On the edge of $1m: 10 suburbs tipped to boom

The Top 10 Million Dollar Suburbs report focused on the areas where affordability, infrastructure and buyer demand are driving price growth.

In total, three suburbs were mentioned for NSW, Queensland and Victoria, one suburb was listed in South Australia, while suburbs in Western Australia, the Northern Territory and Tasmania did not meet the list criteria.

According to Propertybuyer CEO and founder Rich Harvey, the emerging $1 million hotspots have become increasingly difficult to identify due to rapid price growth.

“It’s getting harder to pick suburbs because some accelerate over the finish line so much faster now. Frankston, for example, jumped a hundred grand in three months,” he said.

Harvey said the ripple effect of growth has seen buyer demand accelerate, with south-east Queensland’s Biggera Waters and North Lakes and Melbourne’s Chelsea region attracting first and second home buyers and investors.

“You’ve got that combination of all of those three buyer groups competing for limited stock.”

Additionally, he said that with the recent expansion of the government’s 5 per cent First Home Guarantee Scheme, there will be a surge of buyers, accelerating growth further.

“The new 5 per cent deposit scheme is going to send the market nuts,” he said.

Harvey advised buyers to think strategically about where they can achieve the greatest returns, noting that Brisbane and Melbourne remain attractive as of now.

“Both cities with plenty of petrol left in the tank, but the next price frontier is looming,” he said.

“Soon enough, we’re going to have to be talking about the $1.5 million dollar hotspot report.”

Here are the next 1-million-dollar suburbs:

Alexandra Hills, Redland, Queensland

Dwelling type: House

Median price: $895,000

Median rental yield: 4.0 per cent

Median vacancy rate: 4.0 per cent

Alexandra Hills’ strong owner-occupied demand and proximity to major Olympic infrastructure have positioned the suburb to cross the million-dollar mark while offering strong yields.

“We’re seeing a wave of buyers drawn to Alexandra Hills for its family-friendly vibe and proximity to the coast,” Harvey said.

“With prices still under the million-dollar mark, it’s a suburb where smart money is moving early.”

Berkeley Vale, Central Coast, NSW

Dwelling type: House

Median price: $927,550

Median rental yield: 4.1 per cent

Median vacancy rate: 0.6 per cent

According to Hotspotting director Terry Ryder, affordability and rental strength in the Berkeley Vale region make it a compelling alternative to pricier neighbours like Long Jetty.

“Berkeley Vale is benefiting from the Central Coast’s evolution,” he said.

“As infrastructure improves and lifestyle demand grows, this suburb is quietly climbing the ranks with savvy investors taking notice.”

Biggera Waters, Gold Coast, Queensland

Dwelling type: House

Median price: $950,000

Median rental yield: 4.0 per cent

Median vacancy rate: 1.3 per cent

Harvey said that Biggera Waters offers a combination of lifestyle and investment fundamentals, with tight vacancy rates amid waterfront living and commuter convenience.

“Biggera Waters offers a rare mix of affordability and prestige,” he said.

“Buyers are drawn to its waterfront access and strong rental appeal, making it a strategic play in the Gold Coast market.”

Chelsea, Kingston, Victoria

Dwelling type: House

Median price: $950,000

Median rental yield: 3.3 per cent

Median vacancy rate: 1.3 per cent

Chelsea’s bayside charm at a more accessible price point makes it an attractive option for buyers, according to Ryder.

“As infrastructure and planning reshape the suburb, it’s fast becoming a magnet for buyers priced out of neighbouring million-dollar markets,” he said.

“Chelsea is a classic case of suburb uplift. As neighbouring areas push past the million-dollar mark, Chelsea’s value proposition becomes even more compelling for buyers seeking long-term growth.”

Clayton South, Kingston, Victoria

Dwelling type: House

Median price: $990,000

Median rental yield: 3.3 per cent

Median vacancy rate: 0.7 per cent

According to Harvey, Clayton South offers a mix of high demand, strong rental growth and low vacancies.

He said investors seeking capital growth should consider its proximity to major employment hubs and transport.

“Clayton South is a magnet for savvy investors. With strong rental demand and access to major employment hubs, it’s a suburb where the fundamentals stack up beautifully,” Harvey said.

Doonside, Blacktown, NSW

Dwelling type: House

Median price: $971,000

Median rental yield: 3.3 per cent

Median vacancy rate: 1.3 per cent

Ryder said that Doonside’s fast-moving market in Western Sydney’s growth corridor enables momentum and affordability to intersect.

He added that with billion-dollar infrastructure nearby and homes selling in under a month, the area is becoming a rising star.

“Doonside is riding the Western Sydney wave. With infrastructure spend and buyer interest accelerating, it’s a suburb that’s moving from overlooked to overperforming.”

Greensborough, Banyule, Victoria

Dwelling type: House

Median price: $990,000

Median rental yield: 3.4 per cent

Median vacancy rate: 0.7 per cent

Harvey said that Greensborough’s family-friendly appeal and proximity to the CBD make it a popular area for buyers.

“Its steady growth, low vacancies and strong rental returns make it a standout in Melbourne’s north-east,” he said.

“Greensborough is quietly outperforming. Buyers love the balance of green space, transport links and community feel and that’s translating into strong price growth.”

North Lakes, Moreton Bay, Queensland

Dwelling type: House

Median price: $924,000

Median rental yield: 4.0 per cent

Median vacancy rate: 0.3 per cent

Ryder said North Lakes’ quality housing and infrastructure are driving sustained demand, causing double-digit growth and ultra-low vacancies.

“North Lakes is a blueprint for successful urban planning. With schools, retail and transport all dialled in, it’s no surprise this suburb is surging toward the million-dollar mark,” he said.

Seaton, Charles Sturt, South Australia

Dwelling type: House

Median price: $920,000

Median rental yield: 3.3 per cent

Median vacancy rate: 1.0 per cent

Harvey said Seaton is a quiet achiever, presenting strong sales volumes, proximity to the beach and major amenities.

“It’s a suburb on the cusp of million-dollar status and investors are taking notice,” he said.

“Seaton is a sleeper hit in Adelaide’s west. As buyers seek value near the coast, this suburb’s mix of amenity and affordability is proving irresistible.”

Summer Hill, Inner West, NSW

Dwelling type: Unit

Median price: $950,000

Median rental yield: 4.2 per cent

Median vacancy rate: 0.9 per cent

Ryder said Summer Hill’s unit market is a standout in Sydney’s Inner West, with high yields, low vacancies and a village feel despite its close proximity to the CBD.

He said the suburb, which has been outperforming, is an ideal entry point into a premium postcode.

“With boutique charm and Inner West connectivity, it’s a suburb where renters and buyers alike are competing for space,” he said.

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