Brisbane leads growth in million-dollar homes, with Sydney maintaining top spot for high-value properties
The number of Australian properties valued above $1 million has hit a record high, with new figures from property analytics firm Cotality revealing a significant shift in the market over the past decade.
According to the report, 34.4% of dwellings across the country were worth at least $1 million in April 2025, up from just 9.7% in 2015. This includes 41.6% of homes in capital cities and 19.4% of regional properties — both at historic highs.
“This reflects a broader lift in housing values, which have increased 67.3% nationally over the past 10 years,” said Eliza Owen (pictured above), head of research at Cotality.
Sydney continues to top the rankings, with 64.4% of dwellings in the city now worth over $1 million. The median dwelling value in Sydney reached $1.2 million in April, a figure that includes both houses and units.
Over the past decade, what $1 million buys in Sydney has shrunk noticeably. A decade ago, only five-bedroom homes had median values above $1 million. Now, that figure applies to all property sizes. Three-bedroom homes now have a median value of $1.3 million, with five-bedroom homes exceeding $2 million.
Brisbane is seeing the most rapid growth in million-dollar homes. The share of properties above $1 million jumped from just 2.8% in 2015 to 40.2% this year — the steepest increase among all regions. With a current median house value of $990,000, the city is expected to join the million-dollar median club by the end of 2025 if current trends continue.
Melbourne came in third, with 30.9% of dwellings now valued at or above $1 million. Although this figure is slightly down from a peak of 33.1% in early 2022, it has risen from 12.4% in 2015. The slight dip is attributed to a softening market following a shift in interest rates.
Adelaide and Perth also saw sharp increases in million-dollar homes. In Adelaide, the proportion jumped from 4.2% in 2020 to 27.8% in 2025. In Perth, 25.4% of homes are now above the $1 million mark, up from just 6% five years ago.
Hobart, meanwhile, recorded a decline in million-dollar properties. The share fell from 20.3% in March 2022 to 11.9% in April 2025, as the city grappled with slower population growth and job creation, alongside rising interest rates.
Darwin remains the most affordable capital, with just 1.3% of properties crossing the $1 million threshold. That figure has remained largely unchanged for a decade, reflecting its slower market momentum since the mining and infrastructure boom of the 2000s.
The symbolic million-dollar figure represents both opportunity and challenge, according to Owen. “Housing markets wouldn’t have a million-dollar price tag if at least some Australians couldn’t come up with that level of finance,” she said.
“As values continue to rise, the chance that homeowners hit millionaire status increases, opening up new opportunities for further investment, or accessing that wealth through the sale of a property. However, the downsides of such an extraordinary price point are also increasingly evident.
“The rate of home ownership has gradually declined over time, particularly among younger, low-income households where income cannot keep pace with growth. The average age of first home buyers has increased, and increasingly wealthy households are stuck renting for longer, which increases competition for low income, renting households.”
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