Narara is expected to be the next suburb in NSW to see house prices exceed $1M.
Latest projections from Ray White Real Estate look at the suburbs in Australia where prices are expected to exceed the $1M mark by 2025, with Narara at the top of the NSW projections.
As of May 2024, there were 857 suburbs in Australia with a geometric mean house price of at least $1M, four times what it was in 2014 and 17.5 per cent greater than what it was just last year.
Most of these suburbs are in NSW, which has at least twice the number of million dollar suburbs as any other state at 358 suburbs as of 2024.
Victoria comes in second with 176, but Queensland sits close by with 174 suburbs.
Assuming the growth rate of the past decade maintains its trend for the next 12 months, 99 new suburbs are expected to pass the $1M mark by next year; 20 of these will come from NSW, 24 from Queensland and 18 from Victoria.
Narara currently has a geometric mean house price of $993,596 and an average growth rate of 9.3 per cent over the past 10 years.
Assuming prices grow another 9.3 per cent in the next 12 months, houses in Narara can be expected to fetch $1.086M by 2025.
Perth and Adelaide are the only capital cities that have less than five suburbs expected to pass the million dollar mark.