More Cities Join The $1 Million Club

Strong price growth in 2025 means that six capital cities are now in the $1 million median club.

Analysis by Domain says across the combined capital cities, the median house price rose by 9.6% and units are up by 6.8%.

Perth’s strong results, with its median up 9.9%, meant its median breached the $1 million mark for the first time.

Perth, Sydney, Melbourne, Brisbane, Adelaide and Canberra now all have a median house price above $1 million.

Domain chief of research and economics, Nicola Powell, says strong demand from people moving to Western Australia has driven up prices in Perth.

“Once Perth and Adelaide were described as affordable but with both cities joining the $1 million-dollar club in the past 12 months, it’s very hard to call them that today,” she says.

She predicts the Sydney median could reach a $2 million by 2027 and expects Brisbane real estate prices to grow in the lead up to the 2032 Olympic and Paralympic Games.

According to Domain, median house values in all capital cities, apart from Canberra, are now at their highest-ever levels.