Overall, home values have surged by 67.3% since 2015, a period during which less than 10% of homes were valued at $1 million or above.

The Reserve Bank of Australia reports that housing debt has escalated to 135% of income, up from 122% a decade ago, indicating growing financial strain on homeowners.

Despite strong employment and wage growth data, the RBA is expected to lower interest rates to 3.85% in an upcoming meeting, which could further influence the housing market.

Falling interest rates are likely to boost demand among home buyers, potentially driving property prices even higher and exacerbating the wealth gap.

Sydney leads the nation with the highest percentage of million-dollar homes, currently at 64.4%, and a median property value of $1,195,000 as of April 2025.

Research from CoreLogic reveals that more than one-third of homes in Australia are now valued at $1 million or higher.

Brisbane follows with 40.2% of homes exceeding $1 million, while Melbourne's figure has decreased to 30.9% from 33.1% in January 2022, largely due to rising interest rates.

In Perth and Adelaide, just over 25% of homes are priced at $1 million or more, with values continuing to rise in the post-COVID-19 landscape.

Conversely, Darwin shows a stark contrast, with only 1.3% of homes valued at $1 million, highlighting significant regional disparities in the property market.

Young Australians are increasingly facing barriers to home ownership as homes valued over $1 million become more common, with income growth lagging behind rising property values.

Eliza Owen, head of research at CoreLogic, emphasizes the decline in home ownership rates among younger, low-income households, who struggle to keep pace with escalating property values.

As the average age of first-time home buyers rises, wealthier households are opting to rent longer, intensifying competition for low-income renters.