Justine Harris RT Edgar Toorak

The bayside suburb of Carrum has joined the $1 million median house price club in Melbourne, despite the market downturn.

It's still hot at the top, as wealthy buyers are snapping up properties in the ultra-prestige end of the Melbourne market.

Generation Y is expected to reshape the residential property market over the coming decades, with demand for bigger apartments and townhouses expected, according to a report by BIS Oxford Economics.