The Australian property market surpassed the $10 trillion dollar mark early this year. The Melbourne property market represents a large proportion of the Australian real estate. Melbourne has many popular suburbs with a number of reputable suburbs part of the million dollar club. Toorak continues to hold the top spot increasing to a massive $5,550,000. Second place was Brighton with $3,700,000 and East Melbourne taking third place with $3,395,000. (East Melbourne had less than 30 sales transacted in the last three months).
Rounding up the top 5, was Malvern and Canterbury, both fetching well over the $3,000,000 mark. Kew and Flinders only just falling short of the $3,000,000 mark.
The majority of suburbs continue to remain within a 20km radius of the Melbourne CBD.
Here is a current list of the suburbs that have home prices above a million as at the June 2022:
Credit image: https://reiv.com.au/property-data/residential-sales/high-performers
Note: These are based on quarterly median house figures
* Denotes less than 30 sales in the quarter for the suburb
Source – This information has been collected by the Real Estate Institute of Victoria Ltd (REIV). The most authoritative source for information on the Victorian property market. * denotes less than 30 sales in the quarter
While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more, please contact us. We welcome the opportunity to assist you.
July 2022
