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More suburbs join Sydney’s million-dollar club

More suburbs join Sydney’s million-dollar club

Buying a home is out-of-reach for many Sydneysiders as prices have continued hiking over the past year.

Several new suburbs have been added to Sydney’s million-dollar club as the median property price continues to sit around six figures or more.

If you own a slice of Westmead, these days you’re sitting on a fortune as its one of the newest suburbs to join Sydney’s millionaires row.

Also read: Aussie home value growth swelled in these two areas

Prices in the area have dramatically increased so houses which were once worth $1 million are now worth in excess of $1.5 million, or even $1.7 million.

In the Parramatta region, land rezoning is gaining more bang for the developers buck.

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Some of the land sizes there are quite large compared to some of those in the city remit, which is gathering attention from developers.

Also read: Top five star Aussie growth markets

Rezoning has helped nine suburbs near Parramatta pass the million dollar mark, including Ermington, Westmead, Northmead and North Rocks.

Meanwhile the north-west rail-line has boosted the hills, with Baulkham Hills joining the list, thorough to Kellyville and Rouse Hill.

Transport is fast attracting families away from Sydney’s inner ring.

“It will open up or improve the commuting times back into the city, which is now very much in demand,” CoreLogic head of research Tim Lawless said.

Also read: Apartment over-building doesn't mean prices will fall

It’s leaving suburbs like Westmead with a very different look – some is residential still available for duplex while there are also rezoned properties up to seven stories high.

There was a call on Monday for the federal housing minister to improve affordability.

“It’s also to ensure that there is stock available for families – so we’re not just putting in apartments,” LJ Hooker head of research Matt Tiller said.