Who wants to be a millionaire: 101 suburbs where house prices gained over $1m in five years
Benn Dorrington, Property Journalist
First published 17 September 2024, 12:00 PM
PropTrack data has revealed that median house prices in 101 suburbs located across NSW, Western Australia, Queensland, South Australia and Victoria increased by $1 million or more during the five years to August.
The vast majority of these million dollar-making suburbs were in capital cities – with 86 of them located in Sydney.
Only seven regional suburbs made the list including Byron Bay in NSW; the Sunshine Coast’s Minyama, Doonan and Sunshine Beach; and Surfers Paradise, Bundall and Broadbeach Waters on the Gold Coast.
PropTrack senior economist Eleanor Creagh said the dominance of Sydney's suburbs was to be expected.
“It’s unsurprising to see Sydney suburbs dominating the list, given it’s the most expensive capital city,” Ms Creagh said.
Top 30 suburbs that made the biggest five-year gains
| Suburb | State | Median house price | Five-year price growth |
| Bellevue Hill | NSW | $9,750,000 | $4,087,500 |
| Vaucluse | NSW | $8,550,000 | $2,275,000 |
| North Bondi | NSW | $4,700,000 | $2,212,500 |
| Bronte | NSW | $5,287,500 | $2,137,500 |
| Mosman | NSW | $5,747,000 | $2,037,000 |
| Dover Heights | NSW | $6,255,000 | $1,935,000 |
| Riverview | NSW | $4,280,000 | $1,920,000 |
| Rose Bay | NSW | $6,000,000 | $1,855,000 |
| Northbridge | NSW | $4,900,000 | $1,810,000 |
| Fairlight | NSW | $3,975,000 | $1,775,000 |
| Bondi Beach | NSW | $4,105,000 | $1,755,000 |
| Clovelly | NSW | $4,505,500 | $1,750,500 |
| Putney | NSW | $3,670,000 | $1,720,000 |
| Strathfield | NSW | $3,820,000 | $1,700,000 |
| Castlecrag | NSW | $4,436,500 | $1,691,500 |
| Queens Park | NSW | $4,280,000 | $1,645,000 |
| South Coogee | NSW | $4,011,000 | $1,631,000 |
| Greenwich | NSW | $4,390,000 | $1,624,450 |
| Manly | NSW | $4,410,000 | $1,610,000 |
| Burwood | NSW | $3,169,000 | $1,566,500 |
| Hunters Hill | NSW | $4,065,000 | $1,565,000 |
| Gordon | NSW | $3,870,000 | $1,545,000 |
| Killara | NSW | $3,852,000 | $1,530,000 |
| Woollahra | NSW | $4,720,000 | $1,520,000 |
| North Curl Curl | NSW | $3,650,000 | $1,500,000 |
| Freshwater | NSW | $3,742,500 | $1,467,500 |
| Cottesloe | WA | $3,487,500 | $1,462,500 |
| Byron Bay | NSW | $2,950,000 | $1,450,000 |
| Kensington | NSW | $4,100,000 | $1,445,000 |
| Bondi | NSW | $3,812,500 | $1,437,500 |
“It’s home to suburbs with the highest values in Australia and Sydney has also recorded strong growth over the past five years.
“The growth in Sydney hasn’t been as strong lately as the growth that we’ve seen in the likes of Brisbane and Adelaide, but it’s certainly still strong.”
Australia’s strongest performing locale was Sydney’s Bellevue Hill, which saw its median house price increase by more than $4 million over the past five years to $9.75 million.
Sydney real estate agent and director at Ray White Double Bay Ashley Bierman said Bellevue Hill was the jewel of the eastern suburbs.
“From a location perspective, Bellevue Hill is surrounded by the very best that the eastern suburbs have to offer,” he said.
This home at 27 Victoria Road, Bellevue Hill was said to have recently sold for a speculated $80 million, setting a new record for the suburb. Picture: realestate.com.au/sold
Bellevue Hill is popular for its proximity to Bondi Beach, Rose Bay and Bondi Junction, as well as prestigious schools such as Scots College and Cranbrook School.
Mr Bierman, who has been selling homes in the neighbourhood for more than 15 years, said Bellevue Hill was a tightly held property market with very limited supply.
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