Once considered elite, $1 million is now just the starting point for homebuyers across many parts of Australia. In 2025, over one-third of all homes nationwide are valued at or above that level. A decade ago, it was less than 10%.

Now, million-dollar suburbs aren’t just in Sydney – they’re in regional areas too. This shift reflects a 67% rise in property values over the past ten years.

Top of the Market, But Shrinking Value

In Sydney, nearly 64.4% of homes are worth more than $1 million, the highest share of any capital. A budget of $1 million no longer buys what it used to. Today, even a three-bedroom home sits around $1.3 million, and five-bedroom homes push $2 million.

A decade ago, you needed five bedrooms to reach seven figures – now, that’s the starting point.

Fastest Growth in the Country

Brisbane has seen the most rapid rise in million-dollar homes of any capital. Just five years ago, only 6.2% of homes hit that mark. Today? Over 40%.

With the median house price at $990,000, it’s on track to break the $1 million median barrier before the end of 2025 – even with modest growth.

Still Expensive, But Growth Has Slowed

Melbourne’s million-dollar market has dipped slightly since peaking in early 2022. But 30.9% of homes are still valued at $1 million or more, up from just 12.4% a decade ago.

The city’s affordability has improved slightly, but the long-term growth remains strong.

Quiet Achievers on the Rise

In 2020, only 4.2% of Adelaide homes were worth $1 million or more. Today, it’s 27.8%.

Perth followed suit, jumping from 6% to just over 25% in the same period. Both cities show how price growth is spreading beyond the major east coast capitals.

Why the $1 Million Milestone Matters

Million-dollar homes reflect growing household wealth, but also highlight widening gaps:

  • Homeownership is getting harder for younger and lower-income buyers
  • First-home buyers are getting older and saving for longer
  • More high-income earners are renting, increasing competition for lower-cost rentals
  • Debt levels are climbing, with housing debt now at 135% of household income

It’s Not About Price — It’s About Strategy

Interest rate cuts expected in 2025 may boost borrowing again, adding pressure to an already hot market. As prices climb, the wealth gap between owners and non-owners is likely to grow.

At Teach Me About Property, we teach you how to play The Wealth Game.

If $1 million sounds out of reach, it’s time to stop looking at the full price tag and start learning about low money down deals, smart buys, and the TMAP-2-STEP.

You don’t need to buy your dream home now — you need to make the right first move.

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