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Meet Melbourne’s newest million-dollar suburbs

13 FEB 2020 • By Grace Ormsby • 2 min read • Investor Strategy

Off the back of a strong end to 2019, Melbourne has seen 15 suburbs elevated to million-dollar status. Is yours one of them?

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BarryPlant has highlighted findings from a recent Real Estate Institute of Victoria report that revealed 15 suburbs around Melbourne have either joined or rejoined the million-dollar club as of December 2019.

The club, according to the real estate agency, is comprised of those areas that have a median house price of a million dollars or more.

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The club’s newest additions have been attributed to significant market recovery observed across the second half of last year, with 12 of the 15 new entrants found on the east and southeast side of the CBD.

BarryPlant listed the following suburbs as the million-dollar club’s newest members: Red Hill, Box Hill South, Rosanna, Blackburn South, Somers, Burwood East, Flemington, Kingsville, North Warrandyte, Cheltenham, Wantirna South, Moorabbin, Chadstone, Travancore and Cape Schanck.

 
 

Smart Property Investment recently reported that it is likely that Melbourne’s median house price will hit the $1 million mark by the second half of 2021. 

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Grace Ormsby

Grace Ormsby

AUTHOR

Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.

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