Why it matters: Rising number of million dollar suburbs means more housing markets are out of reach for many buyers.
Home values in more than 60 per cent of all Sydney suburbs and in 31 per cent of the combined capitals are now at least $1 million.
To afford a million dollar home, a single home buyer would need to earn $164,000 a year, while a family of four would need $183,000 a year.
A large chunk of suburbs on the Central Coast, Blue Mountains and Outer Southwest dropped out of the million-dollar league.
The number of suburbs where homes are worth at least $1 million has jumped by 10.6 per cent to 806 since values bottomed out in February, reflecting the unexpectedly sharp rebound in the housing market, data from CoreLogic shows.
While only four suburbs joined the million-dollar club for the first time, 81 have re-entered in the past 12 months, buoyed by the 4.1 per cent increase in house prices since February.
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Nila Sweeney was a property reporter at The Australian Financial Review.
