Prahran and Williamstown now join the million dollar club in Victoria.
In fact Melbourne now has 52 suburbs with a median house value in excess of 1 million dollars – the data covers the 12 months ending in September.
Melbourne’s most expensive suburb remains…
Toorak, with a median house value of $2.92m.
The median sale price, which reflects the prices paid over the last year has for the first time, exceeded $3m.
This indicates a slightly more expensive segment of Toorak has been selling over the last year. Toorak will clearly be the city’s first $3 million dollar suburb, its just a matter of when.
There are three other suburbs with medians in excess of two million, Deepdene, Canterbury and Kooyong.
Putting aside the cost, the million dollar suburb that proved the easiest to buy into was Deepdene were 14 per cent of houses sold in the last year.
In contrast Fairfield was a tightly held suburb with only 2.8 per cent of houses selling.
Two new suburbs in the list are Prahran and Williamstown.
The median value of a house in Williamstown – the second suburb in the west to reach this level was $1.002m.
Prahran’s median for a house is now $1m.
Subscribe & don’t miss a single episode of Michael Yardney’s podcast
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
Need help listening to Michael Yardney’s podcast from your phone or tablet?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
Prefer to subscribe via email?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.