Some new million dollar suburbs for Melbourne | Robert Larocca

The most recent update to the list of million dollar suburbs in Melbourne has seen 50 reach or exceed that mark.

This is an increase of one on last month with Caulfield East joining the list. The median value of a house in that suburb is now $1,002,366.melbourne property investment

Prior to Caulfield East the other recent additions were Fairfield and Aberfeldie.

Those additions meant that Melbourne now has million dollar suburbs in the north, east, south and west of the city.

The list is headed by the usual suspects; Toorak, Deepdene, Canterbury, Kooyong, Brighton and East Melbourne.  The median house value in Toorak is now $2.85m and unlike the majority of million dollar suburbs this number has fallen over the last year.

Here are the next ones:

The suburbs next in line do not contain many surprises but can also tell us a lot about housing values in Melbourne.

The suburbs that are within $20,000 of the million dollar mark are Prahran, Carlton North, Port Melbourne, Williamstown and Bentleigh.

Bentleigh

Bentleigh is quite typical of the next group of suburbs that will join the list.investment

It would have been quite surprising a few years ago to think of Bentleigh houses costing this much but with 97 selling for over a million in the last twelve months it now a regular feature of the area.

A cursory glance at the ‘for sale’ advertisements shows a suburb undergoing significant change with an increase in multi unit dwellings replacing the older homes on what are now large blocks.

These homes coexist with a mixture of styles that are clearly proving to be very popular with buyers.



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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


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