Sorry, no results.
Please try another keyword
Australia’s property market continues to heat up, with new data revealing that over 900 suburbs currently have a median house price of $1 million, and that number is expected to exceed 1,000 within the next year.
According to the data, leading the charge is Perth, which is experiencing rapid price growth. Of the 78 suburbs projected to cross the $1 million mark, 22 are in Perth, highlighting the city’s dominant position in the market.
Ray White Group Senior Data Analyst, Atom Go Tian said, “Perth emerges as the star of Australia’s housing boom, contributing an outsized 22 of the 78 new million-dollar suburbs.”
“This remarkable showing reflects the city’s position as having the strongest house price growth over the past three years, with suburbs showing annual growth rates between 11-14 per cent.”
“All of the city’s inner suburbs now sit above $1 million, pushing growth into previously more affordable areas,” he said.
One standout is Roleystone, which has recorded 13% annual growth and pushing its median house price to just over $990,000, with forecasts suggesting it could hit $1.12 million within the year. Other suburbs in Perth expected to join the million-dollar club include:
Western Australia’s property growth isn’t just confined to the capital, as regional markets are showing impressive momentum.
Mr Go Tian said, “Gelorup-Stratham in Bunbury stands out with current prices at $953,000 and 12 per cent growth, demonstrating that Perth’s housing boom extends well beyond the metropolitan area.”
Meanwhile, Brisbane is also expected to see strong growth, with 17 suburbs projected to cross the $1 million threshold over the next 12 months.
Read the full article here.
The Gold Coast property market is experiencing rapid growth, with strong demand and limited supply driving the average price of new apartments to a record $2.03 million, according to Collier’s most recent Gold Coast Market Overview.
To meet current demand and population growth, the Gold Coast requires 6,500 homes annually, yet only 2,464 dwellings have been approved this financial year. This significant supply shortage is fuelling price increases and limiting options for buyers.
Rental availability is also under pressure, with just 1.3% availability reported citywide, and some coastal suburbs reported as low as 0.7%
David Higgins, Residential Director at Colliers, commented:
“We’re in a classic undersupply cycle – demand is there, but the projects aren’t being approved or delivered fast enough,” Mr Higgins said.
“This is placing upward pressure on prices and compressing choice for downsizers, local owner-occupiers, and interstate lifestyle buyers looking to secure a foothold in well-located parts of the city.”
With the Brisbane 2032 Olympic Games set to bring increased attention to South East Queensland, and events scheduled on the Gold Coast, the long-term outlook for development opportunities remains strong. This heightened focus is promising for delivering more infrastructure and housing options, helping to ease supply constraints in the years ahead.
Recent data reported by Elite Agent has shown that housing affordability could be set to become even worse in the coming years, if growth trends are to repeat the last five years.
The data presented what property prices in each Australian capital city could be by 2030, if this trend was to continue.
For example, Sydney house prices could reach an average $2.4 million, a 61% rise from the $1.49 million today. The article states that a new national price record of $13.5 million could even be set in Bellevue Hill, Sydney.
Property owners in Brisbane could also be in for a significant increase of nearly $700,000, with values surging to approximately $1.53 million by 2030, if the growth the city has seen over recent years continues.
Melbourne’s median house price could potentially reach just over $1 million in the next five years, if based on the recent growth trajectory. With prices rising just 17% since 2020, the city would only see a $146,000 increase.
While capital cities like Sydney and Brisbane have experienced major growth over the last five years, Adelaide has come out the strongest of all with house prices growing by a whopping 75% since 2020. The median house price in Adelaide would be worth $1.474 million by 2030 if this growth rate continued.
Angus Moore, Senior Economist at REA Group explained that while the modelling is not a forecast, it illustrates what could happen.
“A couple of themes that really stand out are just how strong the past five years have been, particularly for what were once more affordable markets…particularly places in Western Australia, bits of regional Queensland and…bits of Adelaide, particularly the north of Adelaide,” Mr Moore said.
The Residential Tenancies Amendment Bill 2024, now known as the Residential Tenancies Amendment Act 2024, was passed by New South Wales Parliament on 24 October 2024. Rental laws are changing as part of the commitment from the New South Wales Government to make renting fairer and improve protections for tenants and certainty for landlords.
As part of the changes:
Rental increase limits and the prohibition of extra fees started on 31 October 2024, with the remaining changes starting from 19 May 2025, including ending no grounds terminations, tenants keeping pets in rental properties, and ensuring tenants pay rent through bank transfer.
Read more about the changes here.
