Australia has had an explosion of million-dollar homes …
New research from Cotality (formerly CoreLogic), shows that over a third of homes nationally are now valued at $1 million or more – with that amount of money buying less in the housing market than ever before.
Up, up and up
Data going back 10 years shows the proportion of dwellings valued at $1 million or above has risen from 9.7 per cent in April 2015 to 34.4 per cent as of April 2025 – a series high. This includes 19.4 per cent of homes in regional Australia (up from just 0.5 per cent a decade ago), and 41.6 per cent across the combined capital cities (up from 14.3 per cent). Both figures are at record highs.
The trend reflects strong price growth across Australia’s housing market, with values rising 67.3 per cent over the past decade.
Sydney
Unsurprisingly, Sydney had the highest portion of homes over $1 million, where almost two-thirds of stock are past the million-dollar threshold (64.4 per cent). Only houses with five or more bedrooms had a median value over $1 million in Greater Sydney a decade ago. Now the median house value for all bedroom types is over $1 million, ranging from a median of $1.3 million for a three-bedroom house, to $2 million for a house with five or more bedrooms.
Brisbane
Brisbane had the next highest proportion of homes values at $1 million or more at 40.2 per cent – up from just 2.8 per cent a decade ago. This is the highest increase in the period of any region. Even if Brisbane’s house values rise half the rate that they did in the 2024 calendar year, they would hit $1,010,000 by the end of 2025.
Melbourne
Third in the capital city rankings was Melbourne, where 30.9 per cent of homes have a $1 million plus value. This is down from a high of 33.1 per cent in January 2022 but up from 12.4 per cent of million-dollar homes a decade ago.
Adelaide and Perth
Adelaide and Perth followed a similar trajectory to Brisbane, with strong value increases since the pandemic creating a sharp increase in the portion of million-dollar plus homes across these cities.
Adelaide saw million-dollar homes go from 4.2 per cent of the market in March 2020, to 27.8 per cent of homes in April. For Perth, just over a quarter of homes are now $1 million or more, up from 6 per cent in March 2020.
