Another 18 suburbs across Australia are poised to join the exclusive $2 million median house price club in coming months, according to PropTrack.
The milestone would place them in the top 8% of suburbs nationally for house values.
The list spans four states – eight in NSW, six in Queensland, three in Western Australia, and one in South Australia – each with a median house price between $1.9 million and $2 million based on at least 30 sales over the past year.
Most have seen moderate to strong annual price growth, though some have tracked more steadily. In suburbs such as East Fremantle, Sunrise Beach, and Redfern, prices have previously brushed $2 million, with recent momentum suggesting a sustained break above the mark is near.
This momentum comes as national dwelling values rose 0.6% in July, according to Cotality, marking six consecutive months of gains. Growth has held just above half a percent per month since May, as low supply, falling interest rates and improving confidence continue to offset affordability pressures.
Reaching a $2 million median house price means a typical home is worth more than twice the national median of $915,000, PropTrack data shows.
“While geographically diverse, these suburbs share a combination of lifestyle appeal to a diverse suite of buyers,” said Eleanor Creagh (pictured), REA Group senior economist. “They are typically well-connected to employment hubs, or offer desirable amenities such as beaches, parklands, or vibrant retail and dining strips.”
A $2 million house price tag, Creagh added, is an indicator of prestige.
“A higher value typically reflects a suburb’s desirability and the premium buyers are willing to pay for its location, lifestyle, and housing attributes,” she said.
Many of the near-$2-million suburbs are in premium coastal pockets, including Wembley Downs and North Coogee in Perth, and Paddington and Bardon in Brisbane.
North Coogee’s rapid price growth has put it in the luxury waterfront category, said Carlie Baker of White House Property Partners.
“North Coogee is now sitting in that luxury waterfront category. You can walk to the beach, and that's a massive attraction,” Baker told PropTrack.
She noted that despite nearing $2 million, it still offers relative value compared to Cottesloe, where most homes cost more than $3 million.
In Queensland, strong population growth, partly driven by migration from capital cities, has lifted prices in high-demand Sunshine Coast and Gold Coast suburbs.
Sydney’s high median house price of $1.56 million means $2 million suburbs are not limited to its most expensive areas. The city’s contenders range across inner, middle, and outer suburbs.
Some family-friendly locations such as Gymea Bay and Westleigh offer leafy outlooks and proximity to natural areas.
“Westleigh is one of those areas that a lot of people don’t know about. A lot of buyers are coming due to being outpriced in other markets such as Wahroonga and Beecroft,” Ray White Upper North Shore’s Amy Kaslar told PropTrack.
In the northwest, Kellyville and Pitt Town are edging closer to the milestone, with demand for larger and newer homes strengthening prices.
While lifestyle destinations outside the capitals have grown in appeal, buyers still place strong value on CBD access. Suburbs within a 15-30 minute commute, such as Redfern in Sydney and Paddington and Clayfield in Brisbane, are close to breaking the $2 million mark.
“It’s all character protected and we don’t have any major developments or high rise because we simply don’t have the land to do that,” Place Paddington director Andrew Degn said.
Degn added that most buyers were owner-occupiers purchasing their second or third home.
Creagh said lower interest rates and continued population growth would likely underpin further house price gains, particularly if stock remains tight.
“Even modest increases in buyer demand can translate into strong competition if stock levels are constrained,” she said.
For mortgage brokers, these trends point to continued strength in high-end markets – with interest rate cuts and low supply creating competitive conditions that could accelerate the shift of more suburbs into the $2 million bracket.
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