More than 30 suburbs join Melbourne’s million-dollar club

by | Aug 5, 2016 | property

This article and image was first published by BENN DORRINGTON, News Corp Australia Network 


STRATHMORE, Heidelberg and Parkdale are among Melbourne’s latest million-dollar suburbs, with the exclusive club swelling 52 per cent over the past year.


There were 36 new suburbs that notched a median house value of more than $1 million, taking Melbourne’s total to 102, according to CoreLogic RP Data.




In 2015, there were 67 suburbs with million-dollar price tags and 53 the year before.


CoreLogic RP Data senior research analyst Cameron Kusher said there had been significant house value growth right across the city.


“There has been very strong value growth over the past 12 months and that has pushed a lot of people sitting below that $1 million mark up above it,” he said.


“As the city grows people want to be closer to the city so they pay a premium to do that.”


The median value refers to the value of all properties in a suburb, rather than the median price which only considers homes that have sold.


Mr Kusher said the growing number of seven-figure neighbourhoods would make it harder for first-home buyers trying to get into the market.


Toorak was the only Victorian suburb among the country’s top 25 most expensive median values at $3,756,061.


There were no Victorian suburbs with a median unit value above $1 million, compared to 39 in NSW.


There were 613 suburbs nationally that posted median values above $1 million, more than half of them from NSW.


Mr Kusher said the million-dollar club was expected to keep expanding despite a slow down in price growth.


“While overall housing demand may be slowing a little, we expect that with historic low interest rates, demand for premium housing is set to remain buoyant over the coming year,” he said.


“Subsequently we would expect in 12 months’ time even more suburbs to have a median value of at least $1 million.”


Across the country the number of suburbs with million-dollar median values rose 125 per cent over the past three years.



ABBOTSFORD — $1,156,756

ASCOT VALE — $1,015,200

ASHWOOD — $1,166,414

BALACLAVA — $1,038,120

BENTLEIGH EAST — $1,051,976

BLACKBURN — $1,152,499

BOX HILL — $1,266,453

BOX HILL NORTH — $1,112,193

BOX HILL SOUTH — $1,086,468

BULLEEN — $1,062,370

BURNLEY — $1,064,578

BURWOOD — $1,197,117

CARLTON — $1,142,782

CAULFIELD EAST — $1,148,323

CHADSTONE — $1,020,982

DONCASTER — $1,199,207

DONCASTER EAST — $1,137,819

FLINDERS — $1,003,974

GLEN WAVERLEY — $1,148,236

HAMPTON EAST — $1,102,187

HEIDELBERG — $1,052,518

HUGHESDALE — $1,044,060

MOONEE PONDS — $1,046,105

MURRUMBEENA — $1,152,039

NORTH MELBOURNE — $1,024,611

NORTHCOTE — $1,125,515

PARKDALE — $1,040,892

RICHMOND — $1,094,579

STRATHMORE — $1,072,683

TEMPLESTOWE — $1,179,324


THORNBURY — $1,030,737

TRAVANCORE — $1,033,367

WHEELERS HILL — $1,004,463

WINDSOR — $1,173,576

WONGA PARK — $1,050,682


*CoreLogic figures for the year to June 2016