These areas boast strong demand, steady growth, and major infrastructure projects
Ten Australian suburbs are on the brink of reaching a median property price of $1 million, according to new research from buyers’ agency Propertybuyer and property analysis firm Hotspotting.
The report highlights nine house markets and one unit market, spanning Queensland, New South Wales, Victoria and South Australia.
Propertybuyer chief executive Rich Harvey (pictured above left) said these areas have experienced steady price growth and strong demand, making them likely to surpass the million-dollar median soon.
“They are the markets where price growth has been steady in recent years and demand remains strong, and with that trajectory set to continue, these markets will soon breach the million-dollar barrier,” Harvey said. “They are also strong markets for investors, where rents have been rising, yields are solid, and vacancy rates are low.”
Harvey noted that while property market trends fluctuate due to economic and global factors, informed decisions require a combination of historical data, local insights and strategic timing.
“These figures show that although price growth may have eased in some locations in the past six months, the number of million-dollar markets continues to increase throughout Australia,” he said. “And there are still plenty of opportunities for investors to find markets that are set to tip over into million-dollar markets in 2025.”
Among the identified suburbs, Capalaba in Brisbane has a median house price of $876,000, a rental yield of 4.0%, and a vacancy rate of 0.9%. Harvey said the suburb, a key commercial centre in Redland City, offers strong employment prospects and well-developed infrastructure.
Coombabah on the Gold Coast has a median house price of $950,000, a rental yield of 4.3%, and a vacancy rate of 0.8%. Hotspotting director Terry Ryder (pictured above right) said Coombabah is projected to see 6.8% annual price growth over the next four years, bolstered by steady population growth.
Upper Coomera, also on the Gold Coast, has a median house price of $910,000, a rental yield of 4.6%, and a vacancy rate of 1.1%. Woombye on the Sunshine Coast has a median house price of $970,000, a rental yield of 4.0%, and a vacancy rate of 0.6%.
In New South Wales, Teralba in Lake Macquarie has a median house price of $900,000, a rental yield of 4.3%, and a vacancy rate of 0.9%; while Waratah in Newcastle has a median house price of $905,000, a rental yield of 4.0%, and a vacancy rate of 0.9%.
In Victoria, Hampton in Melbourne is the only unit market on the list, with a median unit price of $920,000, a rental yield of 4.4%, and a vacancy rate of 0.7%. Langwarrin in Frankston has a median house price of $855,000, a rental yield of 4.0%, and a vacancy rate of 1.2%. In South Australia, Edwardstown in Adelaide has a median house price of $900,000, a rental yield of 3.7%, and a vacancy rate of 0.4%.
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