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.”
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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