Solid property price growth in recent years means a third of Australian homes are now valued at $1 million or more.

New research from Cotality shows the portion of dwellings valued at $1 million or more has risen from 9.7% in April 2015 to 34.4% as of April 2025. This includes almost a fifth (19.4%) of homes in regional areas, up from just 0.5% a decade ago. According to Cotality, housing values have increased 67.3% nationally in the past ten years. As is to be expected, Sydney had the highest portion (64.4%) of homes valued more than $1 million. Brisbane was next, 40.2%, followed by Melbourne, 30.9%, Adelaide, 27.8% and Perth 26.3%.

The number of million-dollar homes in Hobart is now 11.9%, which is down from 20.3% in 2022, while Darwin had just 1.3%. Cotality head of residential research Eliza Owen says as property values continue to rise, the chance that homeowners hit millionaire status is increasing.