Property prices are rising so quickly that more housing markets are cracking the $2 million and $3 million barrier.

Domain data shows median prices in four suburbs across three cities have now joined the $2 million club, while another, Haberfield in Sydney has breached $3 million.

Suburbs which surpassed $2 million in the first quarter of 2024 were:

NSW: Pennant Hills $2.076 million (up 9.3% from $1.9 million in December 2023) and West Ryde $2.055 million (up 7% from $1,920,000).

QLD: Hawthorne, $2.075 million, up 6.7% from $1.945 million.

VIC: Sandringham $2 million, up 2.4% from $1.9525 million.

At the same time, four suburbs dropped out of the $2 million club – Byron Bay, Noosa Heads, Hamilton in Brisbane and South Yarra in Melbourne. All four locations have experienced significant price growth in the past three years.

Their prices dropped by between 8.8% (South Yarra) and 24.7% in Hamilton in the first quarter of the year.