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Courier-Mail
10-06-2025
- Business
- Courier-Mail
Australia's next million dollar suburbs revealed
Once the hallmark of Australia's most prestige suburbs, the $1 million home is now a nationwide reality, and for many, a bare minimum. Latest Ray White market data shows Australia now has 923 suburbs with median house prices of at least $1 million, with a further 78 expected to join this exclusive club within the next 12 months. It means there could be over 1000 suburbs with $1m medians by mid 2026, according to senior data analyst Atom Go Tian. 'Melbourne currently holds second place with the most million-dollar suburbs after Sydney, but this could change,' he said. 'Brisbane is surging fast with 17 new suburbs expected to cross the threshold – a surge that could see it tie with Melbourne for second place by next year. 'Regional Queensland is the most popular regional area, buoyed by the presence of the Gold Coast and Sunshine Coast.' MORE NEWS Insane amount celebs spend on Aussie homes Shock salary you now need to buy a home Why luxury home dream could be out of reach for millions Perth: The new million dollar hotspot? Mr Go Tian said Perth had emerged as the star of Australia's housing boom, contributing an outsized 22 of the 78 new million-dollar suburbs. He said the remarkable showing reflected the city's position as having the strongest house price growth over the past three years, with suburbs showing annual growth rates between 11 to 14 per cent. 'The Perth story is one of outward expansion. All of the city's inner suburbs now sit above $1 million, pushing growth into previously more affordable areas,' Mr Go Tian said. 'Roleystone is the most likely candidate to cross the threshold, with current prices at $992,000 and 13 per cent annual growth pointing towards $1.12 million within 12 months. 'Other Perth suburbs are tracking towards even higher levels: Bayswater-Embleton-Bedford ($967,000), Padbury ($969,000), Serpentine-Jarrahdale ($972,000), and Tuart Hill-Joondanna ($958,000) are all positioned to exceed $1.08 million, which is notably higher than comparable suburbs in other capitals.' MORE NEWS: Great Aussie dream crushed by cost surge A new number two! Brisbane's growth is the antithesis to Melbourne's stagnation, Mr Go Tian said. The Queensland capital has experienced sustained 8 to 9 per cent annual growth, with 17 new suburbs expected to cross the million-dollar threshold, a surge that will likely see Brisbane tie with Melbourne for second place by next year. 'Just like with Perth, Brisbane's growth is spreading to the outskirts of the city: Eagle Farm-Pinkenba leads at $978,000 with 9.9 per cent growth, while the expansion spans from Algester in the south ($991,000) to Karana Downs in Ipswich ($983,000), Mango Hill in Moreton Bay South ($978,000), and Riverhills in the west ($976,000),' Mr Go Tian said. 'Melbourne, despite currently holding second place, has seen muted growth over the past three years, meaning no new suburbs will join the exclusive ranks.' MORE NEWS: First-home frenzy: Young Aussies locked out What about Adelaide, Sydney, and Canberra? Sydney's 14 new suburbs tell the story of Australia's most expensive housing market running out of affordable options. With the city's geometric mean house price already at $1.6 million, the new million-dollar suburbs represent the final pockets of relative affordability—mostly clustered in outer growth areas like Currans Hill in Camden ($995,000) and Hassall Grove-Plumpton in Blacktown ($989,000), alongside several Campbelltown suburbs. 'Even these 'affordable' areas are tracking towards $1.02-1.04 million,' Mr Go Tian said. Adelaide's 11 new additions show a similar pattern of expansion from the already-expensive Central and Hills region. Bellevue Heights ($997,000), Willunga ($998,000), and Coromandel Valley ($981,000) in Adelaide South are joined by Plympton ($995,000) and Flinders Park ($991,000) in Adelaide West, all showing steady 7 to 8 per cent growth rates. Behind Sydney, Canberra has Australia's second-highest concentration of million-dollar suburbs. However, the territory's muted growth over recent years means only three suburbs will join the club: Gungahlin ($998,000), Palmerston ($984,000), and Holder ($990,000) are edging across the threshold with minimal annual growth rates of just 1 to 2 per cent. MORE NEWS: Unexpected leader in home price boom Regional winners Mr Go Tian said regional areas weer also making a strong showing across the country. 'Queensland's growth corridors lead the charge – Meridan Plains on the Sunshine Coast ($994,000), Middle Ridge in Toowoomba ($977,000), and Coomera on the Gold Coast ($959,000) – alongside Western Australia's premium coastal areas like Margaret River ($951,000),' he said. 'Gelorup-Stratham in Bunbury stands out with current prices at $953,000 and 12 per cent growth, demonstrating that Perth's housing boom extends well beyond the metropolitan area.'
