More: New suburbs join Melbourne’s property million-dollar club

Home owners who bought into one of Sydney’s higher-priced suburbs in 2015 could find their area is no longer in the million-dollar club.

Sydney’s million-dollar suburbs list shrank during the past six months after median house price falls pushed more than 10 suburbs out of the ranks, Domain Group’s March 2016 house price data shows.

The south’s Mortdale, Kirrawee, Peakhurst, Caringbah and South Hurstville were among the suburbs no longer in the club, with median prices recorded from $895,000 to $997,500.

For buyers, this presents an opportunity to get into the market for a better price.

The nouveau riche suburbs are having to recalibrate their mindset of having a million-dollar medianAndrew Wilson, Domain Group

Kelly and Cameron Boland sold their Woolooware home of 10 years for $1.31 million in April, with plans to upgrade in the south.

“We’re dying to stay in the area, but if the right house comes up we’ll consider expanding the search to Caringbah [and surrounds],” Ms Boland said.

Having seen the market slow down in recent weeks, with lots of people still visiting the open homes but fewer genuine bidders at auction, she has hopes the timing will play to their advantage when they buy.

“At the last two auctions we went to there were only two or three bidders,” she said.

“We’re not in a rush [to buy] and homes are still selling, but not $200,000 over reserve … not for silly prices.”

The decline in some markets will continue as “we’re likely to get fewer $1 million suburbs in the future, rather than more,” Domain Group senior economist Andrew Wilson said.

Although 243 suburbs were on the million-dollar list, 25 were teetering on the edge with $100,000 or less keeping them among the higher-priced locales.

The suburbs on the brink were mainly in the north-west, south and Canterbury Bankstown, but also included were some north-west and inner-west suburbs, such as St Peters and Tempe.

“​The nouveau riche suburbs are having to recalibrate their mindset of having a million-dollar median,” Dr Wilson said.

Cronulla-based Wheregroup buyer’s agent Todd Hunter said prices in many areas of the south and Sydney generally were “starting to get back to realistic value”.

“In some cases the bank tightening up on servicing has seen borrowers [able to] borrow [only] 70 per cent of what they could two years ago,” Mr Hunter said.

Ausrealty real estate agent Omar Obeid said some suburbs struck off the million-dollar list have micro-markets emerging, with strong prices in desirable pockets of Peakhurst, including a $1.4 million March sale of 65 Elwin Street.

Apartments in the suburb “have taken around an 8 per cent drop relative to last year” as foreign investment cools, he said, and the reduction in unit prices has caused a “domino effect” in the market and into house prices.

North-west Sydney’s Baulkham Hills also fell out of the million-dollar list, but the market is starting to stabilise after declines in December, First National Hills Direct sales agent Sanjeev Kumar said.

“While the market is steady, changes in prices have come from buyers utilising caution,” Mr Kumar said.

“For example, buyers are taking their time, shopping around multiple homes and are not as urgent as in the 2013-15 markets,” he said.

Supply in the north-west may also be catching up to demand, with “ample blocks available for buyers” looking for new house and land opportunities.

Samantha Mills associate at Cohen Handler said buyers are “being a little more fussy” in the current market.

“The property values have softened in the [south and north-west] and buyers are seeing more value for money,” she said.

“We are seeing some properties that didn’t sell last year pulled off the market, and they are now being relisted with vendors being more realistic about where the value sits in their home.”