Towards the end of the last century, being a millionaire made you rich in Australia (bonus points if you had a double-storey house and an in-ground swimming pool). But today, if you own – and have paid off – a median-priced Sydney property, you’re already a millionaire.

“The term millionaire has been in the zeitgeist for a long time,” says Richard Holden, professor of economics at the University of NSW. “But inflation, apart from anything else, has made it almost meaningless, particularly when you look at the median house price in Sydney. It’s hardly a measure of never having to think about money ever again.”