Ten suburbs tipped to join million-dollar property club

Ten suburbs across Australia are poised to break through the million-dollar median price barrier according to new research from Propertybuyer and Hotspotting.

Queensland dominated the list with four suburbs, while NSW contributed three, Victoria two, and South Australia one.

Propertybuyer CEO Rich Harvey said key economic factors would drive future growth in these areas.

“These top million-dollar markets are not just randomly selected. Rather, they have the classic drivers of population growth, lifestyle appeal, employment opportunities and infrastructure,” he said.

Brisbane’s bayside suburb of Wynnum West emerged as a standout performer with an 11 per cent growth over 12 months to reach a median house price of $920,000.

Hotspotting director Terry Ryder said Wynnum West’s location offered unique advantages.

“Wynnum West has long been undervalued, but it is now on a strong trajectory of further growth offering some of the most consistent median price growth on the bayside of Brisbane in the past two years,” he said.

The research identified Chittaway Bay on the NSW Central Coast as another high-potential area, with an 8 per cent annual growth rate and median house price of $973,000.

South Australia’s Flinders Park recorded 13 per cent growth over 12 months, with 98 houses sold at a median price of $935,000.

Queensland’s Southport and Brighton both showed strong performance, with annual growth of 13 per cent and 14 per cent respectively.

The only unit market to make the list was Avalon Beach in NSW, though it recorded a 4 per cent decline over 12 months to a median of $1.1 million.

Harvey said these areas were typically established suburbs experiencing gentrification.

“The trick is to get in before they hit the million-dollar median mark and be secure in the knowledge that you have bought in a fantastic location early,” he said.