Not so long ago million-dollar homes were the province of an exclusive set of postcodes; in 2012 only 250 suburbs across Australia recorded a seven-figure median value.
But recent data from real estate research firm CoreLogic shows the number of suburbs where homes command a median price of at least $1 million has more than doubled in the past four years, riding the wave of a housing boom which began in 2012.
By the end of June 2016 there were 613 million-dollar suburbs across Australia.
NSW continues to dominate the list with 417 million-dollar suburbs; just over 68 per cent of the national total. The state also boasts 23 out of Australia's 25 most expensive postcodes; harbour side suburb of Darling Point topping the list, with a median value of $6,420,354.
Victoria increased its proportion of million-dollar postcodes to almost 17 per cent with 104 suburbs on the list. Toorak, with a median house price of $3,512,500, is the only Victorian suburb to make the top 25.
Perth’s Peppermint Grove rounds out the nation’s top 25 suburbs with a median value of $2,850,000.
Outside of NSW, Victoria and WA, the most expensive million-dollar suburbs houses in each state are:
-Queensland, Tenerife with a median house value of $1,644,643
-South Australia, Springfield with a median house value of $1,737,499
-Northern Territory, Larrakeyah with a median house value of $1,196,987
-ACT, Forrest with a median value of $2,067,813
-Tasmania is the only state in Australia with no suburbs recording a million-dollar median; Battery Point tops the state’s list with a median price of $910,000.
Cameron Kusher, Head of Research at CoreLogic, says demand remains high for inner-suburban housing, particularly in Sydney and Melbourne, and "people aren't afraid to splash the cash to get a well located property".
And with historically low interest rates, he expects demand for premium housing to continue.
"We would expect in 12 months' time even more suburbs to have a median value of at least $1 million," Kusher says.
So if your home isn't in the million-dollar suburbs list this year, check again in 2017.
Getting harder for some
While Australia's extended housing boom has been great for existing homeowners – especially in Sydney and Melbourne where prices have soared over the past four years – but for people looking to break into the market, the Great Australian Dream is looking more like an impossible dream.