A decade ago, owning a million-dollar home in Australia was a mark of prestige, largely confined to Sydney’s leafy suburbs. Fast forward to 2025, and a $1 million property is no longer exclusive — it’s increasingly the norm.
Recent data from Cotality (formerly CoreLogic) shows that more than a third of homes nationwide are now valued at $1 million or more. In capital cities, that share is even higher at 41.6%, with Sydney leading the charge — nearly two-thirds of homes there surpass the million-dollar mark.
What does this mean for buyers? Put simply, $1 million doesn’t stretch as far as it used to. In Sydney, even three-bedroom homes average over $1.3 million. Brisbane has seen the sharpest growth — just five years ago, only 6.2% of homes were worth $1 million or more. Now, it’s 40.2%, with the city on track to become Australia’s next million-dollar housing market.
Melbourne follows, where nearly a third of properties exceed $1 million, while Adelaide and Perth have also seen significant jumps in recent years. In contrast, Hobart and Darwin remain more affordable, though with slower growth and softer economic drivers.
While rising values may boost homeowner wealth, they also highlight growing inequality. Younger buyers and lower-income households are increasingly locked out, and housing debt continues to climb, outpacing wages.
In this environment, understanding local market dynamics — and acting strategically — is more important than ever for buyers, sellers, and investors alike. A million dollars may still be a lot, but in today’s property landscape, it’s far from extraordinary.
