Australia’s property market continues its impressive evolution, with the steady rise in home values pushing an increasing number of suburbs into the million-dollar median category. According to new data from Cotality, one in three suburbs across the nation now has a median value above $1 million — a milestone that was once the preserve of only the most exclusive areas.

Over the past five years, the number of $1 million-plus suburbs has surged by 143%, illustrating how widespread price growth has become. What was once limited to Sydney’s prestige postcodes is now a reality for many suburban communities. Cotality’s latest figures reveal 1,652 markets currently sit at or above the million-dollar mark, compared to 1,468 just a year earlier.

Brisbane experienced the strongest annual increase, adding 38 new suburbs to the list, driven by migration and demand from both local and interstate buyers. New South Wales still leads the way with 771 suburbs, followed by Queensland (346), Victoria (218), Western Australia (141), South Australia (116), the ACT (56) and Hobart (4).

Cotality economist Kaytlin Ezzy says seven-figure price tags are becoming increasingly common. “Five years ago, only 14% of Australian suburbs were part of the million-dollar club,” she explains. “Today, almost 42% of house markets and 13.5% of unit markets have reached that milestone.”

With 30.8% of all property sales now above the million-dollar mark — more than double the share recorded five years ago — Australia’s housing market has entered a new era of elevated property values.