Melbourne suburb growth

Melbourne Suburbs are Quickly Hitting the Million Dollar Mark

 

Melbourne’s suburbs are rapidly expanding and gaining status of million dollar neighborhoods, as noted by a study conducted by REIV- Real Estate Institute of Victoria. The study compiled statistics of 12 months up to May, 2013 and shows that an increasing number of Melbourne suburbs are growing at a consistent rate with property prices hitting a million dollar median price. According to the study, current 42 suburbs fall into this category.

Melbourne Suburbs More Expensive than Ever Before

Buying a property in Melbourne suburbs may no longer be easy on the pockets but with prices expected to continue to grow higher, it may prove to be profitable for those interested in an investment. At McDonald Real Estate, our listings include a number of exclusive suburb properties that may be worth considering for an investment. At $2.6 million median, East Melbourne is perhaps the most expensive in Melbourne. According to the report, Deepdene took second place with $2.5 million median while Toorak took third place with $2.2 million. Some of the most expensive homes in Melbourne are located in Toorak and it is also a neighborhood known for its impressively high volume of high priced property sales.

Other Quickly Growing Suburbs

The inner eastern and north eastern suburbs are also considered to be some of the most exclusive neighborhoods in the area with million dollar properties becoming a regular affair. The number of properties over the million dollar mark in these neighborhoods is quickly growing while the number of sales is also growing at a steady pace. The report includes neighborhoods such as Alphington, Ivanhoe, Ivanhoe East and Eaglemont. With Yarra River frontage, these neighborhoods definitely have a lot of potential.

Sales Volume Data

This report also provides details about the sales volume in neighborhoods, which is an important factor to be considered when thinking about buying or selling properties. While Deepdene is second on the list, it only has 846 dwellings that are currently occupied compared to Balwyn where there are 4,889 dwellings occupied. Although the sale prices are the same, one of the reasons why there is such a huge difference in the volume is because of the property sizes.

All the data provided above by the study is for homes and not for units. Units in Melbourne have still not crossed the million dollar median mark in any of the neighborhoods.