In the past, a suburb with a median value of $1 million was thought to be a premium spot.
But in Sydney, $2 million won’t even be enough to purchase property in much of the eastern suburbs.
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In fact, according to an analysis by realestate.com.au, even suburbs like Sydney’s Rosebery - which was previously an industrial area, and is still close to Sydney airport - are posed to break through the $2 million mark.
“Brisbane isn’t too far from having its first $2 million suburb with Teneriffe about to hit that level. Unlike Rosebery, Teneriffe is one of Brisbane’s best suburbs,” realestate.com.au chief economist Nerida Conisbee said.
“The premium market in Perth continues to pick up – Swanbourne in Perth has increased by 17.4 per cent over the past 12 months. If the premium market recovery continues in Perth, it is likely to hit $2 million over a similar time frame to Rosebery.”
According to the latest figures from CoreLogic, these trends are largely in line with Sydney’s trends.
In the week ending 20 October, the median price for houses in Sydney was $906,000, with units costing $699,500.
But in Brisbane, Teneriffe is an outlier, with the median Brisbane house price significantly lower at $538,750, and units $382,500. In Perth, Swanbourne is also an exception, with the median price for houses just $480,000 and for units just $358,250.
And in Melbourne, the median house price is $725,000, and the median unit price is $570,000.
Over September, those four cities, Sydney, Melbourne, Brisbane and Perth also saw mixed growth.
Sydney saw the median dwelling value increase 1.7 per cent, to a quarterly total of 3.5 per cent.
Melbourne is also up 1.7 per cent, to a quarterly growth of 3.4 per cent.
But Perth saw values fall 0.8 per cent in September to a quarterly fall of 9.0 per cent, and in Brisbane the median dwelling value is up 0.1 per cent, but the quarterly change is still down 2.1 per cent.
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