What are the next suburbs where house prices will exceed $1 million in 2025?

First, let’s consider where these $1 million suburbs are at the moment and how they’ve been growing over the past decade.
As of May 2024, there were 857 suburbs in Australia with a geometric mean house price of at least $1 million, four times what it was in 2014 and 17.5 per cent greater than what it was just last year.
Most of these suburbs are in New South Wales, which has at least twice the number of million dollar suburbs as any other state at 358 suburbs as of 2024. Victoria comes in second with 176 $1 million suburbs, but Queensland sits close by with 174 suburbs.

Of the six states and two territories, Queensland is the fastest growing with its count of $1 million suburbs growing by 25 times over the last decade from just seven to 174. Second in terms of growth rate is ACT with an 11 times growth in count of $1 million suburbs from just six in 2014 to 70 in 2024.

Assuming the growth rate of the last decade maintains its trend for the next 12 months, we can expect around 99 new suburbs to pass the $1 million mark. Thirty of these will come from New South Wales, 24 from Queensland, and 18 from Victoria, which means Queensland has a very high probability of overtaking Victoria as the state with the second most count of million dollar suburbs.

Of these 99 suburbs, we’ve listed the five suburbs per capital city with the highest potential of actually surpassing $1 million. For example, Narara in New South Wales currently has a geometric mean house price of $993,596 and an average growth rate of 9.3 per cent over the last 10 years. Assuming prices grow another 9.3 per cent in the next 12 months then we can expect houses in Narara to reach $1,086,371.

Perth and Adelaide are the only capital cities that have less than five suburbs expected to pass the million dollar mark.

See the next million dollar suburbs by state below