True, owning a $1 million house may not hold the same ‘wow’ power it did a decade ago. Median house prices in four out of the eight Australian capital cities are now above $500,000. But seven—figure sums in real estate still facinate most property investors and homeowners.
Watching Australia’s steady rise suburbs with median house prices above $1 million — up 35 per cent to 212 suburbs in 2010, according to RP Data — is a bit like watching waves of a rising tide. You know if you wait long enough $1 million club membership will lap at your feet.