Inner Melbourne's million dollar house median no aberration

Inner Melbourne's million dollar house median no aberration
Inner Melbourne's million dollar house median no aberration

Houses within 10 kilometres of Melbourne’s CBD are now typically worth $1 million, new figures from Real Estate Institute of Victoria show.

Inner Melbourne stretches from Coburg in the north, Ivanhoe in the east, Caulfield in the south and Tottenham in the city’s west.

The 87 suburbs rage from Toorak being the most expensive at $2.43 million to Maidstone the most affordable of the inner city ring at $555,000.

The overall median house price for Melbourne’s inner suburbs has risen to $1,027,500 by the end of June, a $13,000 (1.3%) lift in prices from the $1,014,500 median in March.

The March figures were the first time the median for inner-Melbourne hit six figures.

There were 52 suburbs across Melbourne that had a median house price in excess of $1 million in March quarter 2014. 

TOORAK 
EAST MELBOURNE* 
KEW 
BRIGHTON 
MALVERN* 
CANTERBURY* 
BALWYN 
ARMADALE* 
MIDDLE PARK* 
HAWTHORN EAST* 
SURREY HILLS 
CAMBERWELL 
PORTSEA* 
Ivanhoe East
HAWTHORN 
ALBERT PARK* 
PARKVILLE* 
SOUTH YARRA* 
South Melbourne
SANDRINGHAM* 
Caulfield North
ELWOOD* 
Glen Iris 
HAMPTON 
Mont Albert
Balwyn North 
BRIGHTON EAST 
Kew East
ELSTERNWICK* 
BLACK ROCK* 
BEAUMARIS 
ALPHINGTON
ASHBURTON* 
MCKINNON* 
Malvern East 
Fitzroy North
St Kilda East
ORMOND* 
ST KILDA* 
Caulfield South
PORT MELBOURNE 
FITZROY* 
BOX HILL* 
PRAHRAN 
Bentleigh 
FAIRFIELD* 
Mont Albert NORTH* 
WINDSOR* 
PARK ORCHARDS* 
TEMPLESTOWE 
CARLTON* 
Carlton North*
$2,430,000 
$2,242,500 
$1,944,000 
$1,915,500 
$1,908,750 
$1,804,000 
$1,740,000 
$1,670,000 
$1,670,000 
$1,669,250 
$1,551,000 
$1,525,000 
$1,520,000 
$1,516,250 
$1,505,000 
$1,487,500 
$1,467,500 
$1,455,000 
$1,335,000 
$1,320,000 
$1,317,500 
$1,310,000 
$1,310,000 
$1,307,500 
$1,305,000 
$1,301,500 
$1,301,000 
$1,270,000 
$1,268,500 
$1,240,000 
$1,220,000 
$1,208,000 
$1,175,000 
$1,155,000 
$1,146,000 
$1,135,000 
$1,127,500 
$1,110,000 
$1,110,000 
$1,095,000 
$1,085,000 
$1,080,000 
$1,065,000 
$1,060,500 
$1,050,000 
$1,050,000 
$1,047,500 
$1,047,500 
$1,045,000 
$1,033,000 
$1,027,500 
$1,005,000

The REIV president Neville Sanders said the latest modest lift in the June quarter showed it "wasn’t a spike or aberration".

The March quarter was substantially more than $979,000 in the December median.

There are 83 suburbs that make up inner Melbourne have recorded a 15% boost in auction numbers to 7,282 auctions, with almost 5,400 sold under the hammer.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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Melbourne

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