According to the latest PropTrack data, 30 more suburbs have joined the $2 million club, while an additional 14 now boast median house prices above $3 million.
While Sydney remains dominant in this category, new entrants from Brisbane and Perth show a recent shift for Australia’s high-end property market.
REA Group executive manager of economics Angus Moore said it was surprising to see more Perth and Brisbane suburbs entering the $2 million club, a space traditionally dominated by Sydney.
“Both Perth and Brisbane have seen really strong growth in recent years,” Mr Moore said.
“Prices in both are up just shy of 80% since March 2020, which is extremely strong growth.
“That’s pushed a lot of suburbs in what were traditionally more affordable cities up into the $2 million dollar range.”
The latest data shows that typical homes in Brisbane’s St Lucia, Paddington, and Robertson are now valued at $2 million or more.
Meanwhile, Floreat, Claremont, and Churchlands are among six Perth suburbs that have entered the $2 million club in the past year.
A budget of $2 million or more is now required in many sought-after areas close to Perth’s beaches and city center.
Despite the rise of Perth and Brisbane in the high-end market, Sydney and Melbourne remain the main spots for multi-million-dollar properties.
Several inner suburbs of Sydney, including Carlingford, Croydon Park, and Earlwood, have all surpassed the $2 million mark.
| Suburb | State | Region (SA4) | Median sale price | 12 month change % |
| Byron Bay | NSW | Richmond – Tweed | $ 3,227,500 | 31.6% |
| Maroubra | NSW | Sydney – Eastern Suburbs | $ 3,195,000 | 13.5% |
| Malabar | NSW | Sydney – Eastern Suburbs | $ 3,200,000 | 14.7% |
| Concord | NSW | Sydney – Inner West | $ 3,037,500 | 7.2% |
| Birchgrove | NSW | Sydney – Inner West | $ 3,100,000 | 34.8% |
| Russell Lea | NSW | Sydney – Inner West | $ 3,030,000 | 8.2% |
| Naremburn | NSW | Sydney – North Sydney and Hornsby | $ 3,350,000 | 13.6% |
| North Sydney | NSW | Sydney – North Sydney and Hornsby | $ 3,062,500 | 9.4% |
| North Curl Curl | NSW | Sydney – Northern Beaches | $ 3,760,000 | 26.5% |
| Burraneer | NSW | Sydney – Sutherland | $ 3,360,000 | 17.9% |
| Surfers Paradise | QLD | Gold Coast | $ 3,850,000 | 33.2% |
| Mermaid Beach | QLD | Gold Coast | $ 3,400,000 | 31.9% |
| Malvern | VIC | Melbourne – Inner | $ 3,100,000 | 4.2% |
| City Beach | WA | Perth – Inner | $ 3,000,000 | 16.3% |
Meanwhile, Maroubra, Malabar, and North Curl Curl now require a budget above $3 million.
“The fact that we’re seeing more outlying suburbs, outside the typical expensive areas, starting to cross the $2 million threshold reflects just how expensive Sydney is,” Mr Moore said.
“The median price for a detached house in Sydney is now more than $1.4 million, so there are going to be a lot of suburbs that sit above that.”
Melbourne’s property market has also seen significant growth, with Caulfield and Park Orchards among the latest suburbs to enter the $2 million club and Malvern crossing the $3 million threshold.
Mr Moore said this trend comes down to a combination of strong demand, low housing supply, and the ongoing appeal of premium suburbs.
He said while high interest rates have constrained borrowing capacities, property values at the upper end of the market will continue to climb.
| Suburb | State | Region (SA4) | Median sale price | 12 month change % |
| Carlingford | NSW | Sydney – Parramatta | $ 2,113,000 | 7.3% |
| Normanhurst | NSW | Sydney – North Sydney and Hornsby | $ 2,090,000 | 9.3% |
| Croydon Park | NSW | Sydney – Inner West | $ 2,115,000 | 10.1% |
| Strathfield South | NSW | Sydney – Inner West | $ 2,037,500 | 8.2% |
| Earlwood | NSW | Sydney – Inner South West | $ 2,155,000 | 13.4% |
| Darlinghurst | NSW | Sydney – City and Inner South | $ 2,550,000 | 30.8% |
| Camperdown | NSW | Sydney – City and Inner South | $ 2,050,000 | 13.2% |
| Petersham | NSW | Sydney – City and Inner South | $ 2,050,000 | 3.5% |
| Galston | NSW | Sydney – Baulkham Hills and Hawkesbury | $ 2,430,000 | 33.9% |
| Dural | NSW | Sydney – Baulkham Hills and Hawkesbury | $ 2,300,500 | 16.2% |
| Noosa Heads | QLD | Sunshine Coast | $ 2,225,000 | 27.1% |
| Suffolk Park | NSW | Richmond – Tweed | $ 2,000,000 | 12.7% |
| Kingscliff | NSW | Richmond – Tweed | $ 2,022,500 | 10.8% |
| Casuarina | NSW | Richmond – Tweed | $ 2,045,000 | 3.3% |
| Trigg | WA | Perth – North West | $ 2,087,500 | 17.5% |
| Churchlands | WA | Perth – North West | $ 2,000,000 | 14.6% |
| Floreat | WA | Perth – Inner | $ 2,150,000 | 23.9% |
| Claremont | WA | Perth – Inner | $ 2,322,500 | 21.2% |
| Mount Claremont | WA | Perth – Inner | $ 2,166,500 | 20.4% |
| Mosman Park | WA | Perth – Inner | $ 2,220,000 | 16.8% |
| Park Orchards | VIC | Melbourne – Outer East | $ 2,257,500 | 17.7% |
| Caulfield | VIC | Melbourne – Inner South | $ 2,250,000 | 18.8% |
| Paradise Point | QLD | Gold Coast | $ 2,080,000 | 23.4% |
| Bundall | QLD | Gold Coast | $ 2,305,000 | 16.7% |
| Paddington | QLD | Brisbane Inner City | $ 2,000,000 | 9.3% |
| St Lucia | QLD | Brisbane – West | $ 2,050,000 | 24.4% |
| Pullenvale | QLD | Brisbane – West | $ 2,200,000 | 17.3% |
| Robertson | QLD | Brisbane – South | $ 2,006,944 | 8.5% |
| Gumdale | QLD | Brisbane – East | $ 2,157,500 | 41.7% |
| St Peters | SA | Adelaide – Central and Hills | $ 2,275,000 | 19.1% |
