Research

A third of Melbourne suburbs priced over $1 million

By Sasha Karen
Melbourne, suburbs prices, REIV data shows

According to new data by the Real Estate Institute of Victoria (REIV), one in three Melbourne suburbs have been priced at least $1 million.

Over the last year to the end of September, REIV data shows 154 Melbourne suburbs out of 402 recorded a median house price of $1 million or more, increasing by 44 suburbs.

Out of those situated within 10 kilometres of Melbourne’s CBD, 90 per cent of those fall into the median $1 million and up house bracket.

Richard Simpson, president of the REIV, said that Melbourne has seen large growth over the last 10 years. In comparison, in 2007, there were only 17 suburbs with a median house price of $1 million or more.

“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,” Mr Simpson said.

“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 suburbs.”

REIV has provided data on the shifts of median $1 million dollar suburbs in the inner, middle and outer rings as well as the metro area, and comparing the dataset to 10 years ago:

Ring Total suburbs - 2017 Total suburbs - 2007 Median $1 million+ suburbs - 2017  Median $1 million+ suburbs - 2007 Percentage - 2017 Percentage - 2007
Inner 77 75 69 12 90% 16%
Middle 122 124 59 3 48% 2%
Outer 203 164 29 2 13% 1%
Metro 402 363 154 17 38% 5%

The top 10 most expensive suburbs are:

Suburb Median house price
Toorak $4,550,000
BrightonBrighton, SA Brighton, VIC Brighton, TAS Brighton, QLD $2,775,000
CanterburyCanterbury, NSW Canterbury, VIC $2,750,000
MalvernMalvern, VIC Malvern, SA $2,600,000
ArmadaleArmadale, WA Armadale, VIC $2,360,000
Balwyn $2,300,000
Caulfield North $2,277,500
HawthornHawthorn, VIC Hawthorn, SA $2,200,000
Camberwell $2,180,000
KewKew, NSW Kew, VIC $2,165,000

The top 10 suburbs with growth over the last 10 years are:

Suburb Median price - 2017 Median price - 2007 Percentage price growth
Clayton $1,300,000 $420,000 210%
Box Hill $1,720,500 $600,000 187%
Blackburn South $1,210,000 $458,944 164%
Box Hill North $1,321,000 $505,000 162%
Doncaster East $1,380,000 $529,500 161%
Blackburn $1,410,000 $543,000 160%
Box Hill South $1,403,944 $545,000 158%
Mont Albert North $1,610,000 $630,000 156%
Niddrie $1,155,000 $455,500 154%
Mount Waverley $1,402,000 $553,000 154%

 

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A third of Melbourne suburbs priced over $1 million
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