Courier-Mail
09-06-2025
- Business
- Courier-Mail
Death of old money: Young richlisters drive luxury surge
Self-made entrepreneurs are reshaping the prestige property market, with the Gold Coast emerging as the nation's second most expensive city to own a luxury home. Australia's Luxury Report 2025 by Ray White reveals luxury property sales are booming across Australia, pushing the price tag for a high-end home up 72 per cent from 10 years ago to a minimum of $2.52m. And while Sydney remains the top market – with an eye-watering luxe buy-in of $4m – the Gold Coast has claimed the next spot at $2.6m, eclipsing Melbourne's $2.49m entry point. The Sunshine Coast also ranked in the top five at $2.4m, followed by Brisbane and Perth, where the average luxury home now costs $2.1m. Ray White Group managing director Dan White said south east Queensland had become 'the clear success story in Australia's high-end property market', with Gold Coast luxury home prices more than doubling from $1.14m in 2015. Gold Coast blue-chip markets of Mermaid Beach to Broadbeach and Surfers Paradise featured among the report's top 10 luxury suburbs by price growth since 2015, recording jumps of 4.73 and 4.64 per cent respectively. The city's top local sale of 2025 to date was $22m for a Main River estate at 7-9 McMillan Ct, Southport, followed by a Surfers Paradise mansion at 8 Southern Cross Dr sold for $18.5m. In third place was Bartinon, an opulent riverfront home at 26 Marseille Ct, Bundall snapped up for $18m this week after two years on the market. Ray White Senior Data Analyst Atom Go Tian said a staggering $663m changed hands across just 20 transactions. Buyers were mostly self-made entrepreneurs from diverse sectors including e-commerce, property development, financial services, fashion, and technology. 'Today's ultra-luxury property buyers are primarily self-made business owners, especially those who built digital and tech companies, rather than corporate executives who once dominated this market,' Mr Go Tian said. 'The wealth behind these purchases now comes from a much wider range of industries, with online businesses and technology ventures leading the way. 'While buyers in their late 40s to 50s continued to form the core market, we're witnessing increasing participation from millennial entrepreneurs, particularly those who have built wealth through digital businesses,' he said. MORE NEWS Qld motorcross mansion is nation's most wanted Hugh Jackman-linked health retreat listed as first guests arrive AFL legend's side hustle flipping homes Mr Go Tian said luxury homes varied dramatically by location, generally including premium materials and exceptional finishes, such as marble countertops, hardwood floors, and custom cabinetry. 'More than just a price point, luxury represents the pinnacle of craftsmanship, attention to detail, and scarcity within a market,' he said. 'As our data reveals, the concept of luxury continues to transform across Australia's diverse regions, shaped by changing demographics, wealth distribution, and lifestyle preferences.'
Courier-Mail
05-06-2025
- Business
- Courier-Mail
Price shock: Luxe Aussie mansions now start at $2.52m
AustAsia's luxury property sales are booming with the price tag for a bougie home now starting at $2.52m – up 72 per cent from 10 years ago, new data shows. According to Ray White's second Australia's Luxury Report, Sydney remains Australia's most expensive market with buyers needing to find a cool $4m to afford a home with all the trimmings. The Gold Coast ranked second at $2.6m, pushing ahead of Melbourne's $2.49 million entry point. The Sunshine Coast in Queensland also ranked in the top five at $2.4m, followed by Brisbane and Perth, where the average luxury home now costs $2.1m. Meanwhile, the starting point for a bougie home in Adelaide and Canberra has climbed to $1.9m, with Darwin the only capital remaining to offer luxury living under $1m. RELATED Mansion that hosted Rolling Stones, Frank Sinatra sells for mega price Telenet CEO pays $12.1m 'record price' for house with no parking Record warehouse seller emerges as $15m buyer of rare penthouse Luxury homes are generally defined by their use of premium materials and exceptional finishes, including finest marble countertops, rare hardwood floors, and custom cabinetry. 'More than just a price point, luxury represents the pinnacle of craftsmanship, attention to detail, and scarcity within a market,' Ray White senior data analyst Atom Go Tian said. 'It varies dramatically by location; what's considered standard in Sydney might be exceptional elsewhere in Australia. 'From a national perspective, luxury properties in Australia now command prices exceeding $2.52 million, representing a 72 per cent increase from $1.49 million a decade ago.' RELATED: Rose Bay mansion with James Packer link has $90m hopes Mr Go Tian said a staggering $663 million changed hands across just 20 transactions over the past year, revealing not only where Australia's wealthiest choose to live, but also who they are and how their wealth was created. 'Eastern Sydney continues to be the place to be, with the Double Bay-Bellevue Hill and Rose Bay-Vaucluse-Watsons Bay enclaves accounting for more than half of all top transactions,' he said. 'Bellevue Hill alone appears five times on the list, while Vaucluse claims four spots. Beyond Sydney's harbour views, Melbourne's old-money suburbs of Toorak and Brighton each secured positions, while lifestyle destinations like Noosa Heads, Byron Bay, and Portsea also featured prominently.' MORE NEWS: Bulldozed Toorak block asks $40m+ for dirt The crown jewel of these transactions stands as 'Alcooringa,' a Spanish Mission-style residence perched majestically at 27 Victoria Road, Bellevue Hill. Top agent Ashley Bierman of Ray White Double Bay negotiated this off-market sale. The architectural masterpiece commanded an eye-watering $80 million; a figure that towers over even its closest competitor by $30 million. Mr Go Tian said expensive homes are changing hands in new ways. 'Today's ultra-luxury property buyers are primarily self-made business owners, especially those who built digital and tech companies, rather than corporate executives who once dominated this market,' he said. 'The wealth behind these purchases now comes from a much wider range of industries, with online businesses and technology ventures leading the way.' MORE NEWS: Musician snaps up one of nation's most popular homes An analysis of this year's top 20 sales reveals today's luxury purchasers are predominantly self-made entrepreneurs from diverse sectors including e-commerce, property development, financial services, fashion, and technology. The report shows the architectural and landscape features of Australia's most expensive homes reveal sophisticated investment priorities, with wellness facilities, sustainable elements, and indoor-outdoor integration now considered essential rather than optional. Properties with comprehensive wellness features command price premiums of 10-25 per cent, reflecting a fundamental shift in what constitutes luxury in today's market.
