Who would not have liked to buy their parents house at the price their parents paid 20 years ago?
And despite the saying ” a rising tide lifts all ships”
True, but in the case of Melbourne house prices, it has not lifted them all equally as there has been a dramatic widening of the divide which separates the old middle-class suburbs south and east of the Yarra from the old working-class suburbs on the other side of the river.
Here’s what Domain found:
These were the most expensive Melbourne suburbs in 1995.
And yes those prices seemed very expensive in those days.
Fast forward 20 years:
By 2015, Melbourne’s 50 most expensive suburbs all had a median above $1 million.
Some suburbs significantly outperformed the averages:
And some suburbs underperformed: