The million-dollar property market shrinks as median Australian home values decline
The biggest impact has been on fringe suburbs in Sydney and Melbourne
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The number of million-dollar suburbs is on the decline, new figures from CoreLogic show.
The property data provider reports that the median value in 169 suburbs around the country has dropped below the $1 million mark since April.
CoreLogic Research Director Tim Lawless said the drop in housing values in more affordable outer ring suburbs was part of a wider trend.
“We are seeing the more affordable housing markets recording smaller declines, but values are generally trending lower, just not as fast as more expensive areas,” he said.
“Many of these outer fringe suburbs that have fallen below the $1 million mark were previously showing median values that were only marginally over the seven-figure threshold, so in many cases, a small percentage drop in value has been enough to push values below $1 million.”
Mr Lawless said Sydney and Melbourne were the only capital cities in Australia to experience a reduction in million-dollar suburbs compared to October 2021.
“These are also the capital cities where housing values have fallen the most, with Sydney dwelling values down 8.6% over the 12 months to Oct 22 and Melbourne down 5.6%,” he said.
“Hobart was the only other capital to record an annual decline in dwelling values so far (down -1.0%), however we are yet to see this result in fewer million plus suburbs relative to a year ago.”
With another interest rate increase expected when the Reserve Bank meets again next month, Mr Lawless said it is most likely that values will continue to trend lower, but not at the same pace experienced for much of this year.
“It is likely values will continue to trend lower across each of the broad valuation cohorts of the market, but while the upper quartile of the housing market has led the downturn, it’s also the sector of the market that is leading the easing in the pace of declines,” he said.
“The trend over the past few months has been towards an easing in the rate of decline, especially in Sydney and Melbourne, so if that trend persists we may not see an acceleration in the number of suburbs where the median value drops below $1 million dollars.”
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Soneva’s groundbreaking Coral Restoration Program in the Maldives has been endorsed by the United Nations and listed on UNESCO’s Ocean Decade platform, recognising it as a global model for reef regeneration and sustainable marine science.
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In a landmark moment for marine conservation, the Soneva Foundation’s Coral Restoration Program has received official endorsement from the United Nations and been listed on the UNESCO Ocean Decade website — an international recognition of its pioneering work in large-scale reef restoration.
Based in the Maldives and operating from Soneva Fushi’s AquaTerra science centre, the program is now the region’s largest coral restoration facility. Combining advanced marine biology with local collaboration, it has redefined how the tourism sector can contribute meaningfully to ocean health.
What sets the program apart is its blend of innovation and scale. The facility includes a Coral Spawning and Rearing Lab—Maldives’ first of its kind—replicating natural reef conditions to stimulate coral reproduction. Thirty micro-fragmentation tanks further accelerate coral growth, enabling up to 150,000 coral fragments to be produced and replanted on damaged reefs each year.
Since launching in 2022, Soneva’s coral team has relocated more than 31,000 coral colonies and fragments from threatened areas, establishing a thriving coral hub in the Indian Ocean.
he initiative is managed by Soneva Conservation, a Maldivian NGO set up by the Soneva Foundation, and forms part of the group’s broader sustainability strategy.
“This milestone is a testament to the scientific rigour and community-driven ethos at the heart of our work,” Dr Johanna Leonhardt, Soneva’s Coral Project Manager, said. “It validates the potential of hospitality to lead ocean regeneration at scale.”
Beyond science, the program engages governments, NGOs, research institutions and the wider tourism industry—demonstrating how cross-sector partnerships can drive real environmental impact.
The UN recognition now positions the project as a beacon for similar initiatives globally, reinforcing the Maldives’ role as both a luxury destination and a marine conservation leader.
The Soneva Foundation’s wider environmental efforts include carbon mitigation projects, reforestation, and waste-to-wealth innovation. As part of the Pallion group, Soneva continues to redefine what it means to be a responsible luxury brand.
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