Core Viewpoint - The Australian housing market is experiencing significant price increases, particularly in cities with median house prices below 1 million AUD, driven by high levels of immigration and demand from interstate migrants [1][3]. Summary by Relevant Sections Perth - Perth's housing market is one of the best-performing in Australia, with a median house price increase of 6.5% over the past year, reaching 855,395 AUD [1]. - Areas in Perth with median prices below 1 million AUD are particularly attractive to interstate migrants, who are often stable-income professionals looking to settle long-term [3]. - The population growth in Western Australia is the strongest in the country at 2.4%, with a net increase of 45,124 overseas migrants in 2023 [5]. Sydney - In Sydney, areas with median prices below 1 million AUD are typically located about 40 kilometers from the CBD, with Lurnea's median price at 996,800 AUD, reflecting a 5.8% annual increase [8]. - Despite being the city with the highest overseas migration, Sydney's overall population growth rate is only 1.3%, with 106,730 new overseas migrants in 2023 [10]. Brisbane - Brisbane's median house price has reached 1,011,000 AUD, but some affordable suburbs are showing strong performance, such as Acacia Ridge, which saw a 9% increase to 850,716 AUD [12]. - Queensland's population growth rate is 1.9%, higher than the national average, with 56,877 people coming from overseas [12]. Melbourne - Melbourne attracts nearly 100,000 overseas migrants annually, but the overall housing market is underperforming, with affordable outer suburbs experiencing rapid price increases [12]. - Frankston North, located 55 kilometers from the CBD, saw a 6.9% increase in median price to 645,000 AUD [12]. Adelaide - Adelaide's median house price increased by 7.7% to 886,900 AUD over the past year, despite slower population growth [13]. - The northern suburbs of Adelaide are performing well due to strong investor demand, with Salisbury East's median price rising by 13.4% to 698,790 AUD [15].