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Sydneysiders who want to buy a free-standing house within 10 kilometres of the CBD must now pay more than $1 million.
SQM Research managing director Louis Christopher said the median price of free-standing houses in Sydney's 'inner ring' has now reached $1,005,800.
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He also said prices were escalating for homes between 11 and 20 kilometres from the CBD.
"Right now it would be impossible to purchase a free-standing house in Sydney's inner ring for under $1 million, and [it] will become increasingly difficult to purchase a free-standing house in Sydney's middle ring for under $1 million," he said.
However, Mr Christopher said Sydney property was relatively less expensive than at other times in Sydney's history on the basis of income comparisons.
"We went through an extended period for around eight years where the market underperformed, and I recognise this recent recovery may be a catch-up," he said.
"I often look at Sydney like a volatile stock as it is going places, has a strong outlook for the future, a track record of earnings growth, big infrastructure plans and it seems the population just increased by about 90,000 people."
Sydney house prices rose 13.9 per cent during the 12 months to 31 October 2014, according to RP Data.
