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.”

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