Nearly 100 new suburbs are set to join the million-dollar club after the recent surge in house prices, according to new analysis.
Ray White found that there were 857 suburbs in Australia with an average house price of at least $1 million, four times what it was in 2014 and 17.5 per cent greater than what it was just last year.
Ray White Group Senior Data Analyst, Atom Go Tian, said assuming the growth rate of the last decade maintained its trend for the next 12 months, we can expect around 99 new suburbs to pass the $1 million mark.
“Thirty of these will come from NSW, 24 from Queensland, and 18 from Victoria, which means Queensland has a very high probability of overtaking Victoria as the state with the second most count of million dollar suburbs,” Mr Go Tian said
In NSW, suburbs such as Narara, Erskine Park, Springwood, Valentine, and Winmalee are on track to break the $1 million mark.
Meanwhile, Victoria’s housing market is likely to see Albion, Broadmeadows, Brooklyn, Sunshine West, and Wyndham Vale reaching similar heights.
Queensland continues its rapid growth, with Keperra, Chermside West, Salisbury, Virginia, and Manly West all expected to surpass $1 million.
Over in Western Australia, the Perth suburbs of Kingsley, Mullaloo, Greenwood, and Heathridge are projected to join the million-dollar club.
South Australia will see significant property value increases in suburbs like Panorama, Hallett Cove, Woodcroft, and Seaford Rise.
The ACT is also experiencing growth, with Dunlop, Ngunnawal, Macgregor, Latham, and Gilmore likely to exceed the $1 million threshold.
Finally, in Tasmania, the Hobart suburbs of Kingston, Claremont, Geilston Bay, Lindisfarne, and Howrah are expected to see house prices climb beyond $1 million.
The number of million-dollar housing markets has been increasing rapidly in the past decade.
As of May 2024, there were 857 suburbs in Australia with a geometric mean house price of at least $1 million.
Most of the million-dollar suburbs are in NSW, which has at least twice the number of million-dollar suburbs as any other state at 358 suburbs as of 2024.
Victoria comes in second with 176 $1 million suburbs, but Queensland sits close behind with 174 suburbs.
Of the six states and two territories, Queensland is the fastest growing with its count of $1 million suburbs increasing by 25 times over the last decade from just seven to 174.
Second in terms of growth rate is ACT with 11 times growth of $1 million suburbs from just six in 2014 to 70 in 2024.
