Brighton East most expensive Victorian suburb for units: REIV

Units in Melbourne's prestigious bayside suburbs are the state's most expensive, according to new data from the Real Estate Insitute of Victoria.

Brighton East tops the REIV's top 20 most expensive suburbs for units list with a median unit sales price of $862,500 for the December 2013 quarter.

Surrounding suburbs saw high unit prices, with Brighton, Bentleigh East, Bentleigh and Hampton all in the list's top six. Predictably, unit prices in Toorak were also relatively expensive, with a median unit price of $760,000.

Brighton East has seen a number of new unit developments in recent years. This three bedroom, two bathroom apartment at the 200 Dendy Street development is selling with a minimum asking price of $850,000.

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A two bedroom apartment at 3/133 Thomas Street is selling well below the suburb's median, with vendors seeking $500-550,000.

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In the neighbouring Brighton, number two on REIV's list with a median unit price of $835,000, this first floor penthouse at 101/380 Bay Street is expecting $825-875,000 at auction.

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The 10 most expensive suburbs for units, according to the REIV

Note: Only suburbs where a minimum of 25 sales recorded in the quarter are included.

Most Expensive

Suburb Dec-13 Median Quarterly Change
1 BRIGHTON EAST $862,500 -0.3%
2 BRIGHTON $835,000 0.6%
3 Bentleigh EAST $765,000 8.7%
4 TOORAK $760,000 2.0%
5 Bentleigh $755,000 9.4%
6 HAMPTON $737,250 -0.4%
7 PORT MELBOURNE $727,750 2.7%
8 Doncaster East $720,000 9.7%
9 Malvern East $707,500 14.1%
10 Caulfield North $676,000 13.1%
Source: REIV


jrichardson@propertyobserver.com.au

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