By reviewing the sales on a suburban basis over the previous 12 months, the REIV has been able to develop a comprehensive list of suburbs with a median house price in excess of a million dollars.
This is more comprehensive than the data calculated on a quarterly basis, as many of the suburbs are comparatively small and fail to record sufficient sales over three months to generate a reliable median price.
The data showed that Melbourne has 39 suburbs with a median house price over a million dollars. Five years ago there were only 10.
Of those 39 suburbs, only one had a median in excess of two million dollars: Toorak, where the median of $2.39M ensured it continues as the city’s most expensive suburb.
The sale of homes with a price of a million or more comprised 12 per cent of all sales compared to 13 per cent a year ago and six per cent five years ago.
The most expensive five were: Toorak, East Melbourne, Deepdene, Canterbury and Parkville.
With only a few exceptions, these suburbs are in the inner east, north east or south east. Two new entrants to the list are Kangaroo Ground and Warrandyte South; however, it should be noted that, even over a year, these suburbs have a low volume of sales, which will result in some volatility.
A review of the unit and apartment market shows that there are not yet any suburbs with a million-dollar median.
The full list of suburbs is available from the REIV website.