Suburbs on the Verge of $1 Million: Australia’s Property Market Poised for Growth

Australia’s property market is witnessing a significant shift, with several suburbs on the brink of reaching the million-dollar median mark. According to new research and analysis from national buyers’ agency Propertybuyer and Hotspotting, ten suburbs are on the cusp of this milestone, reflecting the dynamic nature of the real estate landscape. The list features nine house suburbs and one unit suburb, distributed across New South Wales, Victoria, Queensland, and South Australia.

Propertybuyer CEO & Founder Rich Harvey highlighted the challenges in identifying these emerging hotspots due to the rapid pace of price growth. “It’s getting harder to pick suburbs because some accelerate over the finish line so much faster now. Frankston, for example, jumped a hundred grand in three months,” he noted. The Top 10 Million Dollar Suburbs report identifies areas where affordability, infrastructure, and buyer demand are converging to drive growth.

Harvey explained, “We try to pick areas where we believe there’s a groundswell of factors pushing it forward – that ripple effect of growth is meaning these areas are now rising.” He cited suburbs like Biggera Waters and North Lakes in Southeast Queensland, and Chelsea in Melbourne, which are attracting a mix of first and second home buyers, as well as investors. “You’ve got that combination of all of those three buyer groups competing for limited stock,” he added.

Government incentives, such as the new five per cent deposit scheme, are also influencing market dynamics. Harvey warned, “The new five per cent deposit scheme is going to send the market nuts. You’re going to see so many more buyers trying to get onto the property ladder.” He advised buyers to think strategically and consider “property arbitrage” to maximise future returns.

The following are the top 10 suburbs on the verge of the million-dollar mark:

Alexandra Hills, Redland, QLD
With a median price of $895,000, Alexandra Hills is emerging as a rising star in Brisbane’s bayside corridor. Harvey noted its strong owner-occupier demand and proximity to major infrastructure like the Olympic Whitewater Centre. “We’re seeing a wave of buyers drawn to Alexandra Hills for its family-friendly vibe and proximity to the coast,” he said. The suburb offers solid yields for investors, with a median rental yield of 4.0% and a vacancy rate of just 0.4%.

Berkeley Vale, Central Coast, NSW
Berkeley Vale, with a median price of $927,550, is a lifestyle-driven market with waterfront appeal. Hotspotting Director Terry Ryder highlighted its growing infrastructure and rental strength as compelling investment factors. “Berkeley Vale is benefiting from the Central Coast’s evolution,” Ryder said, pointing to its affordability compared to pricier neighbours like Long Jetty.

Biggera Waters, Gold Coast, QLD
Offering a median price of $950,000, Biggera Waters combines waterfront living with commuter convenience. Harvey described it as a suburb where lifestyle and investment fundamentals align, with tight vacancy rates and proximity to major hospitals and retail. “Biggera Waters offers a rare mix of affordability and prestige,” he remarked.

Chelsea, Kingston, VIC
Chelsea, with its median price also at $950,000, delivers bayside charm at a more accessible price point. Ryder noted its transformation due to infrastructure and planning, making it a magnet for buyers priced out of neighbouring markets. “Chelsea is a classic case of suburb uplift,” he said.

Clayton South, Kingston, VIC
With a median price of $990,000, Clayton South is a high-demand area with strong rental growth and low vacancies. Harvey emphasised its strategic location near major employment hubs and transport, making it attractive for investors. “Clayton South is a magnet for savvy investors,” he stated.

Doonside, Blacktown, NSW
Doonside, with a median price of $971,000, is part of Western Sydney’s growth corridor. Ryder highlighted its rapid market movement, driven by billion-dollar infrastructure nearby. “Doonside is riding the Western Sydney wave,” he said, noting its transition from overlooked to overperforming.

Greensborough, Banyule, VIC
Greensborough, with a median price of $990,000, combines family-friendly appeal with proximity to the CBD. Harvey pointed out its steady growth, low vacancies, and strong rental returns. “Greensborough is quietly outperforming,” he commented.

North Lakes, Moreton Bay, QLD
With a median price of $924,000, North Lakes is a master-planned success story. Ryder praised its double-digit growth and ultra-low vacancies, attributing its success to quality housing and infrastructure. “North Lakes is a blueprint for successful urban planning,” he said.

Seaton, Charles Sturt, SA
Seaton, with a median price of $920,000, is Adelaide’s quiet achiever. Harvey cited its strong sales volumes and proximity to the beach and major amenities as key attractions. “Seaton is a sleeper hit in Adelaide’s west,” he mentioned.

Summer Hill, Inner West, NSW
Summer Hill, the sole unit suburb on the list, has a median price of $950,000. Ryder described its unit market as a rare gem in Sydney’s Inner West, offering high yields and low vacancies. “Summer Hill’s unit market is punching above its weight,” he said.

As these suburbs edge closer to the million-dollar mark, they reflect broader trends in Australia’s property market, where affordability, infrastructure, and demand are reshaping the landscape.