Where are most of Melbourne’s million dollar homes sold?

Five years ago there were 3,335 homes sold for in excess of one million dollars in Melbourne – not so surprising is that the top 10 sales were in the city’s most expensive addresses.

The top three, Brighton, Camberwell and Kew, saw 266, 162 and 157 houses sold for over a million dollars in 12 months.money-house

Remarkably, in the bayside suburb of Brighton, 109 of those were in excess of 2 million dollars. Bay views command incredible sale prices due to their scarcity.

The remaining seven in the list are ToorakBrighton EastHawthornMalvernMalvern EastCanterbury and Surry Hills.

Over the past year, the million-dollar list has changed and shows some interesting shifts in the market. Firstly, there are many more with 9,684 sales over a million. Secondly five of the top 10 are new.

Balwyn NorthGlen WaverleyGlen IrisBalwyn and Mount Waverley are newly into the list.

Balwyn and Balwyn North are not a surprise, along with neighbouring Mont Albert and Mont Albert North, they have seen the highest capital gains on an annualised basis over the past 5 years in Melbourne.

The most significant shift is found in Mount Waverley and Glen Waverley.  Between these, 442 houses sold for over a million dollars, 41 of those for over two million.

Both have seen increases in demand well in excess of the comparable suburbs to the north and south with buyers attracted by a range of factors from transport choices to schools.

Melbourne sales million dollar table



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Robert Larocca

About

Robert Larocca is RP Data's Victoria Housing Market Specialist. He has built a profile over the past eight years as an expert on the Victorian residential property market. Visit www.rpdata.com


'Where are most of Melbourne’s million dollar homes sold?' have 1 comment

  1. February 26, 2015 @ 9:19 pm Ronnie

    Glen Waverley and Mount Waverley will probably take over Brighton in a few years time with more wealthy Chinese coming to Australia as well as the weakening of Australian dollars. Like my Chinese friend says “Australia houses are now 20% off for them”.

    Reply


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