Record Number of Suburbs in 'Million Dollar Club'

Continual media coverage of property prices and interest rates highlights the importance of our homes as a cornerstone of personal wealth.

At times, it can feel as though every market fluctuation is put under a spotlight, leaving many of us questioning the true investment value of property.

However, new data reinforces why so many Australians see property as a fundamental asset for building wealth.

According to CoreLogic’s latest Million-Dollar Markets report, a record 29.3% of the 4,772 suburbs analysed now have a median value of more than $1 million, earning them a place in the so-called Million Dollar Club.

In January 2023, that figure stood at just 21.7%, and the latest increase surpasses the 26.9% peak recorded during the last property boom in April 2022.

Over the past 12 months, 218 suburbs have joined the Million Dollar Club—an increase of 18.5%. Today, 1,057 suburbs boast a median house value of $1 million or more, with 122 suburbs achieving the same milestone for apartments.

Remarkably, when Covid first hit Australia, only 14.3% of house and unit markets had median values at or above $1 million.

So, who's doing best?

Sydney
Australia’s most expensive city, Sydney, leads the charge with an average house price of $1,180,463. It also recorded the highest number of new suburbs (+46) joining the Million Dollar Club.

Brisbane
Brisbane matched Sydney with 46 new entrants to the club. Its median house price is now the second-highest nationally, at $875,040. Since the start of Covid, Brisbane’s property values have jumped an extraordinary 65%.

Perth
Closer to home, Perth is making waves with a record 30 suburbs joining its Million Dollar Club in 2023-24, bringing the total to 87. By comparison, just two suburbs joined the list in 2022-23.

Peppermint Grove remains Perth’s most exclusive suburb, with a median house price of $3.7 million, followed by Cottesloe and Dalkeith at $3.5 million. Suburbs like Dalkeith, City Beach, and Nedlands are long-standing members of the club, but the past year has seen fresh additions like Karawara, which recorded an impressive 43.5% jump in median house prices.

Demand continues to outstrip supply, with available properties 40% below the five-year average. This scarcity has created incredible opportunities for sellers as prices climb.

If you’d like to find out whether your home is part of the Million Dollar Club—or are curious about your property’s value—our agents are ready to provide a complimentary market appraisal.

Paulette Contessi 

Director / Licensee

CONTESSI PROPERTIES