Last weekend 100 Melbourne homes sold for over a million dollars.
According to the REIV, 56 Melbourne suburbs now boast median price tags in excess of one million – that’s ten more than six months ago. Once working class areas including St Kilda East, Port Melbourne, Fitzroy and Carlton have joined high-end markets Toorak, Brighton and Kew – a reflection of overall house price growth in the past 18 months.
The list of new entrants also highlights the benefit of buying in neighbouring areas. For example, Doncaster and Mont Albert North recently entered the million dollar club as a result of buyers looking further afield from inner-east favourites Balwyn and Mont Albert, where median prices are now above $1.5million. It goes to show the knock-on effect of prestige suburbs onto neighbouring suburbs can help put more equity in your pocket – and with much the same lifestyle benefits as your preferred area.
But you don’t need to spend millions to make money on property. The median house price in Werribee, while an affordable $335,000, has increased 9.5 percent in the last three months thanks largely to its proximity to new schools, transport and the beach. While millionaire’s row is an excellent gauge for future capital growth, don’t despair if six figure properties are beyond reach – there are opportunities for buyers at all levels of the market if you know where to look.
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