This article was originally published by Samantha Landy on 8th February 2018 via news.com.au
VICTORIA’S million-dollar club swelled by more than 50 suburbs last year, with Pascoe Vale South, Vermont and Seddon among those to join it, new research shows.
The state had 177 postcodes with seven-figure median house prices at the end of 2017, according to a CoreLogic Property Pulse report.
Five suburbs also had million-dollar median unit prices: Princes Hill, Albert Park, Brighton, Brighton East and Black Rock.
The number of ‘burbs with median prices of more than $1 million rose from 126 in the house market and one in the unit market in 2016.
The figures have also skyrocketed from 39 and two in 2012, and 32 and zero in 2007, the data reveals.
Nationwide, there were 929 suburbs with a median value of at least $1 million for houses or units at the end of last year — the vast majority of them in New South Wales (521 for houses and 109 for units).
“As the Sydney and Melbourne housing markets entered an upswing in the middle of 2012, … this period also resulted in a rapid upswing in the number of $1 million suburbs,” the report said.
“In fact, between 2012 and 2017, the number of $1 million suburbs increased by 243 per cent.”
Among the Melbourne suburbs to earn seven-figure median house prices last year were Pascoe Vale South, Vermont, Seddon, Spotswood, Oakleigh South, Maribyrnong, Mitcham and Coburg.
Coastal ‘burbs Fairhaven and Arthurs Seat also joined the club, along with Geelong’s Breamlea.
Toorak remained the most expensive member, with a median house price of $4,851,242.
Kooyong, Canterbury and Deepdene all came in at more than $3 million.
Melbourne also had 22 suburbs with medians of $2 million-$3 million.
New members of Victoria’s million-dollar club
Pascoe Vale South
Source: CoreLogic, as of December 2017.