8 new million dollar suburbs in Melbourne

Another 8 Melbourne suburbs have now joined million-dollar club.
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Domain reports that these suburbs have been catapulted by years of gentrification and increased competition for property in the city’s most coveted school zones.

Thirty-seven suburbs now have a seven-figure median house price – an indication that some areas continued to be in high demand as the rest of the market moderated over the second half of 2014.

Domain Group’s senior economist Andrew Wilson said:.

“A lot of the fringe suburbs have entered the million-dollar club because people have been priced out of those suburbs that have done well in the prestige area.”

million dollar suburbs

Here’s a complete list of million dollar Melbourne suburbs.

1. Toorak, $2,512,500

2. Canterbury, $1,953,000

3. Kew, $1,810,000

4. Balwyn, $1,800,000

5. Brighton, $1,757,500

6. Malvern, $1,750,000

7. Armadale, $1,606,883

8. Camberwell, $1,600,000

9. Albert Park, $1,507,000

10. Hawthorn East, $1,460,000

11. Balwyn North, $1,430,000

12. Glen Iris, $1,400,000

13. Surrey Hills, $1,392,500

14. Black Rock, $1,380,000

15. Hawthorn, $1,365,000

16. Kew East, $1,300,500

17. Malvern East, $1,300,000

18. Brighton East, $1,290,000

19. McKinnon, $1,257,500

20. Caulfield North, $1,246,250

21. Sandringham, $1,235,000

22. Elsternwick, $1,220,000

23. Hampton, $1,215,000

24. Caulfield South, $1,200,000

25. South Yarra, $1,180,000

26. Prahran, $1,160,000

27. Fitzroy, $1,135,000

28. South Melbourne, $1,124,000

29. Ashburton, $1,116,000

30. Beaumaris, $1,105,000

31. Mont Albert North, $1,075,000

32. Ormond, $1,065,000

33. Elwood, $1,057,000

34. Ivanhoe, $1,040,000

35. Fitzroy North, $1,035,000

36. Port Melbourne, $1,015,000

37. Bentleigh, $1,003,000

Note: Only suburbs with at least 40 sales during the six months to June 2014 and six months to December 2014 period are included. 

Source: Domain Group senior economist Andrew Wilson



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Michael is a director of Metropole Property Strategists who create wealth for their clients through independent, unbiased property advice and advocacy. He's been once agin been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


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