In the year to September 30, 154 Melbourne suburbs recorded a median house price of $1 million or higher from a total of 402 suburbs.
A remarkable 90 per cent of suburbs within 10km of the CBD have a million-dollar median house price, while almost 50 per cent of suburbs in the middle ring are also in the million-dollar club.
Over the past year, 44 suburbs have joined the million-dollar list including Mordialloc ($1.14 million), Flemington ($1.1 million), Kingsville ($1,052,500) and Coburg ($1 million).
REIV President Richard Simpson said the Melbourne property market had boomed in the past decade, growing from just 17 million-dollar suburbs in September 2007.
“The city’s property market has seen exceptional growth over the past decade with demand for housing being driven by high levels of interstate and overseas migration.”
“Proximity to the city has always been a key consideration for buyers; however, strong price growth in recent years has seen the premium market expand well beyond the inner city suburbs.”
“The bridesmaid effect has certainly impacted on house prices in the city’s middle ring, with buyers looking for new growth areas within 20km of the CBD. Ten years ago, only three middle ring suburbs had a median house price of $1 million, now middle Melbourne is home to almost 60 million-dollar suburbs.”
“Gentrification has also seen once unattractive inner city suburbs grow in stature, particularly in the city’s north with Brunswick, Fitzroy and Collingwood all commanding a median house price of at least $1 million.”
Mr Simpson added that the city’s east and south east had experienced the strongest price growth over the past decade.
“Clayton has been a real standout in terms of price growth with its median house price increasing 210 per cent over the past decade to $1.3 million.”
Other top performing suburbs over the past decade include Box Hill, Blackburn South and Doncaster East.
Million dollar suburbs – 2017 v 2007
Most expensive suburbs (minimum 50 sales in the 12 months)
Top growth suburbs over the past 10 years (minimum 50 sales in the 12 months)
|Box Hill North||$1,321,000||$505,000||162%|
|Box Hill South||$1,403,944||$545,000||158%|
|Mont Albert North||$1,610,000||$630,000||156%|