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 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
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Keilor East $1.05m
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