PHOTO: Mays and Jarryd Solomon outside the house in Chadstone they bought in early January. Photo: Wayne Taylor

There used to be 143 million-dollar suburbs in Melbourne – out of reach for many buyers. Now, there are noticeably fewer.

Across Melbourne’s inner and middle ring, 16 suburbs have seen their median house prices drop below the magic $1 million mark, new data shows.

Clayton in Melbourne’s south eastern suburbs took the biggest dive, with its median dropping from $1.15 million to $950,000 between December 2017 and 2018, according to the Domain House Price Report for the December 2018 quarter.