Australia’s million-dollar housing map is shifting, with Perth emerging as the standout performer in the next wave of high-growth suburbs, according to fresh Ray White analysis.
A total of 78 suburbs across the country are expected to join the million-dollar club by 2026 – and 22 of those are in Perth.
While Sydney still dominates with 322 suburbs already in the club, it’s cities like Perth and Brisbane driving the next frontier of property value growth.
The surge comes as Australia’s national average dwelling price surpassed $1 million for the first time in the March 2025 quarter, according to the Australian Bureau of Statistics. The total value of residential dwellings rose $130.7 billion to $11.4 trillion, with analysts forecasting continued growth of 4% in 2025 and 5% annually through 2027, driven by strong demand and a chronic housing shortage.
There are now 923 Australian suburbs where the geometric mean house price is at least $1 million, with the figure tipped to surpass 1,000 by next year. Melbourne remains in second place for now, but Brisbane’s rapid upswing could see it draw level by 2026.
“Australia now has 923 suburbs with a geometric mean house price of at least $1 million, and a further 78 expected to join this exclusive club within the next 12 months,” said Atom Go Tian (pictured), senior data analyst at Ray White.
Perth, now surpassing Melbourne’s median home value for the first time in a decade, accounts for the largest share of new million-dollar entrants, reflecting its leading position in national house price growth.
Many of these suburbs are recording annual growth rates between 11% and 14%, driven by sustained demand, tight supply, and expanding outer-ring markets.
“Perth is rewriting Australia’s housing map,” Go Tian said. “While Sydney still dominates... Perth is driving the next wave, contributing 22 of just 78 suburbs expected to cross the million-dollar threshold in 2026.”
Suburbs like Roleystone ($992,000 with 13% growth) are well positioned to top $1.12 million by 2026. Others include:
All are forecast to surpass $1.08 million, outpacing similarly positioned suburbs in other states.
Brisbane’s 17 future million-dollar suburbs show growth of 8–9% annually, with values rising across the city fringe.
Suburbs set to cross the threshold include:
“Brisbane’s growth is the antithesis to Melbourne's stagnation,” Go Tian said. “This surge will likely see Brisbane tie with Melbourne for second place by next year.”
Despite holding second place, Melbourne is expected to add zero new million-dollar suburbs over the next year due to flat price growth.
In contrast, Sydney will add 14 more, with many of them located in outer-ring growth areas. These include:
Adelaide is forecast to add 11 suburbs, with expansion flowing from its Central and Hills region into Adelaide South and West. Notable names include:
Canberra will see only three new suburbs cross the million-dollar line—Gungahlin, Palmerston, and Holder – all with minimal annual growth of just 1–2%.
Queensland’s regions continue to shine, with suburbs like Meridan Plains (Sunshine Coast), Middle Ridge (Toowoomba), and Coomera (Gold Coast) all tracking above $950,000 and growing fast.
In Western Australia, coastal hotspots like Margaret River ($951,000) are gaining ground, while Gelorup-Stratham (Bunbury) is set to exceed $1 million on the back of 12% annual growth.
For the complete list of Ray White’s next million-dollar suburbs, follow this link.
