From $500k to $1 million: 77 cheap suburbs where prices doubled in a decade

Homeowners in what were once considered affordable suburbs across Australia have witnessed a remarkable transformation in their property values over the past decade. These areas, where homes typically cost less than $500,000 ten years ago, now command prices of at least $1 million, thanks to a convergence of market trends and demand dynamics.

According to an analysis of PropTrack home price data, 77 suburbs nationwide have experienced this dramatic price surge. The data highlights that 48 of these suburbs are located in Queensland, reflecting the state’s robust housing market performance in recent years. Notably, the Gold Coast and Sunshine Coast regions have been at the forefront of this growth, emerging as some of the top-performing areas in the country.

Eleanor Creagh, a senior economist at REA Group, attributes the rapid price escalation in these coastal regions to several factors. “These regions benefited from strong population inflows, from both interstate migration and international arrivals,” she explained. “Limited new supply in many coastal suburbs has constrained availability of housing, leading to demand well outpacing the supply of homes for sale.”

Creagh further noted that the relative affordability of these regions compared to Sydney and Melbourne has attracted buyers seeking lifestyle-oriented locations, especially during the pandemic. “Together, these forces have transformed once-affordable suburbs into million-dollar markets, with demand driven both by the lifestyle benefits these areas offer and by their investment appeal,” she added.

The suburb of Coolangatta on the Gold Coast exemplifies this trend, where the median unit price has soared from $450,000 in 2015 to $1,050,000 in 2025—a staggering 133% increase. Real estate agent and PRD Coolangatta Tweed principal Jason Abbott remarked on the sustained demand in the area. “The area is still affordable compared to some other parts of the Gold Coast,” he said. “It still suits first-home buyers, investors, and downsizers. Stock is still tight, and demand is pretty strong.”

In Brisbane, 19 suburbs have transitioned from affordability to million-dollar postcodes, including Hemmant, Tingalpa, Coopers Plains, Geebung, and Scarborough. Meanwhile, New South Wales boasts 18 suburbs where prices have skyrocketed from sub-$500,000 to over $1 million. However, Oakdale remains the only Sydney suburb to fit this description due to the city’s historically high property prices.

The surge in property values is not limited to Queensland and New South Wales. In South Australia, nine suburbs in Adelaide, including Marden and Semaphore, have experienced substantial growth. Creagh highlighted the strong performance of these areas, noting, “The pandemic compressed several years of treechange demand into a very short period, pushing many of these markets over the million-dollar threshold sooner than would otherwise have occurred.”

Kate Wise, a real estate agent with Ray White Ulladulla, observed that while buying activity in suburbs like Narrawallee and Mollymook Beach has cooled slightly since the pandemic boom, the region continues to attract city buyers. “Most of our buyers come from Sydney, Wollongong, and Canberra,” she said. “A lot of people are selling up and getting really good prices, and are able to purchase down here for a slower lifestyle with some money left over.”

The Newcastle and Lake Macquarie region in New South Wales has also seen significant transformations, with seven suburbs joining the million-dollar club. Creagh explained the shift, stating, “Newcastle has transitioned from an industrial base to a diversified economy anchored in health, education, and professional services, making it more resilient and attractive for families.”

In Victoria, only two suburbs, Bright and Bittern, have made the leap from below $500,000 to above $1 million in a decade. This reflects the stronger growth in regional Victoria compared to Melbourne, where many suburbs with sub-$500,000 price points ten years ago have yet to reach the $1 million mark.

Western Australia, despite its recent property boom, has not seen any suburbs jump from below $500,000 to over $1 million in the past decade. Creagh attributed this to the cyclical nature of the state’s housing market, which experienced subdued conditions for much of the past decade. “The recent surge in Perth has been significant, with five-year gains above 90%, but it has lifted suburbs from low bases into the $600k–$900k range rather than past the $1 million threshold,” she explained.

As these trends continue to unfold, the landscape of affordable suburbs in Australia is rapidly changing, offering both opportunities and challenges for prospective buyers and investors alike.