Next million-dollar markets revealed

1 month ago 11

The next top million-dollar markets have been revealed

The top ten next million-dollar markets around the nation offering strong growth prospects for both homeowners and investors have been revealed.

New research from national buyers’ agency Propertybuyer and Hotspotting has highlighted nine house suburbs and one unit suburb, including four in Queensland, three in New South Wales, two in Victoria and one in South Australia.

Propertybuyer CEO & Founder Rich Harvey said the analysis identified the top 10 markets in Australia “teetering” on the edge of a million-dollar median.

Propertybuyer CEO and founder Rich Harvey

“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,” Mr Harvey said.

“They are also strong markets for investors, where rents have been rising, yields are solid and vacancy rates are low.”

The Gold Coast suburb of Coombabah recorded the strongest annual house price growth of 22 per cent among the top ten, with 77 sales over the year bringing the median price to $950,000.

This Coombabah property is listed at $495,000

Hotspotting Director Terry Ryder said Coombabah was expected to see 6.8 per cent annual growth over the next four years, supported by a healthy population growth trajectory.

The suburb offered investors median rental yield of 4.3 per cent, with an extremely tight vacancy rate of 0.8 per cent.

“It is approximately 15 kilometres from the Gold Coast CBD and has excellent transport links and access to commercial hubs,” Mr Ryder said.

“It is a picturesque riverside location with plenty of open space, parks, and recreational facilities, making it a family-friendly and peaceful area.”

Hotspotting founder Terry Ryder

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Also on the Gold Coast, Upper Coomera had the highest number of sales, with 446 houses changing hands in the past year at a median price of $910,000, bringing annual growth to 14 per cent.

Mr Ryder said Upper Coomera continues to grow steadily, driven by increasing demand for family-friendly housing. Rental yield sat at 4.6 per cent, with vacancy at 1.1 per cent.

“It offers easy access to both Brisbane and the Gold Coast and major transport hubs and features modern homes on medium-sized blocks, with plenty of parks, schools, and recreational facilities to support future population growth.

A four-bedroom house in Upper Coomera listed at $950,000

“The approved Harbour Shores master-planned community ($1.5b) and the Coomera Connector ($3.02b), which is well under way are expected to help boost the area’s growth and demand.”

Capalaba south of Brisbane and Woombye in the Sunshine Coast region were other Queensland inclusions, while Hampton in Victoria was the only apartment market on the top ten list.

For houses, Langwarrin was the other Victorian inclusion, notching up 328 sales over the past 12 months.

A unit for sale in Hampton, Victoria

NSW suburbs were Teralba, Wyoming, and Waratah, while Edwardstown in SA rounded out the list.

Mr Harvey said the new research report provided a valuable insight into the ever-evolving Australian real estate market.

“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.”