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Sydney still has four times as many suburbs with a median house price of $2 million than the rest of Australia combined, despite recent falls in prices.

Recent sales analysis showed the 112 Harbour City suburbs with a $2 million median represented roughly a sixth of all Sydney suburbs.

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It also dwarfed the 21 suburbs with a $2 million median price in Melbourne, where the average household earned a similar income.

READ MORE VIA REALESTATE.COM.AU