More than 100 Australian suburbs have dropped out of the million-dollar club, as the effects of interest rate hikes hit house prices.

Precisely 169 suburbs have seen median dwelling values fall below $1 million between April and October, Core Logic data reveals.

This is before interest rates hit a nine-year high in November.

Despite the mass exodus from the million-dollar club over six months, Australia still has more than double the number of suburbs with median values at or above $1 million compared to pre-COVID March 2020.

Only seven suburbs across the country have seen median values increase to $1 million or more.

Suburbs in New South Wales and Victorian were most affected by price falls, with 64 suburbs losing their million-dollar status in Greater Sydney.

CoreLogic research director Tim Lawless said in many cases, it didn’t take much of a drop for suburbs to fall out of the million-dollar market as several suburbs were previously showing median values only slightly above the seven-figure threshold.

“Housing values across the most expensive quarter of the market are actually falling faster, but most of these suburbs would need to see values fall significantly further before dragging their medians below the million-dollar mark,” he said.

There are still more than 800 suburbs around the country with a median value of $1 million or more, including 347 in Sydney and 117 in Melbourne.

Mr Lawless said Sydney and Melbourne are the only capital cities that have seen a reduction in the number of million-dollar suburbs year-on-year.

They are also the capital cities where house values have fallen the most this year.

“Hobart was the only other capital to record an annual decline in dwelling values so far … however we are yet to see this result in fewer million-plus suburbs relative to a year ago,” Mr Lawless said.

Mr Lawless said the rate at which median values fall below $1 million should be slowing down.

Australian property prices have consistently fallen since April, and Mr Lawless expects values to continue to decline with the cash rate expected to rise again in December.