While housing affordability is a struggle for many, there is still a huge market for big-ticket homes throughout Australia.

The number of properties that sold for more than $5 million in the past 12 months is on the rise, with 3295 changing hands, up 5.2% from the previous year. This is the second-highest level of $5 million plus years on record, and it wasn’t just the big southern capitals of Sydney and Melbourne chalking up all the big deals, with Brisbane, Perth and Adelaide all achieving record levels of prestige sales.

Regional markets are also strong, particularly regional Queensland with 241, $5 million plus sales in the past year. These were particularly concentrated in the Gold Coast and Sunshine Coast markets, according to the Westpac Prestige Property Report, 2025. Westpac Chief Economist, Luci Ellis, says Australia’s prestige market reclaimed momentum in 2024. She says compared with five years ago, prestige sales volumes are up by 217%. NSW had 2153, $5 million plus sales, Victoria, 569, Queensland, 380, Western Australia, 159, South Australia, 24, ACT, 9, and Northern Territory, 1. Tasmania did not have any in 2024.