Ten suburbs set to join Australia’s million-dollar property club

New research has identified the top 10 property hotspots across Australia that are on the verge of reaching million-dollar median prices.

The analysis, conducted by national buyers’ agency Propertybuyer and Hotspotting, reveals nine house suburbs and one unit suburb across Queensland, New South Wales, Victoria and South Australia.

Propertybuyer CEO & Founder Rich Harvey said the analysis identified the top 10 markets in Australia that are “teetering” on the edge of a million-dollar median.

“They are the markets where price growth has been steady in recent years and demand remains strong and with that trajectory set to continue these markets will soon breach the million-dollar barrier,” Mr Harvey said.

“They are also strong markets for investors, where rents have been rising, yields are solid and vacancy rates are low.”

Mr Harvey said the new research report provides valuable insights, however, the Australian property market is ever evolving, influenced by international and local trends, news, and sentiment.

“Making a smart property purchase requires a blend of historical and forward-looking data, local expertise, and the agility to act swiftly when the ideal opportunity arises,” he said.

Queensland dominates the list with four suburbs including Capalaba, Coombabah, Upper Coomera and Woombye, while New South Wales has three representatives with Teralba, Waratah and Wyoming.

Victoria contributes two locations – Hampton (the only unit market on the list) and Langwarrin – with South Australia’s Edwardstown rounding out the top 10.

Woombye on Queensland’s Sunshine Coast sits closest to the million-dollar threshold with a current median house price of $970,000, followed by Gold Coast suburb Coombabah at $950,000.

Hampton in Melbourne is the sole unit market featured, with a median price of $920,000 and rental yield of 4.4 per cent.

Hotspotting Director Terry Ryder said Coombabah is expected to see 6.8 per cent annual growth over the next four years, supported by a healthy population growth trajectory.

“It is approximately 15 kilometres from the Gold Coast CBD and has excellent transport links and access to commercial hubs,” Mr Ryder said.

Capalaba in Brisbane, currently sitting at $876,000, is set to benefit from significant infrastructure investment including a $250 million town centre development scheduled to begin in early 2025.

Mr Harvey said Edwardstown, located seven kilometres from Adelaide’s CBD, offers connectivity advantages with ongoing construction of the North/South Motorway.

“The suburb is ideal for first home buyers, offering affordable housing options and a convenient location,” he said.

Teralba in Lake Macquarie is projected to experience 6.1 per cent annual growth over the next four years according to the report, boosted by the expansion of Lake Macquarie Private Hospital and the $1 billion North-West Lake Macquarie development.

Upper Coomera on the Gold Coast shows strong investment credentials with a 4.6 per cent rental yield and vacancy rate of just 1.1 per cent.

Mr Ryder said Langwarrin retains a “lovely semi-rural feel” while being just seven kilometres from Frankston Beach and a 45-minute drive to Melbourne CBD.

“It is popular with families as it has five outstanding schools, including Woodlands Primary, Elizabeth Murdoch College, and Woodleigh Secondary,” he said.

The research suggests that despite recent moderation in price growth across some regions, the number of million-dollar markets continues to expand throughout Australia.

“And there are still plenty of opportunities for investors to find markets that are set to tip over into million-dollar markets in 2025,” Mr Harvey said.