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.
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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.
NEW MILLION-DOLLAR SUBURBS (MEDIAN VALUES)
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
TEMPLESTOWE LOWER — $1,025,655
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