Melbourne suburb jumps into $1m club despite downturn
Off the back of solid growth, only one suburb over the December quarter was added to the pool of Melbourne suburbs with a median house price of $1 million or more.
The suburb of Carrum saw growth in its house price of 10 per cent over the December quarter of 2018, and was the only suburb in the quarter to be added to the list of suburbs priced at $1 million or more, according to Robyn Waters, the president of the Real Estate Institute of Victoria.
“Carrum’s bayside location and existing infrastructure including train station and schools make it a popular choice for families, young people and retirees,” Ms Waters said.
“The new Skyrail may also have contributed to this boost in property values as well as an increase in culinary and entertainment options in Carrum and its neighbours such as Patterson Lakes and Chelsea.
“Another bayside locale, Elwood, also performed well in the final quarter of 2018, with the median house price increasing 19.6 per cent from $1.73 million to $2.07 million.”
Diving into further premium territory, the list of Melbourne suburbs of over $2 million currently sits at 10 as of the end of 2018, with Toorak topping the list with a median price of $2.8 million.
“For the first time, Carlton broke into the $2 million club in 2018 as a result of a median house price increase of 36.9 per cent in the December quarter,” Ms Waters said.
“Carlton joins Toorak, Armadale, Hawthorn, Black Rock, Albert Park, Malvern, Elwood, Balwyn and Canterbury in the top 10 most expensive Melbourne suburbs for median house price.
“Brighton was just nudged out in 11th place with a house median of $1.99 million. Last year, 11,300 houses and 2,000 units sold for more than $1 million in Victoria.”
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