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There aren't many suburbs where the median house price is $5 million. Almost all of them are in Sydney.
But this month, Teneriffe became the first suburb in Queensland's history to record a median house price above $5 million.
Research from property group Ray White suggests there are only four suburbs outside NSW that have ever reached $5 million, and two of those have since dropped back below it.
Toorak in Melbourne was the first, crossing $5 million momentarily in 2017 before slipping back below it. It crossed again in 2020 and held above $5 million every year since, until this year, when it fell to $4.8 million.
Forrest in Canberra repeated what Toorak did in 2017 by touching $5 million briefly in 2022 during the pandemic boom before settling back to around $4.1 million. Peppermint Grove in Perth has been the most successful after crossing toward the end of 2025 and continuing on to $6.85 million, on pace to cross $7 million before the year ends. Teneriffe is the newest arrival, after growing 48.6 per cent in the last 12 months.
Here's where Ray White Group economist Atom Go Tian says about where the next one will be: not Melbourne.
"There are three things that tend to make a suburb regionally prestigious: limited stock, proximity to natural beauty, and proximity to economic opportunities. But they alone don't explain how a suburb hits $5 million, which makes it luxury on a national level. The three are present in all ten of the most expensive suburbs outside Sydney, yet only two have crossed the line.
"What closes that gap is a fourth factor: how well the city underneath the suburb is performing. Sydney's geography paired with its broader market performance over the last two decades is what makes it dense with $5 million suburbs. There is a wealth of waterfront properties all within commuting distance of the city.
"The next $5 million suburb, then, is more likely to come from Brisbane or Perth than Canberra or Melbourne. Jumping from regional prestige to national luxury takes an accelerating city underneath it, and right now, only those two have it."
BHP Group has reported a 30% increase in full-year underlying profit, fuelled by higher copper prices as the red metal cemented its lead over iron ore as the miner's biggest earnings driver.
