Yes, I think that's possible. It was already at $946K in April, and probably $960K now. It will be over a million by the end of 2015. Then I think another 20% over 2016 and early 2017 is quite likely, or more if the RBA cuts rates again. So far this boom hasn't even been as big as the late 90s - early 2000s boom, when prices more than doubled in six years. During that boom, the strongest growth came at the end.
Isn't the sydney dwelling median still 800k or so? Only house median is 950k isn't it?
Not quite accurate to quote the house figure instead of overall dwelling when that's what everyone else uses