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Australia’s ‘Million Dollar Club’ has officially welcomed its sixth member! New data reveals median house prices surged across all of the nation’s capital cities in 2025, with year-on-year increases of up to 22.4 per cent. Perth saw the biggest jump in the last quarter, pushing the WA capital past the $1 million threshold for the very first time. It’s now the sixth city to hit the milestone, following Adelaide in April 2025 – but we’re not sure whether congratulations or condolences are in order.
According to Domain’s December Quarter Report, Australia’s median house price has climbed for an extraordinary 12th consecutive quarter, hitting yet another national record of almost $1.3 million. Perth led the charge, with the median house price surging 9.9 per cent ($97,727) to $1.09 million – more than double what it was in 2019. This milestone makes Perth the sixth inductee of Australia’s ‘Million Dollar Club’ alongside Sydney, Melbourne, Canberra, Brisbane and Adelaide.
Domain’s Chief of Research and Economics Dr Nicola Powell says, “Despite reaching the $1 million milestone, Perth continues to offer relative value compared to other capitals, supported by higher-than-average wages and shorter saving timeframes for first-home buyers.”
If buying a house was never even on the cards, don’t hold out hope for a unit either. In the December quarter, Perth overtook Melbourne to become the fifth-most expensive capital city in which to buy a unit. Prices jumped 7.4 per cent ($41,785) from the September quarter, or 17.8 per cent over the year, hitting a record median of $608,520. Still, that’s below the national average median of $722,811 for a unit – largely boosted by Sydney’s record median of $844,390.
You can see how your city’s housing prices have changed in the past 12 months in Domain’s December Quarter House Price Report here.
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