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More suburbs join the Melbourne $million club

The Melbourne property market performed particularly well in 2013, especially in the last half of the year.

While overall growth was in the order of 8-9% (depending on who’s stats you read) one of the notable trends was a comeback of the prestige end of the market on the back of improving consumer and business confidence and the best  stock mark performance in the last 5 years.

With property prices rebounding to levels last seen at the time of the last peak in 2010, there are now 29 suburbs with median prices of greater than $1million according to Australian Property Monitors howevever despite the fact that 10 suburbs have now entered (or re entered) the “rich list” price levels are still not as high as they were in 2010 when there were 34 suburbs with a median price of over $1million.

Here are Melbourne’s million dollar suburbs.  As you can see, most are in the inner eastern ring:

Million Dollar Melbourne Suburbs

source: The Age

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Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


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