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Melbourne adds 15 new million-dollar suburbs

There's a new sway of million-dollar suburbs in Melbourne suburbs where the median house price has cracked one million dollars according to the REIV.

While Melbourne housing values suffered because of its extended lockdown which severely impacted market activity in 2020 since late October the Melbourne property market has rebounded strongly despite its intermittent Covid related shutdowns and overall Melbourne property values have increased by increased 16.2% over the last year. Melbourne Property

Melbourne has 173 suburbs with at least a million-dollar median house price, with the overall median now $1,072,500 – a 13.8 per cent annual change, six per cent for the September quarter according to the REIV.

This means that now many middle and outer ring suburbs carry million-dollar price tags.

Real Estate Institute of Victoria president Adam Docking said price growth is reflective of high demand during a period that had a relatively lower number of listings and there was a clear trend in a sea change and tree change purchases since the onset of Covid-19.

Melbourne 15 new million-dollar suburbs.

Airport West $1.01m

Avondale Heights $1.055m

Briar Hill $1.13m

Chelsea Heights $1.039m

Coburg North $1.07m

Croydon North $1.063m

Dromana $1.173m

Gembrook $1.25m

Greensborough $1.052m

Keilor East $1.05m

Keysborough $1.1m

Knoxfield $1.023m

Selby $1.065m

Upwey $1.02m

Watsonia $1.125m

ALSO READ: Top 10 safest suburbs to live in Melbourne

About Kate Forbes is a National Director Property Strategy at Metropole. She has 15 years of investment experience in financial markets in two continents, is qualified in multiple disciplines and is also a chartered financial analyst (CFA).
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