This is the highest percentage since April 2022, when 26.9% of suburbs had medians at or above $1 million. At the start of COVID-19, only 14.3% of house and unit markets had a median value at or above $1 million, experts at CoreLogic said.

More than 30% of areas are now approaching a million-dollar threshold. Such growth is an organic result of higher prices and lower affordability.

Stable Rates Amid Economic Concerns

The Reserve Bank of Australia (RBA) has decided to keep the official cash rate (OCR) unchanged at 4.35% during its September meeting, a decision anticipated by all 42 economists surveyed in Finder's RBA Cash Rate Survey. While inflation remains above the RBA's target zone of 2-3%, the central bank has opted against rate cuts similar to those seen in the US.

Despite rising property prices, it’s still possible to find affordable family homes in the suburbs, especially in areas just outside major cities. Many experts believe that middle-ring suburbs, located 8-25 km from city centres, offer the best opportunities for families looking for value.

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