Million dollar homes are becoming increasingly common as the median house price in hundreds of Australian suburbs soars above seven figures.

There are now 417 suburbs Australia-wide where you’re likely to need at least one million dollars for a home.

It’s a jump of more than 100 suburbs in single year, according to RP Data.

Research analyst Cameron Kusher said the phenomenon could only be described as “an explosion”.

· UN warns of asset bubble in Australian housing
· More Australians priced out of capital cities
· How to avoid making a dodgy property purchase 

Sydney dominated the suburban rich list, with 22 of Australia’s 25 most expensive locations.

Exclusive harbourside enclave Point Piper sits atop the list, where the median house price is nearly $5.7 million.

Peppermint Grove and Dalkeith in Perth and Toorak in Melbourne were the other three suburbs on the exclusive list.

“Today’s results show that higher values, particularly in Sydney, is becoming more prevalent,” Mr Kusher said.

“With mortgage rates low and tipped to remain low we would expect that in 12 months time we will have even more suburbs with a median value of $1 million or more.”

NSW has 248 suburbs where the median house price is above $1 million, followed by Victoria with 56 and Western Australia with 54.

Tasmania was the only state not to have any suburbs on the list.

Each state’s most expensive suburb

New South Wales – Point Piper, media price of $5,692,339

Western Australia – Peppermint Grove, $3,726,975

Victoria – Toorak, $2,943,762

ACT – Forrest, $2,114,357

South Australia – Springfield, $1,819,720

Northern Territory – Larrakeyah, $1,357,792

Queensland – Main Beach, $1,325,689