Million-dollar homes are increasingly commonplace in Australia, with new research showing roughly one in every three suburbs pack a median seven-figure price tag.

According to a new paper by Cotality, 195 suburbs have jumped into the exclusive club after strong housing market gains over the last 12 months.

In news likely to make first home-buyers weep over their cornflakes, 30 per cent of all sales in the last year were for $1 million or more.

The research looks at thousands of suburbs nationwide split into 4844 markets - 3514 of houses and 1330 of units - pulling out the median values.

With a median dwelling price of $1.24m, Sydney remains the most expensive capital, with just one in seven suburbs coming with a mid-point house price below $1m.

"Homeownership is increasingly becoming

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