if you thought Auckland house prices were bad, the median price in Sydney has reached $A 1 million

That's $US 740,000 at the present exchange rate, reported in today's Sydney Morning Herald here

The median is the halfway figure; half are above and half are below.

The problematic effect of that is the more of their incomes people need to spend on their accommodation, whether as mortgages or rent, the less they have to spend on 'non-essentials'.  Few people consider their pay TV channels and smart phones as non-essential, but unfortunately not so books.