20 Melbourne suburbs, and not surprisingly some of the wealthiest areas, were responsible for more than $10 billion worth of real estate sales last year according to RPData.
In 2013 there were 81,590 residential sales in Melbourne and 107,845 in Victoria.
Looking at the Melbourne market over the medium term this is a comparatively low level of sales. Since the year 2000, nine years have seen a higher level of sales with a peak in 2007 with 105,194 sales.
The bayside suburb of Brighton topped the list with a whopping $923 million worth of house and apartment sales in the last 12 months, averaging more than $2.5 million in sales per day – the same as Melbourne’s 124 lowest-grossing suburbs combined.
Kew was second at $644.9 million, followed closely by Toorak at $642.6 million.
The affordable outer-eastern suburb of Berwick was also in the list at number 16 and surprising Reservoir also made the list.
“(Those suburbs) are predominantly unit markets, and in each of those you are seeing over $1 million a day being spent on real estate.
It’s a surprise to see the volume and scale of the now reasonably mature high-rise market in Melbourne.”
Suburb / Total spend in 2013
- Brighton / $923,112,445
- Kew / $644,889,698
- Toorak / $642,600,982
- South Yarra / $580,958,730
- Glen Waverley / $569,249,843
- Melbourne / $554,960,425
- Richmond / $532,104,142
- Hawthorn / $519,206,804
- Glen Iris / $498,075,219
- Balwyn North / $482,441,861
- Camberwell / $486,868,530
- Balwyn / $482,441,861
- Mt Waverley / $461,262,576
- Malvern East $430,794,786
- Port Melbourne $421,301,736
- Berwick $399,349,346
- Southbank $379,076,636
- Docklands $377,102,130
- Reservoir $366,175,794
- Bentleigh East $361,847,970
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.
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.