-dollar club by year’s end.
For investors, this is a moment to act strategically. Focus on areas with strong fundamentals, including population growth, infrastructure, and rental demand. For homebuyers, it’s about balancing lifestyle goals with long-term value. That’s because the million-dollar market isn’t just about prestige anymore – it’s about potential.
