Australia’s property hotspots set to tip into million-dollar territory

• 365 suburbs joined Australia’s million-dollar median club in the past 12 months, lifting the national total to 1,600 markets.
• New South Wales leads with 717 million-dollar suburbs, ahead of Queensland (342) and Victoria (227).
• Reventon and Hotspotting have named 10 future hotspots tipped to cross the mark, with growth as high as 31%.

Parts of Australia’s property market are continuing to experience very strong price growth, with hundreds of additional markets now recording medians in excess of $1 million.

Analysis by Reventon and Hotspotting reveals 365 markets were added to the list of million-dollar median suburbs in the past 12 months. It also identifies ten of the top future million-dollar median locations for investors across Australia.

In the 12 months to May 2026, there were 1,600 house or unit markets with a median price of $1 million or more, compared with 1,235 in May 2025.

Reventon CEO Chris Christofi said New South Wales topped the list with 717 suburbs with million-dollar medians, 103 of them unit markets. Queensland was next with 342 (including 31 unit markets), followed by Victoria with 227 (including 12 unit markets).

Western Australia had 128 million-dollar median markets, including six unit markets, while South Australia had 133, the ACT had 47, Tasmania had four and the Northern Territory had two.

NSW also had the highest number of new entrants (132), followed by Queensland (101), Western Australia (45), South Australia (42), Victoria (29) and the ACT (13). The Northern Territory doubled from one market to two, and Tasmania doubled from two to four.

“These figures show that, far from slowing down, the number of million-dollar markets continues to rise, with an additional 365 markets added to the list in the past 12 months,” Mr Christofi said.

Hotspotting managing director Tim Graham said there were still plenty of opportunities for investors to find markets set to tip over into million-dollar territory.

“Steady growth in recent years means there are a number of markets where, if the same trajectory continues, they will soon break the million-dollar median barrier.”

Tim Graham, Hotspotting

Mr Graham said many of these were also strong markets for investors, where rents had been rising, yields were solid and vacancy rates were low.

He said the benefit of buying in these markets was their capital growth potential. “These locations have already been proven to be desirable locations where buyers are prepared to pay a premium to secure a property,” he said.

Mr Graham said all locations identified by the analysis had more to offer than just expensive properties. “Generally, what is driving the price growth in these locations is significant infrastructure spending either underway or proposed, and good amenities such as schools, shops, recreational spaces, transport and access to job nodes,” he said.

“Those criteria mean that ongoing demand will lead to further price growth, allowing owners to build their wealth for the future.”

Top ten future million-dollar median hotspots

Source: Hotspotting analysis of PropTrack data of markets with 30 or more sales in the 12 months to May 2026.